Cut in import duty on ship scrap, rod making chemicals
The government yesterday decided to reduce the import duty on ship scrap, melting scrap and rod manufacturing chemicals to create a competitive domestic rod market.
The meeting, chaired by Commerce Adviser Hossain Zillur Rahman, also decided to give more businessmen permission to import scrap, which till now was enjoyed by a small number of importers.
For overall development of the sector, the Ministry of Commerce in association with Ministry of Industries will also work on long-term plans to stabilise the market, the meeting decided.
The decisions in the meeting were taken in line with the eight-point recommendations given by an inquiry committee, which was formed by the government to unearth the reasons for soaring price of iron rod in the domestic market.
In the meeting the commerce adviser said rod prices in local markets have decreased.
He told journalists that the government would formulate a policy for the country's rod market on the basis of field level information.