Posted on 17 Nov 2022
Despite slowing economic activity, NatSteel foresees steel consumption in Singapore remaining steady in 2022 at 2.5 million tonnes, underpinned by public and private construction activities.
Assistant vice president for marketing N. Saravanan does not expect the slowing global economy to drag on Singapore demand as public spending normally increases during a downturn, he said at this week’s Southeast Asia Iron and Steel Institute's (SEAISI) Steel Mega Event & Expo in Subang Jaya attended by Kallanish.
According to him, Singapore has always taken advantage of downturns to develop infrastructure due to cheaper costs.
Saravanan also expects steel consumption next year to increase slightly to 2.6mt.
Last year, consumption surged 56% to 2.5mt from 1.6mt in 2020.
However, Singapore steel imports and exports declined by about 11% and 25% year-on-year respectively in the first half of 2022, primarily due to lower trade of hot rolled and coated flat products and cold finished products.
Meanwhile, Saravanan projected that Singapore construction demand could climb to SGD 32 billion ($23.35 billion) in 2022, and stay at the same level throughout 2023 to 2026. In 2021, Singapore construction demand rose to SGD 30 billion from SGD 21.3 billion in 2020.
Major public projects in the pipeline include Tuas Mega Port, Tengah Town, Jurong Lake District, Greater Southern Waterfront, Changi Development - T5, Aviation park (Changi City), Jurong Region Line, and Cross Island Line.
Major private projects in the pipeline include the former AXA tower, Shaw Tower, Legend @ Former Liang Court, Former Central Mall, Former Fuji Xerox Tower, Marina Bay Sand (MBS) Tower 4, and Resort World Sentosa (RWS).
Source:Kallanish
