The price of steel is influenced by the cost of raw materials, primarily iron ore and scrap metal. West Asian countries often have abundant access to the raw materials required for steel production, such as iron ore and scrap metal. The fundamental principle of supply and demand plays a significant role in determining commodity prices. A free market promotes efficiency by allowing market forces of supply and demand to determine prices. Emirates Steel is a leading steel producer in the Middle East and produces a wide range of structural steel products, including girders. Metal is a term used to describe a class of chemical elements that exhibit certain properties and characteristics. Metals are excellent conductors of electricity. Metals have attracted human attention for centuries because people were able to use metals to make high-performance tools that they used in both warfare and logistics. In the 20th century, the discovery and extraction of oil in the Middle East transformed the region's economy. West Asia has a geologically diverse landscape that has undergone complex geological processes over millions of years. South Sudan, the world's youngest country, gained independence in 2011 and has since been working to establish its economy and trade systems. The country's financial and trading infrastructure is underdeveloped due to years of conflict, instability, and a reliance on oil as its primary economic driver. Oil accounts for nearly all of South Sudan's government revenue and export earnings, but fluctuations in oil prices and internal unrest have significantly impacted the economy. The financial sector is small, and banking services are limited, with most transactions done in cash due to a lack of proper banking infrastructure.
