Via Metal Miner The fresh conflict between Israel and Hamas in Palestine has started to ring warning bells throughout supply chains for oil, steel, and various metals. Indeed, if prolonged, the conflict could adversely affect steel prices as well as many other commodities. Already under strain because of the more than year-old Russian invasion of Ukraine, this new conflict has raised concerns in India as well as among Turkish and Russian steel exporters.
In fact, the new conflict coming on the heels of the Russian invasion has made Turkish and Russian steel exporters quite nervous. According to this report, Turkey is the largest steel supplier to Israel, and has been since 2002. A long-term conflict could have major implications for steel prices on a local, regional, and global basis.