The state-run consumers' rights watchdog on Tuesday decided to form a committee to explore possibilities of fixing the price of MS (mild steel) rod, a key construction material.
The committee will comprise representatives from the Directorate of National Consumers' Rights Protection (DNCRP), steel makers, traders, and experts.
The decision was taken at a meeting with the steel manufacturers and other stakeholders at the DNCRP headquarters in the city.
The DNCRP Director General (DG) AHM Shafiquzzaman, its director Monjur Mohammad Shariar, Bangladesh Steel Mills Association (BSMA) president Manwar Hossain, its vice president Dr Sumon Chowdhury, representatives from Bangladesh Trade and Tariff Commission and the Consumers Association of Bangladesh (CAB) attended the meeting.
The DG said that the watchdog is set to form the committee with representations from all stakeholders like the rights watchdog, mill owners, consumers, cost management professionals and experts.
"The committee is expected to prepare a report within the next month," he said, adding that the ministry of commerce will take final decision in this regard.
Highlighting the need for ensuring trade transparency in steel products, he said the traders keep barely any written documents related to pricing of the steel products.
The unit price should be written in the supply order and it should be available at every phase of trading so that the authorities concerned can track them, he added.
Mr Shariar said it was necessary to ensure transparency with the price of the rod for the interest of the country and its people.
"During the drives that we have conducted in recent times, we detected some irregularities as the price rose sharply within a day," he said.
The BSMA president Manwar Hossain made a presentation at the meeting, highlighting the world's steel market scenario.
He said the local millers have no scope to control the market volatility as the sector is fully dependent on imported raw materials, while the information on the global scenario is open to all.
The price spiral is the result of different factors including global price hike of scrap metal, higher freight charges amid pandemic, and tension over Russia-Ukraine war, he said.
"Please have faith in the private sector as we are not liable for the price hike," he said, adding that blaming anyone blindly will not bring good outcomes.
He also urged the government to exempt the sector from different customs duties on raw materials import to stabilise the market.
Earlier, the DNCRP held another meeting with the steel goods retailers.
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