Gulf War Sends Shockwaves Through the Steel Industry

The ongoing conflict in the Gulf region is likely to impact the international steel market, including India, according to a report by BigMint Research. Before the conflict, Brent crude oil prices were around $70 per barrel, but they have already risen to nearly $90 per barrel. Market experts estimate that if the war does not end soon, crude oil prices could increase further to between $100 and $120 per barrel.

At the same time, shipping and freight charges have increased by nearly 40 percent. Experts state that this surge will directly affect the supply of key raw materials required for the steel industry.

As a result, domestic steel companies may be compelled to increase steel prices, according to BigMint Research. Otherwise, the rising production costs could become difficult to sustain, potentially affecting the sales and profitability of steel companies.