CPA issues clarification on rising metal prices | Oman weather
Muscat: The Consumer Protection Authority (CPA) has released a clarification regarding the increase in metal prices in Oman markets.
A statement released online by the Consumer Protection Authority (CPA) said: “The Authority has followed with interest the surge in metal prices that the Sultanate’s markets are witnessing recently, and after research and studies , it became clear that this increase is not only at the level of the Sultanate, but also of many countries around the world, countries of the Gulf Cooperation Council, where the high cost of metal fabrication has led to a price increase.
The rise in prices is contributed to the following reasons, an increase in commodity prices for the metal (falls) from India and some Asian countries to the GCC, at rates ranging from 35% to 40%, due of the COVID-19 pandemic, which has dramatically affected business and commerce due to high and rapidly increasing infections, as well as a 65% increase in shipping prices as countries around the world have almost completely shut down their ports and that India has closed its ports 100%, which has led to a scarcity of raw materials in the metallurgical industry. In addition, China has taken a series of measures that have contributed to the rise in iron prices. The decline in production from Brazil, which is the largest producer of raw metal in the world, has also played a role, as has the instability of production at steel plants abroad. “
Initial expectations indicate that prices will continue to rise if the situation continues as it is, noting that global efforts are being made to reduce the prices of raw metals in order to control rising world prices in light of falling demand. and economic stagnation in most countries around the world due to the effects of the COVID-19 pandemic.
On the other hand, the Authority ensured that it was fulfilling its role by monitoring suppliers and importers to avoid the exploitation of the current situation and by storing iron to make more profit at the expense of the consumer.
He also advised consumers to postpone the decision to purchase or not to purchase huge quantities at once, so as not to place a burden on them at present, and stressed the need for them to continue to follow the prices firsthand.