Home ›› 17 Jan 2022 ›› Front
Jute millers have re-fixed BTC raw jute prices to Tk 3,000 per maund, and the new rate will come into effect from January 20.
The three apex bodies in this sector – Bangladesh Jute Mills Association (BJMA), Bangladesh Jute Spinners Association (BJSA), and Bangladesh Jute Association made the decision in a tripartite meeting on Sunday.
On January 12, the BJMA set the maximum purchase price for per maund of SMR raw jute at Tk 2,700 and BTC raw jute at Tk 3,200. The BJSA had made the same announcement on January 6.
Millers had made the decision to rein in the skyrocketing prices of raw jute in the country, and asked all association members not to pay more than the set prices.
Jute millers also claimed that a syndicate has captured the market and created an artificial crisis to increase raw jute prices. Following measures to set maximum prices for raw jute, the prices have come down slightly, industry insiders said.
Per maund raw jute is currently being sold for Tk 3,400 – Tk 3,600 in the local market depending on their quality, though the prices hovered between Tk 3,800 – Tk 4,000 just a week ago, they added.
BJMA’s Secretary General A Barik Khan said, “A huge number of middlemen bought raw jute from farmers and are keeping it in stock, but they are not licensed for jute trading. We already spoke with the authorities concerned, and they ensured us of launching mobile courts.”
Jute exporters said due to the high prices of raw jute, high freight fare, political unrest in export destination countries, and impacts of the Covid-19 variants, buyers have reduced their work orders, and also pressuring to reduce product costs.
In the first half of FY22, export earnings from the jute sector decreased by 15.47 per cent to $590 million, from $668 million in the same period previous FY, says data from the Export Promotion Bureau.
