Iron, steel trade up by 58% to $6.7b: Second Minister Tan

The government seeks to retain Singapore as a trading hub for the ferrous sector.

From 2020 to 2021, Singapore’s iron and steel trade with international countries rose by 58% from $4.2b to $6.7b as the country continues to maintain its role as a trading hub for the ferrous sector, Second Minister for Trade and Industry Tan See Leng said.

Tan said their goal comes as ferrous metal trade had become a significant contributor to international trading hub status, which comprised 12.8% of Singapore’s offshore trade in the pandemic-year 2020.

As Singapore becomes a home for the world’s most notable traders, Tan also said companies should see the country as a hub to access Asian markets, which will lead to recovery in the post-pandemic era. 

“I hope companies will continue to see value in Singapore as an important node to anchor and grow your business from,” Tan said during the opening ceremony of Singapore International Ferrous Week. 

To date, Tan cited that the top three miners and seven of the top 10 steel manufacturers have anchored their activities in Singapore.