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The escalating Middle East crisis is starting to weigh on the steel industry, with rising oil, LNG, and freight costs creating fresh pressure on producers across global markets, including India.
Crude oil prices have climbed sharply from around $70 per barrel before the conflict to nearly $90, while freight rates have jumped close to 40%. That combination is making steel production more expensive, especially as higher energy and shipping costs feed directly into the prices of key raw materials such as coking coal, scrap, and iron ore.
For steelmakers, the challenge is not just higher input costs but also tighter margins. If the disruption continues, companies may be forced to pass on part of the burden to buyers. But that comes with its own risk: if customers resist higher prices, steel demand could soften.
The situation is especially sensitive for India’s steel sector, where any sustained increase in logistics and fuel costs can quickly ripple through the supply chain. With uncertainty still high, the market is likely to stay volatile, and steel prices could remain under upward pressure in the near term.
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