South Korean Construction Projects Face Delays

YTN Radio reports that construction projects in South Korea, including the Shin-do Peace Bridge in Incheon, have been halted due to shortages of construction materials like asphalt concrete. The supply of asphalt, derived from crude oil refining, was cut off at the end of March. Other materials such as ready-mixed concrete and steel also face supply issues and price increases, with naphtha-based materials seeing prices rise by 30% and steel inventory dropping to 50% of normal levels, costing 40% more. Experts predict that even if Middle East tensions ease, material costs and supply chain issues may persist, impacting the construction industry long-term. The government plans to increase financial support to improve liquidity. Construction projects in South Korea, including the Shindo-Pyeonghwa Bridge connecting Yeongjongdo and Shindo, are facing delays due to stalled asphalt concrete work. The project's May deadline is at risk, with potential for overall construction to halt. Rising raw material costs are forcing construction companies to close, with over 1,088 bankruptcies in the first quarter, the highest in 12 years.