New Delhi, March 17 India's stainless steel industry has raised concerns over rising global energy costs amid the West Asia crisis, saying the situation is impacting the overall operating expenses of their units.
Supplies of critical industrial gases such as propane/LPG and LNG have been impacted due to ongoing military tensions involving the US, Israel, and Iran in the Persian Gulf, Rajamani Krishnamurti, President of the Indian Stainless Steel Development Association (ISSDA), said.
Geopolitical uncertainties typically influence global energy markets, freight costs, and trade flows, he said, responding to a query about the impact of the West Asia crisis on the Indian stainless steel sector.
"Since stainless steel production is energy-intensive and integrated with global raw material supply chains, prolonged instability could create cost pressures and supply uncertainties," Krishnamurti told