Ranchi: A 28-30 per cent surge in global freight costs amid geopolitical tensions, including the escalating West Asia situation, is emerging as the biggest challenge for India's steel industry, even as domestic operations and raw material supplies remain largely stable, a senior Tata Steel official said.
The sharp rise in shipping rates, triggered by instability in West Asia and the prolonged Russia-Ukraine conflict, is significantly increasing logistics costs for steelmakers dependent on imported coking coal, he said.
