The Financial Express

Jute millers fix maximum buying price

| Updated: January 20, 2022 10:20:33

Jute millers fix maximum buying price

The country's jute millers, spinners and exporters have taken a decision of not purchasing premium quality raw jute at prices more than Tk 3,000 per maund.

The Bangladesh Jute Mills Association (BJMA), the Bangladesh Jute Spinners Association (BJSA), and the Bangladesh Jute Association (BJA) took the decision at a meeting in the city on Sunday.

The decision would be executed from Thursday. Currently, high quality raw jute is selling at prices up to Tk 3,400 per maund.

They also placed a demand to the Department of Jute to launch drives against jute hoarders and take legal actions against them.

The trade-bodies of jute goods producers and exporters said at least 60 per cent of the total raw jute remained unsold last season because of high price.

Talking to the FE, BJMA Chairman Abul Hossain said they had taken the decision to control raw jute prices in local market.

Hoarders stored a huge quantity of raw jute, so its prices increased significantly. Due to high prices, the millers could purchase only 40 per cent of their required raw jute last season, the BJMA chief also noted.

So, they are now facing trouble to continue their overseas sales following scarcity of key raw materials.

According to the millers, about 80 per cent of the total raw jute is used by the millers and exporters.

Nearly 7.0 million to 8.0 million bales of raw jute is produced in Bangladesh each year. The country exports jute goods to some 135 countries.

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