Internal Trade Dept confirms no construction material price hikes

BANGKOK, 2 October 2009 (NNT) – The Internal Trade Department is keeping a close watch on price hikes for construction materials due to higher demand created by the government’s 2nd phase economic stimulus projects.

Deputy Director-General of the Internal Trade Department Watcharee Wimuktayont said on Friday that at present there was no unfair price hikes for construction products but the department would closely monitor the situation.

The department recently held a meeting with entrepreneurs on prices of iron, cement, and wire due to the ministry’s concerns over price increases. Ms Watcharee said the entrepreneurs had confirmed that they would not unjustly raise the prices of their products and they had adequate supplies.

Ms Watcharee suggested the department survey the demand for construction materials in every project by the private and public sectors in order to plan and control the materials’ prices and prevent hoarding of supplies. The provincial internal trade and commerce offices have been assigned to monitor the situation in their areas closely as well.

The rising demand stems from increasing investments in the 2nd phase of the economic stimulus Strong Thailand Scheme.