Tensions in West Asia to impact Indian, other steel markets: BigMint
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The escalating crisis in West Asia is expected to significantly impact the global steel industry, including India, due to rising fuel and freight costs. Analysts from BigMint Research report that crude oil prices have surged from $70 to $90 per barrel, with freight costs increasing by nearly 40%. This situation is likely to lead to sustained input cost inflation across coal, scrap, and ore, affecting steel prices and margins. If the market cannot absorb these costs, steel demand may decline.
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