The German steel industry has not yet been significantly affected by the Houthi and pirate attacks on ships seeking to reach the Suez Canal, which have caused Red Sea shipping disruptions. In a statement released by Thyssenkrupp, it said that so far there have been no supply problems.
Although the negative impact on the lower tiers of steel supplies was anticipated by market participants, the situation is expected to generate higher prices for steel imports, and ArcelorMittal is rumored to have been one of the reasons for the price increases.
The impacts of the crisis, along with potential cost increases on the steel industry, will become apparent as developments are expected to continue.
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