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Prices of raw hides and skins are rising on the domestic market ahead of the forthcoming Eid festival. Raw material traders in Bangladesh are not keen to determine prices of the items as they do not want to take any responsibility over fixing the prices just yet.
The country’s tanners have predicted that the prices of raw hide and skins will be lower this year, compared to last year as the prices on the international market have declined by 20% they claim.
The Ministry of Commerce has delayed an inter-ministerial meeting from September 28 to 30. “We will hold a meeting with the traders on Tuesday (September 30) to determine the price in the local market”, Commerce Secretary Hedayetullah Al Mamoon, told the Dhaka Tribune.
The Commerce Ministry has asked Bangladesh Tanners Association (BTA) to reach guides for the price of raw hides and skins during Eid. “When the price is fixed the market is likely to behave normally or otherwise unscrupulous tannery businessmen will take an extra advantage of innocent people”, said Mamoon.
He also pointed out that the tannery owners and wholesalers had already made a decision about the price of raw materials for this year.
The country’s tanners had originally predicted that the prices of raw hides and skins would be higher this year than those of last year. “We are unable to set a price amid a general fall in prices on international markets, so we want the price to be fixed as per international free market economy during the next Eid ul-Azha”, said BTA Chairman Md Shaheen Ahmed.
According to the Directorate of Livestock, a total of 6.5 million animals, mostly cows, were slaughtered last year.
Source: Dhaka Tribune