CHITTAGONG, Aug 04: Despite having abundant supply of construction materials in the markets, prices of the same are rising alarmingly in the port city. Specially, the price of cement, one of the essential items of construction, increased by Tk. 25-Tk. 30 a bag within a month only.
At the same time, the price of MS rod, another essential construction item, within the same period has increased by Tk. 1000-1500 per tonne keeping pace with this trend. The price of brick has also recorded a rise during the period.
In the context of the upward trend in the prices of the building materials, construction work has been seriously hampered. The building contractors are in a difficult situation halfway through their construction works.
Some cement factory owners are fearing further rise in the prices of cement as the freight rates and its raw material clinker have increased in the international market.
Some executives of construction firms in the city said that in view of establishment of a good number of cement factories the price of cement was more or less stable for the last couple of years.
But owners of those cement factories by forming syndicate have resorted to controlling the market and as a result the price of cement has registered an upward trend. On the other hand, in case of MS rod concerned industrialists and ship-breakers are also resorting to similar practice to increase the prices of the same at their sweet will.
On the plea of price hike in the wholesale market, retail traders are also demanding higher prices from the buyers.
The concerned authority of the government is quite indifferent to the situation and taking no action in this connection.