Steel prices in Bangladesh are unlikely to decrease in the near future, according to industry experts. The budget for the upcoming fiscal year did not provide any benefits to the sector, and the cost of production has significantly increased. Factors such as the strengthening of the US dollar against the local currency, energy and power shortages, and the global energy crisis have contributed to higher production costs. Energy bills alone account for around 15 percent of the steel production cost. The sector had proposed a reduction in advance income tax in the budget, but the government did not accommodate the request. Steel businesses are calling for amendments to tax laws to sustain the sector’s operations.
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