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Ministry of Trade and Industry
2. Speeches

Opening Remarks by Minister of State for Trade and Industry Alvin Tan at the Singapore International Ferrous Week Opening Ceremony

16 June 2026

Mr Loh Boon Chye, CEO, SGX Group,

Mr You Zhenhua, Chairman, Green Esteel Prosperity Steel United Singapore Pte Ltd,

Heads of Missions, Friends of the Diplomatic Corps,

Distinguished guests, ladies and gentlemen,

Good morning.

  1. To all our foreign guests, a warm welcome to Singapore. Pleasure to join you again for the 13th edition of Singapore International Ferrous Week (SIFW) 2026.

  2. My thanks to our co-organisers: SGX Commodities and Green Esteel, as well as their partners: MySteel, S&P Global Energy, and the Baltic Exchange, for making SIFW an international success year after year.

Introduction: The Return of the Man of Steel

  1. Last year, I used the analogy of Superman - the Man of Steel - to describe the resilience of our ferrous industry. I also spoke about how Superman has one weakness: a fictional green mineral called kryptonite.

  2. In our world, global macroeconomic and geopolitical uncertainty is the very kryptonite that threatens to weaken our industry. Looking at today’s global headlines, it sometimes feels like that kryptonite is still in the air.

  3. One year on, the skies remain turbulent. Geopolitical tensions persist, trade flows are rapidly adjusting, and the global economic climate continues to shift. Yet, despite all of this, this industry remains remarkably resilient. Just like steel itself: it is strong, it is adaptable, and it is capable of taking on new forms to meet new demands.

  4. Last year, we gave Superman four pieces of advice to overcome this kryptonite: Go Asia, Go Green, Go Tech, and Come to Singapore.

  5. One year on, let’s see how our Man of Steel has taken our advice.

Go Asia – Finding Strength in the Center of Gravity

  1. Let us first look at how our Man of Steel is taking our advice to Go Asia and where he is finding his strength today.

  2. The operating environment has become more challenging over the past year. Conflicts in the Middle East have disrupted vital supply chains, including direct-reduced iron and hot briquetted iron flows. Higher energy and freight costs have added pressure, while shifting trade policies and tariffs continue to reshape global steel trade routes. Together, these short-term headwinds have weighed on market sentiment.

  3. Global steel demand growth forecasts for 2026 have downgraded significantly—from around 1.3% at the start of the year, to just 0.3% today. But if we look closer, we will see that our Man of Steel's flight path remains highly resilient over the horizon. The global ferrous industry is projected to recover to around 2.2% growth in 2027.

  4. More importantly, Southeast Asia continues to benefit from strong, structural demand support. Rapid urbanisation, population growth, and massive infrastructure developments are driving long-term demand in steel-intensive sectors like construction and manufacturing.

  5. If we look slightly further, India is emerging as a true powerhouse. Analysts suggest that India will be the fastest-growing major market, with demand expected to jump by around 7% in 2026, and even higher in 2027.

  6. The strategic message remains clear. While near-term volatility might cloud the skies, the medium-to-long term growth story is intact: Asia remains the undisputed center of gravity for global steel demand.

Come to Singapore – A Trusted Fortress in a Fragmented World

  1. Our second advice was to Come to Singapore. If Asia is where our Man of Steel flies, he still needs a trusted home base, a secure, reliable space to coordinate, manage risk, and build alliances.

  2. In a fragmented trade environment, that safe harbour is Singapore. In a world of supply chain disruptions, resilience is everything.

  3. Today, Singapore is proud to serve as one of the world’s leading ferrous metals trading hubs, home to more than 60 premier companies spanning the entire value chain—from miners to global trading houses. This dense, diverse ecosystem gives companies the flexibility to re-route supply chains quickly and safely when unexpected disruptions occur.

  4. Singapore also plays an important role in global price discovery. Today, SGX is the largest seaborne iron ore derivatives exchange outside China, with trading volumes several times larger than the physical market. This deep liquidity allows businesses to hedge risk in real-time, protecting their margins when market cycles become volatile.

  5. But our strengths are not just in trading volumes; they are deeply structural. Singapore offers a world-class pool of trading talent, robust shipping connectivity, unparalleled trade finance, and a trusted, rules-based legal system. These are tools that allow contracts to be enforced, risks to be managed, and trade to flow smoothly even in the stormiest weather.

  6. A great base isn't just about safety; it is also about forging new alliances for the future. This is why I am excited to announce the debut of the Singapore New Energy Metals and Materials Forum, co-organised by Green Esteel and the Shanghai Metals Exchange (SMM).

  7. Leveraging Green Esteel’s deep expertise in low-carbon steel, this new forum will bring together global stakeholders to exchange insights and build strategic partnerships in emerging materials. These are the very materials that will power the global low-carbon transition, and Singapore is ready to serve as the launchpad for this industrial transformation.

Go Tech & Go Green – Upgrading the Superhero Armour

  1. To survive in this shifting landscape, our Man of Steel cannot rely on his natural superpowers alone. He must also execute our final two commands: Go Tech and Go Green. To do this, he has to upgrade his armour.

  2. Last year, I suggested he needed to put on an Iron Man suit to become more technologically advanced. In 2026, that suit is fully powered. To navigate our volatile world, he must boot up JARVIS—his highly intelligent AI co-pilot.

  3. Across the industry, the smartest players are using their own JARVIS systems— using AI and advanced analytics to optimize complex logistics, automate real-time supply chains, and execute dynamic pricing.

  4. Singapore is fully supporting this technological leap. Under our National AI Strategy 2.0, we are investing heavily in computing power, talent development, and industrial adoption. We are building a robust pipeline of tech talent and have already established more than 50 AI Centres of Excellence with our industry partners.

  5. Global leaders are choosing Singapore to build these new AI capabilities. Rio Tinto is currently collaborating with AI Singapore to develop cutting-edge, applied AI tools. These solutions are already acting as their internal JARVIS—improving freight invoice processing and slashing transaction turnaround times across thousands of shipments. This is what upgrading the tech armour looks like in practice.

  6. Superman’s armour must also Go Green. Last year, I joked that as our Man of Steel flies around the world, his flights produce no greenhouse gas emissions! However, to make carbon-neutral flight a reality for our industry, we have to decarbonize the entire steelmaking and shipping value chain.

  7. A major source of our industry's emissions comes from maritime shipping, which makes sense given that iron ore and coal dominate the global dry bulk shipping market.

  8. We are making real progress. As a premier global maritime hub and home to the Global Centre for Maritime Decarbonisation (GCMD), Singapore continues to anchor global partnerships to pilot green shipping corridors and test low-carbon alternative fuel blends.

  9. We are helping the industry transition from raw extraction to sustainable transit. And the global landscape is pushing us to move even faster.

  10. Global sustainability regulations are tightening rapidly. The European Union’s Carbon Border Adjustment Mechanism (CBAM) has entered its definitive phase, pricing carbon emissions directly into imports. China too, has integrated its massive steel sector into its national emissions trading system. The regulatory message is loud and clear: carbon intensity is now a core determinant of global competitiveness.

  11. To support this transition, Singapore’s financial ecosystem is stepping up. For instance, OCBC’s investment in Green Esteel's regional low-carbon steel project is a good example of how capital, policy, and industry are aligning to decarbonize the steel value chain and scale direct-reduced iron (DRI) production in Southeast Asia.

Conclusion: Up, Up, and Away!

  1. Singapore is a hub for the exchange of ideas, physical and financial development for the ferrous industry. All of you here at SIFW are well-positioned to do so.

  2. Once again, Go Green, Go Tech, Go Asia and Come to Singapore. I wish you all the best and may our industry go Up, Up, and Away! Thank you very


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