Naidu lays foundation for Rs 1.36 lakh crore AM/NS steel plant in Andhra Pradesh Fortescue warns diesel costs are surging as Iran war disrupts fuel supply routes GPIL approves Rs 7,000 crore integrated steel plant in Chhattisgarh
Fortescue has warned that the war-linked disruption around Iran is sharply increasing diesel costs, adding fresh pressure to the iron ore mining sector. With shipments through the Strait of Hormuz heavily affected, benchmark Singapore diesel prices have climbed to just over $180 per barrel from $92.5 before the conflict, raising concerns across global raw material markets.
The miner said every $0.10 rise in diesel prices adds about $70 million to its cost base, while the top four global iron ore miners could face roughly $500 million in extra costs for the same increase. Fortescue said its current inventories remain comfortable for now, but prolonged disruption could tighten fuel availability further. The company also pointed to its decarbonization strategy as a buffer, expecting at least $100 million in diesel savings over the next 12 months.
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