Expensive crude oil pushing up raw material prices: Jindal Steel & Power MD
There is a need to control energy prices across the globe as rising crude oil rates, amid the Ukraine-Russia conflict, are making raw materials costlier for the steel industry, according to a top industry executive.
On the ongoing conflict between the two countries, Jindal Steel and Power Ltd (JSPL) Managing Director V R Sharma said, “It is a very unfortunate situation. Some oil companies are taking advantage of the situation… Respective governments across the world can keep a price control as everything is run by energy.”
As the oil prices are going up, the freight rates are also moving in an upward direction impacting the cost of raw materials, he told PTI.
