Industrial raw material price surges

Dear Sir

Skyrocketing prices of industrial raw materials on the international market are going to cause a severe strain for the country's industries, with the cement, steel and consumer goods sectors already feeling the heat, stakeholders say. Falling sales already show signs of the impact of the surging prices on the domestic market with an overall impact on the whole economy.

Much to the concern of industry owners, produced goods are piling up at warehouses as sales have tapered off in the wake of rising prices of various products. As a result, many factories are reportedly being forced to reduce production. Stakeholders say if prices continue to rise abnormally and consumers prefer to keep their purse strings tightly closed, many industrial factories will cease production. The importees think there is no possibility of a fall in prices of daily necessities in the domestic market soon if the international market does not return to a tolerable level. Prices of various commodities have ticked up as high as 2-3 times over the past three months.
Importers are also paying more for shipping as fuel costs rise and ports experience longer delays because of congestion. Under these circumstances, government should keep an eye so that the price of the raw materials is not artificially hiked.

Anik Khan
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