Bangladeshi steel rolling mills shut to protest ship scrap price hike

The Financial Express reported that rerolling mill owners in Bangladesh kept their factories shut Monday in protest against the price hike of iron scraps.

Earlier on Sunday, the re rolling mill owners took the decision at a meeting held in the city, chaired by president of Bangladesh Re-rolling Mills Association Mohammed Ali to keep their plants shut.

The BRMA president told the FE Tuesday “All our factories remained closed Monday. We'll continue it until the ship breakers reduce the prices of ship scraps.”

Mohammed Ali said the prices of ship scraps increased by BDT 10,000 a tonne to BDT 42,000 against BDT 32,000 a tonne. He said the ship breakers are cashing in on the High Court embargo on the scrap ship import.

Fazlur Rahman Bakul, president of Bangladesh Steel Mills Owners Association, told the FE “It is our protest against the ship-breakers who artificially have raised prices of ship scraps.”

Mr Bakul alleged that there are huge quantities of ship scraps in the fields adding that "We can run our factories at least for one year if the stocks lying in different ship breaking compounds.

Source: SteelGuru. (Sourced from thefinancialexpress-bd.com); Thursday, 13 Jan 2011 http://www.steelguru.com/indian_news/Bangladeshi_steel_rolling_mills_shut_to_protest_ship_scrap_price_hike/185769.html