CPA issues clarification on rise in metal prices| Times of Oman

CPA issues clarification on rise in metal prices| Times of Oman

A statement issued online by Consumer Protection Authority (CPA) said, "The Authority followed with interest the spike in metal prices that the Sultanate's markets are witnessing recently, and after research and study it became clear that this rise is not only at the level of the Sultanate, but also included many countries around the world, countries of the Gulf Cooperation Council, where the high cost of metal manufacturing has led to an increase in prices. The rise in prices is contributed to the following reasons, an increase in prices of raw materials for metal (scraps) coming from India and some Asian countries to the GCC, at rates ranging from 35% to 40%, due to the COVID-19 pandemic, which greatly affected a lot of business and trade due to the high and rapidly increasing infections, also a 65% increase in shipping prices as countries around the world almost completely closed their ports, and India closed its ports by 100%, which led to a scarcity of raw materials in the metal industry. In addition, China took a series of measures that contributed to the rise in iron prices. The decline in Brazil's production, which is the largest producer of the raw metal