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ERBIL, Kurdistan Region - The price of iron has soared across the Kurdistan Region as the war between Ukraine and Russia, now in its 12th day, continues to negatively impact the global economy.
The US and European powers slammed crippling sanctions on Russia, leading to a drastic increase in prices of goods exported from the country.
The Kurdistan Region imports the majority of its iron production supplies from Russia and Ukraine and the increase in prices has already taken a toll on local producers.
“I lost around $55,000,” Nahro Abdulkhaliq, a local merchant, told Rudaw’s Payam Sarbast on Sunday.
“I buy iron plates from Turkey and Iran. Trading has stopped at the moment because it is difficult to sell,” Abdulkhaliq added.
In the Kurdistan Region, iron plates are typically imported from factories abroad and then produced into other iron products in local factories.
According to the Region’s Ministry of Trade and Industry, a supply of 120,000 tons of iron plates and rolls are required to meet local demand.
“If the war continues, the price in the Kurdistan Region will continue to be affected,” Gaylan Haji Saeed, Head of the Union of Importers and Exporters in Erbil, stated.
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