The government has simplified industrial gas distribution guidelines, a strategic move designed to cut operational costs and enhance productivity for the country’s manufacturing sector.

The Power, Energy and Mineral Resources Division issued a circular on Monday, introducing reforms that eliminate long-standing bureaucratic hurdles for industrial users.

Key changes under the new directive include: industrial units may now rearrange or replace gas equipment without prior permission from distribution companies, provided the approved hourly load remains unchanged. Installations must be performed by an enlisted contractor.

Businesses can now transfer unused gas loads between units under the same ownership within the same premises. Approval is now streamlined through the local managing director or regional head, bypassing the previous requirement for head office board approval.

Gas loads previously allocated for captive power can now be transferred to industrial categories within the same facility.

Distribution and marketing companies are mandated to complete meter installations within seven days, followed by mandatory quality verification.

The Bangladesh Textile Mills Association (BTMA) has lauded the initiative, noting that the textile and apparel industries-which are among the largest gas consumers-stand to benefit significantly from these reforms.

Business leaders expressed optimism that the measures will streamline operations and improve energy management across energy-intensive sectors.

The US dollar rose ​to its highest level in a week against major currencies on Monday before paring gains as renewed US-Iran tensions and ‌fading hopes for a Middle East peace deal sent investors toward safe havens.

The United States said on Sunday that it had seized an Iranian cargo ship that tried to run its blockade, while Iran said it would retaliate, stoking fears about a resumption of hostilities.

Tehran also said it would not participate in a second ​round of negotiations that the US had hoped to kick off before its two-week ceasefire with Iran expires on Tuesday.

“The weekend escalation ​revives the geopolitical risk premium just as markets had started pricing a peace dividend,” said Charu Chanana, chief investment strategist at Saxo, adding that higher oil “is not just an energy story, it is a growth-and-rates story.”

The euro was last down ​0.05 percent at $1.1754 after hitting a one-week low of $1.1729 earlier in the session, while sterling was 0.15 percent lower at $1.3497. The risk-sensitive Australian dollar fell 0.3 percent ​to $0.7145.

The dollar index , which measures the US currency against six peers, recouped some of its recent losses to rise to its highest in a week at 98.47, before dipping to trade at 98.34.

The index is down 1.55 percent in April. It had surged 2.3 percent in March on haven demand after the war broke out.

Analysts said ​the restrained moves in the currency markets, with the dollar giving back some of its early gains, pointed to lingering optimism that despite ​the setbacks over the weekend a resolution could still be on the cards.

Chris Weston, head of research at Pepperstone, said while the tone is risk-off to ‌start ⁠the week, the move so far “appears orderly rather than indicative of a major volatility shock.”

“Market participants understand that the path to a formal agreement was unlikely to be linear and remains vulnerable to sudden changes, so market players won’t be wholly surprised by a sentiment shift,” Weston said.

Industries Minister Khandakar Abdul Muktadir today (20 April) informed parliament that Bangladesh witnessed its highest trade imbalance with India among Saarc member countries, with the gap reaching $7.86 billion in the 2024-25 fiscal year.

"Bangladesh's trade deficit [among Saarc members] with India is the highest. The gap stood at $7.86 billion in FY2024-25," he said, while replying to a starred question from treasury bench member SM Jahangir Hossain (Dhaka-18).

The minister said Bangladesh has also trade deficits with Afghanistan, Bhutan and Pakistan, but it enjoys trade surpluses with Nepal, Sri Lanka and the Maldives, among the Saarc countries.

Presenting detailed figures, he said Bangladesh exported goods worth $11.09 million to Afghanistan and imported $21.80 million, resulting in a deficit of $10.71 million.

Exports to Bhutan stood at $14.33 million, while imports reached $44.10 million, leaving a deficit of $29.77 million.

In trade with India, Bangladesh exported goods worth $1,764.24 million against imports of $9,624.10 million, resulting in a deficit of $7,859.87 million.

With Nepal, Bangladesh exported goods worth $35.40 million and imported $5.50 million, maintaining a trade surplus.

Exports to Pakistan were $74 million, while imports stood at $755.30 million, creating a deficit of $681.30 million.

Bangladesh exported $82.85 million worth of products to Sri Lanka against imports of $76.60 million, while exports to the Maldives were $6.35 million compared to imports of $3.50 million, both reflecting trade surpluses.

Oil prices jumped more than 5% on Monday, on fears that the ceasefire between the United States and Iran could collapse after the US seized an Iranian cargo ship, while traffic through the Strait of Hormuz stayed largely halted.

Brent crude futures advanced $5.08, or 5.62%, to $95.46 a barrel by 0418 GMT and US West Texas Intermediate was at $88.86 a barrel, up $5.01, or 5.97%.

Both contracts tumbled by 9% on Friday, their largest daily declines since 18 April, after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period and US President Donald Trump said Iran had agreed to never close the strait again.

"Within 24 hours of Friday's 'completely open' announcement, there were already tankers that were fired upon by the Islamic Revolutionary Guard Corps (IRGC), leading to more fears from the shippers on attempting to leave," said June Goh, a senior oil market analyst at Sparta Commodities.

"Market fundamentals are getting worse, as 10-11 million barrels per day of crude oil remains shut in."

The United States said on Sunday that it had seized an Iranian cargo ship that tried to run its blockade while Iran said it would retaliate amid growing worries of a resumption of hostilities.

Tehran also said it would not participate in a second round of negotiations that the US had hoped to kick off before its two-week ceasefire with Iran expires this week.

The United States has maintained a blockade of Iranian ports, while Iran has lifted and then re-imposed its own blockade of the Strait, which handled roughly one-fifth of the world's oil supply before the war began almost two months ago.

"Oil markets continue to gyrate in response to oscillating social media posts by the US and Iran, rather than the realities on the ground which remain challenging for oil flows to resume in a rapid fashion," Saul Kavonic, MST Marquee's head of research, said.

"The announcement of the Strait opening proved premature," Kavonic said.

"Ship owners will be twice shy about heading towards the Strait again without receiving much more confidence that any announced passage is real."

More than 20 ships passed the strait on Saturday carrying oil, liquefied petroleum gas, metals and fertilisers, Kpler data showed, the highest number of vessels crossing the waterway since 1 March.

The recent fuel price hike is rippling through Bangladesh’s trade logistics chain, pushing up costs for importers, exporters and freight operators at the same time.

On Sunday night, owners of 21 private inland container depots (ICDs) announced an 8.5 percent increase in container handling charges with immediate effect.

The operators say the increase was obvious after a 15 percent rise in diesel prices. Exporters, however, say it will erode their competitiveness at a time when export growth has been falling for eight consecutive months.

Apparel exporters have criticised the move and called for a government review.

However, the Bangladesh Inland Container Depots Association (Bicda) defended the move, saying operators had to adjust costs to keep services running smoothly.

“Following the diesel price hike, cost adjustments became unavoidable to maintain smooth operations,” said Md Ruhul Amin Sikder, secretary general of Bicda.

The latest adjustment comes just months after ICD charges were raised by 20 percent, while the Chittagong Port Authority increased tariffs by more than 41 percent.

Private ICDs handle 20-23 percent of import-laden containers and around 93 percent of export-bound containers moving through Chattogram port.

The revised ICD rates cover six service categories, including container transport, lift-on/lift-off charges, export stuffing, container weight charges and import delivery, according to a circular issued by Bicda.

The association said ICD operations consume more than 70,000 litres of diesel a day, making cost adjustments unavoidable.

At present, ICDs charge an average of Tk 2,046 to transport an empty container between the port and depots. Export stuffing costs about Tk 7,424 for a 20-foot container and Tk 9,900 for a 40-foot container. Rates vary across depots as they are negotiated individually with clients.

Industry stakeholders, however, have raised concerns about the wider impact on trade costs.

“With the latest ICD hike, the cost of import and export business will rise sharply,” said Khairul Alam Suzan, former vice-president of the Bangladesh Freight Forwarders Association (BAFFA), pointing to earlier increases in charges and tariffs in December last year.

Shipping agents have echoed similar concerns, warning that the higher costs could weigh on external trade performance.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has criticised the decision as unilateral, calling for a government-led committee to assess the actual cost impact before any tariff adjustments are made.

SM Abu Tayyab, director of the BGMEA, said the combined pressure of higher port tariffs, ICD charges and rising freight costs would hit the already struggling readymade garment sector hard.

Bangladesh’s merchandise exports, heavily dependent on apparel, have recorded eight consecutive months of decline as of March. Exports fell by more than 18 percent year-on-year, dropping to $3.48 billion last month from $4.25 billion a year earlier.

The dual increase in logistics and handling costs is likely to squeeze profit margins further, particularly in low-margin sectors.

“With exports already on a softer trend, this will push exporters further onto the back foot,” said Riad Mahmud, managing director of industrial manufacturing company National Polymer Group.

He said truck fares rose by 6 percent to 7 percent within hours of the fuel hike announcement and are likely to settle 18 percent to 20 percent higher.

“These are cumulative pressures,” he said. “Transport costs are rising, and ICD handling charges are also going up. All of this directly increases export costs.”

He added that exporters are especially exposed because most orders are agreed in advance. “We cannot revise prices after contracts are signed. The additional costs must be absorbed by exporters.”

Salauddin Sikder, general manager (export) at RFL, said the impact is particularly severe for exporters of non-traditional goods such as plastics, doors and luggage, where shipments are smaller and fixed costs per document are higher.

He said the total cost per container has risen from around Tk 14,000 to about Tk 23,000, an increase of nearly 70 percent to 80 percent.

“Exporters are facing a double burden. Raw material prices have surged due to global geopolitical tensions, while local charges have also increased, leaving little room to absorb costs,” said Sikder.

“If our prices rise disproportionately compared with competitors like China or Vietnam, we risk losing orders,” he added.

Meanwhile, businesses are bracing for further changes as the Department of Shipping is due to meet stakeholders in Dhaka tomorrow to discuss cost adjustments for lighter vessels.

Shafiq Ahmed, convener of the Bangladesh Water Transport Coordination Cell, said a lighter vessel currently consumes around 3,500 litres of diesel on a round trip between Chattogram and Dhaka. Freight for transporting cement clinker stands at Tk 550 per tonne.

A Bangladeshi multinational company, MGH Group, is going to construct the country’s first privately built container terminal at Chattogram port on the bank of the Karnaphuli river in Patenga.

Through a competitive bidding process, Transmarine Logistics, a subsidiary of MGH Group, secured the lease of a seven-acre plot of the Chittagong Port Authority (CPA) to build the terminal, said a press release issued by MGH.

The group’s CEO Anis Ahmed and CPA Chairman Rear Admiral SM Moniruzzaman signed a 20-year land lease agreement at an annual rent of Tk 15 crore yesterday.

MGH Group is a diversified multinational headquartered in Bangladesh, with a presence in 26 countries.

“By integrating private sector agility with green technology, this terminal provides vital strategic value to the Chattogram port,” CPA Chairman Moniruzzaman said.

MGH Group CEO Anis Ahmed told The Daily Star that the group will initially invest Tk 550 crore to construct the terminal, hopefully within 18 months.

The terminal would be a green port, integrating cutting-edge sustainable technologies to minimise environmental harm.

It will have a monthly handling capacity of 40,000 twenty-foot equivalent units (TEUs) and is expected to employ at least 180 people, Ahmed hoped.

The 250-metre jetty would accommodate one container vessel. Import containers would be immediately sent to the inland container depots (ICD) after unloading from the vessel.

Despite limited space, the terminal yard will be able to accommodate 3,500 TEUs, he said.

Among the port’s container terminals currently operational or under construction, the proposed MGH terminal will be the closest to the sea. Located just 2.60 nautical miles (4.8152 kilometres) from the Karnaphuli estuary, it will allow vessels to berth in comparatively less time.

Its proximity to the sea will enable fuel savings of between 0.6 and 1.3 tonnes per vessel call, according to MGH.

Bangladesh’s LPG market has expanded rapidly in response to real energy needs, and yet the infrastructure supporting this growth has not kept pace.

The country’s LPG import system remains dependent on small, pressurised vessels, typically carrying between 2,500 and 5,000 tonnes. This fragmented approach raises costs and exposes the market to delays and supply disruptions, affecting reliability.

A refrigerated LPG terminal at a deep-sea location such as Matarbari in the Moheshkhali area provides a clear way forward.

Matarbari offers the conditions required to accommodate Very Large Gas Carriers (VLGCs), which carry around 45,000 tonnes per shipment.

Such vessels require a draft of 12 to 14 metres, which existing LPG import points are not designed to handle. This makes it well-suited for large-scale, cost-efficient LPG imports.

This is a compelling bankable infrastructure opportunity for the private sector and foreign investors.

A terminal with an initial capacity of around 1.5 million tonnes per annum (MTPA) is likely to require capital investment in the range of Tk 1,800-2,300 crore, depending on configuration and marine infrastructure.

Structured under a public-private partnership (PPP) or concession model, such a project can attract long-term investment while limiting upfront public capital. Under this approach, a project developer would be responsible for the design, construction, financing and operation of the terminal over a defined concession period.

This aligns incentives around efficiency and performance, while allowing the government to retain strategic oversight.

The impact of such a terminal will depend not only on where it is built but also on how it is operated.

An open-access model, where the terminal functions as a neutral service provider rather than an LPG supplier, offers the most balanced solution.

In practice, this may take the form of a hybrid structure, where a portion of capacity is reserved for anchor users under long-term commitments to support project bankability, while the remainder is made available on an open-access basis.

Under this structure, all licensed importers can access the facility on transparent and equal terms, while continuing to source LPG independently.

An open-access terminal provides them with access to larger, more cost-efficient shipments, eliminating the need for major capital investments individually.

The structure reinforces the project’s investment appeal: revenues based on clearly defined terminal fees rather than commodity trading provide the predictability that investors and lenders require.

However, shared infrastructure raises concerns around utilisation and coordination among multiple users.

A well-defined Terminal Access Code can be a solution, ensuring transparent allocation of capacity, prioritising committed users and preventing hoarding. Operational arrangements such as coordinated cargo scheduling and inventory-sharing mechanisms can help optimise utilisation.

For established operators, the terminal frees up capital for downstream expansion. For the National Board of Revenue, increased and more efficient import volumes can translate into more predictable and higher fiscal revenues.

For Bangladesh Petroleum Corporation, it provides a reliable supply backbone that strengthens national energy security while enabling more efficient bulk procurement when needed.

For the private sector, it reduces costs, improves logistics and enables growth without duplicating infrastructure.

For investors, it offers a scalable opportunity in a high-growth market through a concession-based framework.

Over time, the terminal could support transshipment and regional trade, enhancing commercial viability and positioning Bangladesh as an efficient energy logistics hub.

With a development timeline of around three years, a terminal commissioned near 2030 would enter a market approaching 3 million tonnes per year and projected to grow to 4 to 5 million tonnes by 2036.

Turning this opportunity into a bankable project will require a clear and disciplined approach. A competitive selection process and a bankable concession structure will be essential alongside clear access rules.

Phased development will allow capacity to scale in line with demand, balancing efficiency with utilisation.

A Phase 1 capacity of 1-1.5 MTPA provides a practical starting point -- large enough to capture economies of scale, yet aligned with realistic utilisation -- while allowing for expansion as demand grows.

Any forward-looking government should seriously consider this idea, which provides an opportunity to align infrastructure, market development and long-term investment in a way that strengthens both energy security and economic resilience.

Before the Covid-19 pandemic, Sabekunnahar Mitu, a young woman from Faridpur, had vague notions, but no concrete plans of becoming an entrepreneur. An unlikely event made her curious about eco-friendly handicrafts, and she now not only makes a good profit from her venture but also employs around 400 people in her locality.

Mitu completed her Secondary School Certificate in 2015 and got married while preparing for her Higher Secondary School Certificate. She later enrolled in the Management Department at Government Rajendra College in Faridpur.

“I kept thinking about becoming an entrepreneur while studying at the college,” she said

One day, while visiting the Kolarhat area of Rajbari in late 2019, Mitu got caught in a sudden rainstorm and took shelter in a roadside shed, where handicraft workers were busy making different products.

“I became curious and started asking questions. That is where the dream began.”

After that visit, Mitu researched online and contacted BD Creation, a large handicraft exporter in Dashuria, Pabna. She visited the factory with her husband next year.

“At first, they did not let me enter, but later they allowed me to look around, although photography was restricted,” she said. The experience bloomed the idea of starting a business.

Encouraged by the experience, she sold her gold jewellery for Tk 2 lakh and received another Tk 1 lakh from her husband, Rezaul Karim, who works as a sub-assistant engineer at the Department of Public Health Engineering in Baliakandi, Rajbari.

With this money, she bought 12 used sewing machines from a business in Pabna that was about to close. She started her factory in a small, rented room near Basdi Bazar.

From the same business that sold her the sewing machines, she hired two operators from Pabna to train 10 local women.

Mitu’s business took off in 2020 and gradually expanded. Seven years later, the step into eco-friendly entrepreneurship has made her a strong example of women’s economic empowerment in the community.

GROWTH OF LAM CREATION

Mitu now runs two production units and has invested Tk 50 lakh in total so far.

A recent visit to the factory showed workers producing eco-friendly goods using jute, hogla leaves, water hyacinth and thatch.

The factory produces more than 50 items, including bags, mats, pet houses, file boxes, baskets, plant pots, bowls, laundry boxes, lunch boxes and tissue boxes. Prices range from Tk 50 to Tk 1,500 depending on design and quality.

“We produce goods worth Tk 30-35 lakh every month. After expenses, I earn around Tk 2-3 lakh,” Mitu said.

Production work is divided among teams responsible for stitching, finishing, quality checks and export preparation. Around 100 men and women work in the two units, while about 300 women from villages in Faridpur and Rajbari work from home as contractual artisans.

The initiative has significantly changed lives in the area.

“My father works as a day labourer. I couldn’t continue education beyond 10th grade,” said Safia Sultana, 21. She now earns Tk 6,500 to Tk 7,000 a month.

Mosammat Aklima Khatun, 24, a homemaker, said, “After household chores, I come here and earn. It’s a blessing for us.”

Rojina Begum from Rajbari earns Tk 3,500 to Tk 4,000 a month by working from home.

Factory manager Humayun Karim, 26, said he now earns Tk 12,000 a month after failing to find a job despite trying in many places.

The permanent workers employed at the two units are paid based on their work volume. Completing more work means more payment.

They also have the option to receive the payment on a weekly basis or a monthly basis.

Mitu’s husband, Rezaul Karim, recalled a tragic memory while talking about the business.

“We lost a newborn in 2021, which left her devastated. Working helped her return to normal life. We now have a six-year-old son. She manages everything herself, and I am very proud of her,” he said.

Lam Creation’s products are currently exported through larger companies like BD Creation.

“My biggest dream is to establish a direct export line and expand the business so that women here no longer have to depend on others,” she said.

BD Creation is one of the companies involved. Mahbub Alam, deputy general manager of BD Creation, said Lam Creation supplies products to them and maintains good quality standards. Golden Jute, a company based in Rajbari, also buys products wholesale from Mitu’s venture and exports them.

Md Mainul Hasan, promotion officer at Bangladesh Small and Cottage Industries Corporation (BSCIC) in Faridpur, said, “This initiative has created income opportunities for 400 people, making a significant contribution to the local economy. We are ready to support them with training if needed.”

Gold prices fell on Monday as the dollar firmed, while ‌news that the Strait of Hormuz is closed again pushed oil prices higher, reviving inflation fears.

Spot gold was down 0.7 percent at $4,792.89 per ounce, as of 0730 GMT, after hitting its lowest since April 13 earlier in ​the session.

US gold futures for June delivery fell 1.4 percent to $4,812.20.

“Gold prices are lower ​today after the US-Iran war ceasefire that markets celebrated last week appeared to be breaking down,” said Ilya Spivak, head of global macro at Tastylive.

That has revived ​the now-familiar ‘war trade’ dynamics we’ve seen since the beginning of the conflict. Crude oil prices ​gained, which echoed into inflation expectation and drove up both yields and the US dollar.”

The dollar index strengthened, making greenback-priced bullion more expensive for other currency holders. Benchmark 10-year US Treasury yields gained 0.6 percent.

Oil prices ​jumped and stock markets wobbled as rising tension in the Middle East kept shipping in ​and out of the Gulf to a bare minimum.

The US has seized an Iranian cargo ship that tried ‌to run its blockade and Iran said it would retaliate, raising the possibility that the ceasefire between the two countries might not last for even the two days it is set to remain in force.

Tehran said it would not participate in a second round of negotiations that ​the US had hoped ​to kick off before the ceasefire expires on Tuesday.

Gold prices have fallen about 8 since the US and Israel launched strikes on Iran in late February, ​on concerns that higher energy prices could stoke inflation and keep ​global interest rates higher for longer.

While gold is considered an inflation hedge, higher interest rates crimp demand for the non-yielding asset.

Meanwhile, gold demand during one of India’s key buying festivals stayed muted on Sunday as record ​prices curbed jewellery purchases, offsetting a modest uptick in ​investment demand.

Bangladesh Bank (BB) purchased an additional US$60 million from commercial banks on Monday as part of its ongoing efforts to strengthen the country’s foreign exchange reserves.

The dollars were acquired through an auction at a rate of Tk 122.75 per dollar.

With this latest purchase, the country’s gross foreign exchange reserves have risen to $30.36 billion, according to the latest data from the central bank.

This move follows a similar trend from last week, where the central bank bought a total of $120 million over two days at the same exchange rate. Officials state that these consistent dollar purchases serve a dual purpose: increasing the national buffer of foreign currency and injecting money into the banking system to improve liquidity flow.

Financial analysts suggest that the central bank is strategically purchasing greenbacks from the market to maintain stability in the foreign exchange market while ensuring that commercial banks have enough local currency to meet domestic demand.

The positive trend in remittance inflows has continued into April, with Bangladeshi expatriates living in different countries sending US$2.12 billion in the first 19 days of April, according to the latest data from Bangladesh Bank.Bangladesh economic indicators

This marks a significant surge compared to the same period last year, when inflows stood at $1.71 billion. This year’s figures show an increase of $408 million.

Central bank sources noted that this momentum follows a record-breaking performance in March 2026, which saw the highest single-month remittance inflow in the country’s history. In March, expatriates sent a staggering $3.75 billion.

Previous record highs include $3.29 billion in March 2025, $3.22 billion in December 2025, and $3.17 billion in January 2026.

Analysts attribute the surge in part to ongoing tensions and instability in the Middle East, which have affected global foreign exchange markets. The crisis has increased demand for the US dollar internationally, leading to a rise in the dollar’s exchange rate against the local currency. Consequently, expatriates are receiving a higher value in Taka for every dollar sent home.

While the high inflow provides a boost to the economy, economists warn that a prolonged Middle East crisis could pose risks to Bangladesh, similar to other global economies. Experts have advised the government to focus on maintaining a robust foreign exchange reserve to mitigate potential future shocks.

The capital market extended its losing streak for a second consecutive session today (20 April) as investor confidence remained under significant pressure.

A combination of domestic macroeconomic shifts and geopolitical uncertainty continues to weigh on the bourse, with the benchmark DSEX index of the Dhaka Stock Exchange (DSE) plunging by 15 points to settle at 5,232.

The blue-chip DS30 index followed a similar trajectory, dropping 10 points to close at 1,980, reflecting a cautious risk-off sentiment among both retail and institutional participants.

Market analysts at EBL Securities said in their daily review that the recent adjustment in domestic fuel prices has rekindled concerns over rising production costs and broader inflationary pressures in the economy. This domestic factor, coupled with persistent uncertainty surrounding ceasefire negotiations in the Middle East conflict, has significantly dampened the risk appetite of investors.

The broad-based selling pressure resulted in a substantial erosion of the market's total valuation, with the market capitalisation of the premier bourse dropping by approximately Tk3,000 crore in a single day.

The trading session was characterised by persistent volatility from the opening bell. While buyers made sporadic attempts to reverse the downward trend during the mid-session, the recovery efforts were ultimately overwhelmed by an intensifying wave of selling, according to the EBL Securities.

By the end of the day, the market breadth remained heavily skewed toward the bears, as 207 issues declined compared to 120 advancing, while 62 securities remained unchanged. Despite the fall in prices, market activity saw a slight uptick, with total turnover on the DSE inching up to Tk824 crore.

On the sectoral front, the engineering sector continued to lead the turnover chart, accounting for 17.5% of the day's total trading volume. This was followed by the textile sector at 14.8% and the pharmaceutical sector at 11.8%.

Performance across most sectors remained weak, led by a 1.2% drop in travel and leisure, while jute and cement each declined by 1.0%. In contrast, services and real estate stood out with a 1.5% gain, and tannery and textile posted modest gains.

Several high-cap and influential stocks exerted significant downward pressure on the index during the session, with Islami Bank, Square Pharmaceuticals, City Bank, IDLC Finance, and Uttara Bank emerging as the key contributors to the DSEX's decline.

In terms of liquidity and trading volume, Summit Alliance Port emerged as the most traded stock, followed by City Bank, Dominage Steel, Acme Pesticides, and Khan Brothers PP Woven Bag.

Among individual performers, Nahee Aluminum topped the gainers' list by hitting the 10% upper circuit limit, followed by Evince Textiles and Coppertech Industries. On the losing end, IDLC Finance was the top loser with a 7.75% decline, followed by Hamid Fabrics and several non-bank financial institutions including Fareast Finance, International Leasing, and Premier Leasing.

The bearish sentiment was mirrored at the Chittagong Stock Exchange (CSE), where both key indices ended in the red.

The CSCX declined by 11 points to reach 9,023, while the CASPI shed 27 points to close the day at 14,724. Turnover at the port city bourse also saw a decline, settling at Tk34 crore.

The Bangladesh Securities and Exchange Commission has approved a proposal by state-owned Titas Gas Transmission and Distribution Company Limited to issue irredeemable, non-cumulative preference shares worth approximately Tk282.75 crore.

According to a disclosure on the Dhaka Stock Exchange today (20 April), Titas Gas will issue 282,747,469 preference shares at a face value and issue price of Tk10 each, amounting to Tk2,827,474,690. The shares will be issued in favour of the Finance Division of the Ministry of Finance.

Today, the company's share price closed at Tk17 on the DSE.

Titas Gas said the proposal was unanimously approved by shareholders at its 5th Extraordinary General Meeting (EGM) held on 24 December 2025. It was later submitted to the regulator, which granted approval on 15 April 2026.

The move aims to align the company's capital structure with equity support provided by the government. According to Titas, the government had injected a total of Tk282.75 crore into the company as equity up to 30 June 2023, which will now be formally converted into share capital through the issuance.

A committee comprising officials from the finance ministry, Titas Gas, and the Financial Reporting Council (FRC) had earlier, at a meeting on 16 April 2023, decided to issue irredeemable non-cumulative preference shares in favour of the government.

The structure is intended to offer flexibility to the financially strained company.

Under the proposed terms, the government will receive dividends on the preference shares when the company records profits, but no dividends will be paid in years when it incurs losses.

The irredeemable preference shares will remain on the company's books permanently without increasing its paid-up or common share capital, while their non-cumulative nature means Titas will not be required to pay any unpaid dividends from previous years to the government.

Unlike ordinary shares, preference shares do not confer ownership. Instead, they give holders priority over common shareholders in receiving dividends and claims in the event of liquidation. The committee has also set guidelines governing the issuance of such shares and dividend payments.

Financial performance

Titas Gas reported a narrowing of losses in the July-December period, supported by higher operational income and a lower tax deduction rate, which reduced its overall tax burden.

Total revenue rose to Tk19,072 crore during the period, up from Tk17,473 crore a year earlier. Despite the increase, the company posted a loss of Tk390.32 crore, significantly lower than the Tk711.44 crore loss recorded in the corresponding period.

Meanwhile, net operating cash flow per share (NOCFPS) stood at Tk6.07 at the end of December 2025, mainly due to higher payments for gas purchases compared with collections from gas sales.

The government currently holds 75% of Titas Gas's ordinary shares. Institutional investors own 14.95%, while foreign investors hold 0.03% and general investors 10.02%.

On 2 March 2020, the Financial Reporting Council directed that any capital received as share money deposit – included under equity but not refundable – must be converted into share capital within six months of receipt. Such amounts are also to be considered in the calculation of earnings per share.

Growing political instability and military tensions in the Middle East have started negatively impacting Bangladesh's export trade, and a prolonged crisis could also put significant pressure on vital remittance inflows.Politics

Commerce Minister Khandaker Abdul Muktadir sounds alarm in parliament in a reckoning of how the Mideast mayhem is affecting the country's external trade, remittance and fuel supply.

His statement came during a question-and-answer session in parliament on Monday, with Deputy Speaker Kaiser Kamal in the chair.

Responding to a query from ruling-party MP Shamsur Rahman Shimul Biswas, the minister warns that ongoing tensions involving Iran, Israel, and the United States could cast far-reaching implications on the global economy and trade, with Bangladesh unlikely to remain insulated. "The Middle East is an extremely important market for Bangladesh," he says, noting that countries such as the United Arab Emirates, Saudi Arabia, Qatar and Oman are key destinations for Bangladeshi exports, including ready-made garments, pharmaceuticals, frozen foods, and leather goods.

Instability has already driven up fuel prices, leading to higher import costs as well as increased shipping and insurance expenses.

"This is creating challenges such as reduced exports to Middle Eastern markets and rising commodity prices," the trade minister tells the lawmakers. To mitigate the impact, the government is working to reduce logistics costs and expand exports to countries less affected by the conflict.Bangladesh market report

In response to a separate question from SM Jahangir Hossain, another BNP member, the minister highlights Bangladesh's trade imbalance within the South Asian region. He states that Bangladesh runs trade deficits with all SAARC countries save Nepal, Sri Lanka and the Maldives.

The largest deficit is with India, amounting to $7.86 billion. Other deficits include $681 million with Pakistan, $10.71 million with Afghanistan, and $29.77 million with Bhutan.

In contrast, Bangladesh maintains trade surpluses with Nepal, Sri Lanka, and the Maldives.

Answering another question from Abul Kalam, the minister presents export- performance data, noting that export earnings reached US$55.19 billion in the 2024-25 fiscal year.

Meanwhile, in response to a question from independent MP Rumin Farhana, he says the government has taken steps to control inflation by eliminating duties on 110 products and reducing tariffs on 65 others.

The recent diesel price hike has made service providers increase charges for harvesting the largest rice crop, Boro, irrigating farmlands, and threshing the cash crop maize-- and farmers are struggling to cope.

Costs soared because of a 15 percent hike in the price of diesel, a key fuel used by nearly 15 lakh shallow tube well pumps to water the Boro fields.

Farmers in four haor districts of Sylhet also depend on nearly 1,500 combine harvesters -- run on diesel -- for bringing their crops home.

The government increased fuel prices on April 19 to cut subsidy payment pressure on the state coffers in the wake of increased import costs.

It coincides with a time when farmers have started harvesting Boro paddy, particularly in the Sylhet region, where a majority of the paddy fields require irrigation.

“Now machines are needed for harvesting and threshing paddy and shelling maize-- everything. With diesel price rising, all costs have gone up,” said Mozammel Haque, a farmer in Aditmari upazila of Lalmonirhat.

The 65-year-old farmer cultivated Boro paddy on 12 bighas and maize on 10 bighas this season. He harvested a portion of the ripened paddy using a diesel-powered harvester machine on Monday.

This year, he has to pay Tk 850 to Tk 900 to harvest the crop per bigha, up from Tk 750 to Tk 800 per bigha in the previous year.

“I am worried whether I would be able to recover my costs after selling the crops.”

In Sylhet, where Boro paddy is harvested early, thousands of farmers rely on combine harvesters for faster harvesting. But the cost of renting a combine harvester has doubled in some areas in the Haor.

The rate of harvesting paddy on one acre of farmland has jumped to Tk 7,500 this season, up from Tk 4,500 to Tk 5,000 in the previous Boro season.

Selim Raza Chowdhury, a farmer from Razapur Union in Sunamganj’s Dharmapasha upazila, said he offered up to Tk 12,000 to harvest one acre of his Boro paddy, and still could not manage to rent a combine harvester.

“With excessive rates and lower paddy prices in the market, it is becoming impossible for us to cover the harvesting and processing expenses,” he said.

Shahibur Rahman, a 55-year-old farmer in Rangpur sadar upazila, said the rent of harvesters and maize threshers increased within a single day of the diesel price hike.

While it costs an additional Tk 250 to Tk 300 per bigha to harvest paddy, for maize the hike is higher-- Tk 400 to Tk 450.

Sirajul Islam, a harvester operator in Aditmari upazila of Lalmonirhat, said about two litres of diesel are required to harvest paddy on one bigha of land.

“Even after standing in line at the pump, fuel is not available. Diesel price has also increased. We were compelled to raise the machine rent,” he said.

“In a few more days, when the full season of rice and maize harvesting begins, pressure will increase further.”

Maize thresher operator Rafiqul Islam from Kurigram, another northern district, has started charging Tk 200 to Tk 300 more than last year.

More than four litres of fuel are needed to thresh maize grown on one bigha of land, he said.

“Diesel price has gone up. There are labour costs too. This is also resulting in arguments with farmers.”

Farmer Ranju Mia of Kharjani Char in Gaibandha sadar upazila cultivated maize on 12 bighas of land, investing Tk 250,000.

Due to fertiliser and fuel shortages, the yield has been poor this year. Again, because of the sudden rise in fuel prices, threshing and transportation costs have increased, he said, fearing losses.

“There is no electricity in the char area, and the soil does not retain water. Frequent irrigation is needed. The amount of paddy we will get will not even cover the expenses,” said Ruhul Amin, another grower from Rasulpur Char in the Fulchhari upazila.

Apple shares declined less than 1% in late trading on Monday after the communications hardware firm said its chief executive, Tim Cook, would step down after nearly 15 years at the helm of the world's second most-valuable company. The decision by Cook, 65 years old, to step aside in favour of longtime Apple hardware chief John Ternus took Wall Street by surprise and will raise questions about whether the new chief can maintain the brisk pace set by his predecessor.

Cook will become executive chairman on 1 September as the iPhone maker gears up for industry change spurred by artificial intelligence. He succeeded Apple founder Steve Jobs when he took over and turned the firm into a global brand that churns out hundreds of millions of units annually. He will give way to a company insider known for his focus on design and product.

Apple said of Cook:

"Under Cook's leadership Apple has grown from a market capitalisation of approximately $350 billion to $4 trillion, representing a more than 1,000% increase, and yearly revenue has nearly quadrupled, from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025. ... Apple operates over 500 retail stores and has more than doubled the number of countries in which its customers can visit an Apple Store. During his tenure, Apple has grown by more than 100,000 team members and increased its active installed base to more than 2.5 billion devices."

The decision will guarantee Apple's next quarterly report, due a week from Thursday on 30 April, will be even more closely watched than usual.

Comments:

RICK MECKLER, PARTNER, CHERRY LANE INVESTMENTS, NEW VERNON, NEW JERSEY:

"Tim Cook did an amazing job. And I'm not surprised that the initial reaction is for the stock to be a little bit lower. But he will be executive chairman. I imagine he'll still be part of the larger strategy of the company.

"He has been an incredibly successful CEO coming into a situation that you thought would be hard to replace the person before. I hate to see him leave the CEO spot, as an investor."

ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH MANAGEMENT, BOSTON:

"He would never leave if the numbers were going to be bad, so I think that that's the important thing. They're about to report numbers, and you know they're going to be good. You know the guidance is going to be positive. And you know we're going to start hearing more about how they are going to use artificial intelligence to improve their products."

"He's been a transformational Apple CEO that's always had a steady hand at the wheel. I think that will be his legacy. He had massive shoes to step into, and he was the right person for the job. That's the way he'll be remembered."

TIM GHRISKEY, SENIOR PORTFOLIO STRATEGIST, INGALLS & SNYDER, NEW YORK:

"The company has done very well. And you know, its stock price, the value of the company, have increased dramatically. A lot of that is being in the right place at the right time, but I think they've made the right moves, and I think they've grown their user base.

"Earnings are upcoming, so he probably wanted to get it out there, so it didn't become an issue in the earnings."

JACOB BOURNE, ANALYST AT EMARKETER, NEW YORK:

"This transition shouldn't come as a shock, as Cook is at retirement age and Ternus has long been rumoured as the successor. Cook staying on as CEO through September before continuing as executive chairman should provide some degree of reassurance to investors even as markets react negatively to the near-term uncertainty.

"Cook successfully steered Apple through multiple periods of turbulence, and handing the reins over during another turbulent moment, which includes supply chain disruptions, tariffs and the AI race, is notable timing, though a fresh CEO also brings the opportunity for fresh solutions. Ternus' hardware engineering background signals that Apple's commitment to consumer hardware isn't going anywhere, even as the company works to close the gap on AI."

The refund system set up to allow companies to recover illegally collected tariffs from ​the US government went live yesterday (20 April) as thousands of companies rushed to file claims.

"So far, so good" - though the system is a little glitchy, said ‌Jay Foreman, CEO of toymaker Basic Fun, which had a team in its "war room" at its headquarters in Boca Raton, Florida, ready to start filing when the system went live at 8am US Eastern time (1300 GMT).

Foreman said the system didn't crash as some had feared it might under the onslaught of attempted submissions, but rather would sometimes not allow an upload and force them to retry. The company has over 500 files it ​needs to upload to the system, although the system permits these to be uploaded in batches.

"However, if you load too many or the system is too busy, it ​will kick them back," Foreman said in an email about how the process was working in the early moments. "We've got over 50% of ⁠our invoices loaded so far. We are hoping in the next few hours to have them all loaded. I'm very happy we got this process started early."

Companies contacted by Reuters in recent ​days expressed concerns about the durability of the new system, created by US Customs and Border Protection in response to a court order that it prepare to return up to $166 billion to importers.

"I'm ​relieved that the portal seems to be functioning properly," said Cassie Abel, CEO of Idaho-based outerwear company Wild Rye. Abel had her customs broker make the submission, which she said cost her $250 for the first phase of the filing.

The US Supreme Court in February struck down the tariffs President Donald Trump pursued under a law meant for use in national emergencies, handing the Republican president a stinging defeat.

In court filings, Customs officials said as ​of 9 April, some 56,497 importers had completed the necessary steps to receive electronic refunds, an amount totalling $127 billion, or more than three-quarters of the total eligible to be refunded. More ​than 330,000 importers paid the tariffs at issue on 53 million shipments of imported goods.

It's a European first for city streets and could lead to more near-autonomous vehicles on the continent.

It is unclear whether getting a refund claim into the portal as soon as possible will impact how quickly it's processed, ‌but many ⁠companies decided not to take the risk of waiting.

A CBP spokesman said on Friday they created a system that will "efficiently process refunds, pursuant to court order, for importers and brokers who paid" the duties.

Long battle over tariffs

Rick Woldenberg, CEO of educational toy maker Learning Resources, said he had heard some users experienced temporary crashes, but he wasn't among them. "I think it was sort of like everyone was lined up to get Taylor Swift tickets - they all hit the button at once," Woldenberg said.

Learning Resources, one of the plaintiffs in the lawsuit that led to the tariffs' undoing, ​is seeking some $10 million in refunds. The company ​has filed about 5,000 entries, and so ⁠far, the vast majority have been accepted.

Woldenberg voiced some frustration at having to file for reimbursement at all, saying: "They have a ruling from the Supreme Court that says they over-collected taxes, so why do I have to tell them to send it back?"

Still, he said he was ​impressed with how smoothly the system has run so far.

"The policies set at the top have nothing to do with the professionals who ​work in CBP, and those ⁠folks have done a good and earnest job," said Woldenberg.

Lynlee Brown, global trade partner at EY, said the firm's clients have largely seen the system accept most submissions without problem but that the first phase of submissions included easier ones that are less complex.

Brown said that once the entries are accepted by the system, they are then sent to a mass-processing phase that is supposed to automate ⁠the payment of ​refunds within 60 to 90 days. "If an origin comes up that looks fishy," she said, "that will probably go ​to a human for review."

This is the latest twist in a drawn-out battle over emergency tariffs collected over the past year as Trump seeks to restructure US trade relations. The constantly shifting tariffs roiled global business as companies rushed to ​move supply chains to avoid them as well as figure out who would ultimately pay the taxes.

The government has simplified the industrial gas distribution system, allowing factories to rearrange equipment and transfer unused gas load with fewer approvals, in a move expected to boost productivity and reduce costs.

The Power, Energy and Mineral Resources Division issued a circular today (20 April) outlining the revised guidelines aimed at easing operational bottlenecks for industrial users.

Business leaders welcomed the initiative, saying the reforms would streamline operations, particularly for energy-intensive sectors such as textiles.

According to the circular, industrial units will be allowed to rearrange or replace gas equipment while keeping the approved hourly load unchanged. The commissioning work must be carried out by a contractor enlisted with the relevant gas company, but prior permission from the gas distribution company will no longer be required.

The circular also allows the transfer of unused gas load between industrial units located within the same premises and under the same ownership, subject to approval from the managing director or regional head of the respective gas distribution company. Previously, such transfers required approval from the head office board, often resulting in lengthy delays.

In addition, gas load allocated under the captive power category can now be transferred to the industrial category within the same premises and ownership, if required.

The directive further states that gas distribution and marketing companies must install meters within seven days, after which the quality of installation must be verified.

Textile mills are among the largest consumers of industrial gas in the country, making the sector particularly affected by the new measures.

The Bangladesh Textile Mills Association (BTMA) welcomed the decision, saying it would help improve operational efficiency.

In a statement issued today (20 April), the association said reforms in the energy sector would contribute significantly to increasing productivity, reducing costs and improving energy management in the country's textile and apparel industries.

The government is facing mounting financial pressure as revenue collection continues to fall short of expectations, widening the budget deficit.

Instalments of loans from the International Monetary Fund (IMF) are also being delayed due to unmet conditions, leaving the state with limited fiscal space for expenditure.

As a result, the government is increasingly relying on borrowing. It has already taken a record amount of loans from the banking sector and has sought more than $3.25 billion in fresh loans from development partners. Meanwhile, soaring global fuel prices have reduced the government’s ability to sell fuel domestically at subsidised rates, forcing it to raise prices in the local market.

Despite weak revenue inflows, the government is preparing an ambitious budget for the upcoming fiscal year. Expenditure, however, remains unavoidable, with debt servicing obligations—both domestic and foreign—continuing to rise. Data suggests the government is now operating under constraints comparable to a financially stretched middle-income household.

According to the National Board of Revenue (NBR), the revenue shortfall for the first eight months of the current fiscal year stood at Tk71,472 crore. Against a target of Tk325,802 crore, only Tk254,330 crore has been collected—around 22 per cent below target. Although nearly Tk300,000 crore needs to be collected in the remaining four months to meet the goal, the reality appears far from achievable. Monthly collections have not exceeded Tk40,000 crore so far, while more than Tk75,000 crore per month would be required to meet the target.

All three major revenue heads—income tax, VAT and import duties—have underperformed, with a particularly large gap in income tax collection. A significant number of taxpayers remain outside the tax net. Of approximately 12.8 million Taxpayer Identification Number (TIN) holders, only 4.6 million have filed returns, highlighting structural weaknesses in the tax system. Lower import duty collection and sluggish business and development activities have also contributed to reduced VAT receipts.

Despite declining income, government expenditure remains high, covering salaries and allowances for public employees, infrastructure development and other sectors—even after austerity measures. With revenue underperforming, the government has been compelled to borrow heavily from the banking system.

Data from Bangladesh Bank shows that government borrowing from banks has surged to nearly Tk109,000 crore in just nine months of the fiscal year, already exceeding the annual target. Around Tk56,000 crore was borrowed between January and March alone. Analysts warn that continued reliance on bank borrowing could crowd out private sector credit, dampening investment and employment, and ultimately slowing GDP growth.

External borrowing is also on the rise. According to the Economic Relations Division (ERD), Bangladesh’s total foreign debt now exceeds Tk23,00000 crore. Even so, the government has sought an additional $3 billion from development partners.

Repayment obligations remain pressing. Sources indicate that Bangladesh will need to repay around $26 billion in external debt over the next five years—significantly higher than in previous periods.

Although the government secured a $4.75 billion loan from the IMF, further disbursements are uncertain due to unmet conditions. During recent talks in Washington, the IMF did not guarantee the release of the next tranche, increasing risks to budget implementation.

In this context, the government has moved to adjust fuel prices. While it has repeatedly stated that prices would not be increased for now, rising global costs have made it difficult to continue selling fuel at lower domestic rates without incurring substantial losses. Pressure from the IMF to reduce such subsidies has also played a role. The price hike may offer some fiscal relief but could also fuel inflation, economists warn, creating further economic challenges.

The government is now planning a budget exceeding Tk925,000 crore for the 2026–27 fiscal year. The larger outlay reflects commitments to election pledges, expansion of social safety net programmes, a new pay structure and increased subsidies. However, with revenue growth lagging, the budget deficit could approach 5 per cent of GDP—raising concerns about macroeconomic stability.

A growing share of expenditure is being absorbed by interest payments and subsidies. Around Tk122,000 crore has been allocated for interest payments in the current fiscal year, a figure expected to rise further. Subsidy requirements, particularly in the energy sector, are also increasing due to global price trends, alongside rising development expenditure.

Business leaders and economists caution that without appropriate policy measures, Bangladesh risks falling into a debt trap. They stress the need to boost revenue collection, modernise the tax system, curb tax evasion and create a more investment-friendly environment. They also emphasise careful selection of development projects and prioritisation of spending.

President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Mohammad Hatem, warned that excessive bank borrowing could ultimately harm the economy, adding that repaying such large debts could become a major challenge for the government.

Distinguished Fellow of the Centre for Policy Dialogue (CPD), Dr Mustafizur Rahman, said avoiding a debt trap should be the government’s primary objective. “While borrowing may be necessary under current circumstances, the focus must be on resource mobilisation and increasing revenue,” he noted.

Former Lead Economist of the World Bank’s Dhaka office, Dr Zahid Hussain, observed that although demand for long-term, low-interest loans is rising, borrowing alone cannot resolve the situation. He stressed the need for a clear assessment of macroeconomic pressures, including the balance of payments. Rising import costs, declining export earnings and risks to remittance inflows are adding to the strain, alongside growing fiscal deficits and subsidy burdens. Addressing these challenges, he said, will require coordinated crisis management, continued reforms and strong support from development partners.

Source: Kaler Kantho

The owners of 21 private inland container depots (ICDs) have announced an 8.5 percent increase in various container handling charges, effective from April 19.

Operators of lighter vessels transporting imported cargoes from Chattogram port’s outer anchorage to different destinations on inland water routes will meet with government authorities on April 22 to discuss freight adjustments.

The Bangladesh Inland Container Depots Association (BICDA), in a circular issued on Sunday, announced the increase in six types of container handling charges at ICDs by 8.5 percent following a 15 percent rise in diesel prices, from Tk 100 to Tk 115 per litre.

The charges include empty container transportation between Chattogram port and ICD, empty container transportation between Patenga Container Terminal and ICD, empty container lift-on or lift-off, export goods stuffing package, export loaded container verified gross mass and import goods delivery package.

There are 21 privately owned ICDs located in and around the port city. Almost 93 percent of export-loaded containers are handled by ICDs before shipment through Chattogram port.

BICDA Secretary General Md Ruhul Amin Sikder said prime movers and all container handling equipment at ICDs run on diesel, with ICDs requiring over 70,000 litres of diesel per day.

“Following the diesel price hike and subsequent cost increase, there is no alternative to adjusting charges in order to maintain smooth operational activities,” Sikder said.

Currently, ICDs charge on average Tk 2,046 for each empty container transported between the port and ICDs, while the export goods stuffing package charge stands at around Tk 7,424 per 20-foot container and Tk 9,900 per 40-foot container.

Sikder noted that charges vary as ICDs individually fix rates through negotiation with clients.

Khairul Alam Suzan, former vice president of the Bangladesh Freight Forwarders Association (BAFFA), said ICDs had already increased their charges by 20 percent only four months ago.

He pointed out that Chittagong Port Authority (CPA) increased its tariffs by over 41 percent since December, adding that the cost of import and export businesses would sharply rise with the fresh hike in ICD charges.

Officials from different shipping agents opined that the newly revised ICD tariffs would adversely impact trade.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director SM Abu Tayyab expressed resentment over BICDA’s unilateral decision to raise tariffs without consulting stakeholders.

Tayyab said a government coordination committee needs to discuss the issue with stakeholders to assess the actual impact of the fuel price hike on ICD operations before any adjustment in charges.

He added that following recent hikes in port tariffs, ICD tariffs, and freight increases by shipping lines, the fresh hike by ICDs would badly hurt the already struggling readymade garment sector.

Meanwhile, the Director General of the Department of Shipping will meet with stakeholders in Dhaka on Wednesday to discuss adjusting lighter vessel freights due to the diesel price hike.

Bangladesh Water Transport Coordination Cell Convener Shafiq Ahmed said a lighter vessel requires on average 3,500 litres of diesel for a round trip from Chattogram to Dhaka.

Currently, freight for transporting cement clinker in a lighter vessel from Chattogram to Dhaka stands at Tk 550 per tonne, he said.