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Lockdown of the Suez Canal will last until at least April 1: it could drive up steel prices

Near East / Business and Finance

A giant container ship, nearly the size of New York's Empire State Building, stuck in a sandstorm in the Suez Canal in Egypt, causing a congestion of cargo ships on one of the world's busiest shipping lanes.

Lockdown of the Suez Canal will last until at least April 1: it could drive up steel prices

The operation to restore traffic on the Suez Canal will last at least until next Wednesday. Bloomberg reported this on Friday, citing sources.

According to him, a larger volume of sand will need to be removed to drive a container ship off the ground. In a statement released on Friday night by the Suez Canal Authority, it was said about the need to remove up to 20 thousand cubic meters. m of sand.

The Suez Canal carries 12% of the world's cargo traffic and is also one of the busiest waterways of the world oil tanker transportation.

The waterway is also used to transport steel and steelmaking raw materials including iron ore, pellets and hot rolled steel between the CIS and Asia, including China; aluminum semi-finished products from the Middle East to Europe and for copper supplies from the West to China.

The Black Sea shipping schedule has already been affected by the incident due to delays in ships arriving at the port to load cargo, with the potential for further increasing ship shortages.

A representative of the steel company Qatar Steel believes that the lockdown of the Suez Canal affects the transportation of 55,000 TEU of cargo from Asia to Europe every day, so next week congestions in European ports will begin.

This could affect all global traffic as “the next best way to get from Asia to Europe is to circle the entire African continent, which is almost 9000 km more and two weeks longer,” said a Qatar Steel spokesman. >

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