Yesterday, the Yemeni armed forces targeted the Norwegian oil tanker "Strinda" in their latest military operation. The Norwegian ship was fired upon in the middle of the night while passing through the Strait of Bab al-Mandab in Yemen. Following this incident and the hijacking of the transport ship "Galaxy Leader" by the Houthis in recent weeks near Yemen in the Red Sea, which is considered a serious and dangerous incident worldwide, the cost of marine shipping insurance and transportation for Yemen has risen .
The increase in marine shipping insurance in Yemen will increase the price of all Yemeni import and export products, because Yemen controls the Red Sea and the Bab al-Mandab strait.
Steel and other products imported to Yemen from Turkey will face an increase in price in the coming days. In today's market of Yemen, some traders sold Turkish iron at the price of 2,900 Saudi Riyals, which has increased by 100 Saudi Riyals compared to the previous days, which is equivalent to an increase of $26.
On the other hand, part of the scrap used in Yemen is imported from Turkey, as well as fuel and some raw materials come to Yemen through the Red Sea. Following the increase in Red Sea shipping insurance, all the above costs will also increase. As a result, the Yemeni rebar production factory was forced to increase the price of its local production.
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