Dhaka, June 17 -- The local steel industry is facing a severe crisis that could push up the production cost of MS Rod by Tk 11,000 to Tk 12,000 per tonne, local steel manufacturers warned on Wednesday (June 17).

The Bangladesh Steel Manufacturers Association (BSMA) attributed this looming price hike to the combined impact of recent power tariff hikes and the proposed hikes in VAT, customs duties, and taxes in the proposed budget for the fiscal year 2026-27.

Speaking at a press conference at the National Press Club on Wednesday, BSMA President Mohammad Jahangir Alam said the direct and indirect production costs would ultimately be passed on to consumers, further dampening sales in an already struggling market.

The association placed a f...