12 Jan '11, 10am

DTN Singapore: Rising steel prices: Govt help not needed, for now: SINGAPORE: Steel prices increased by as much

SINGAPORE: Steel prices increased by as much as 10 per cent in the last month. But the Ministry of National Development (MND) said that construction firms handling private sector projects should continue mitigating the costs of steel. It said government initiatives to subsidise the costs of construction materials were unnecessary for now, adding that the price increase should not affect the construction industry too deeply. "There is no doubt that there are some factors that are causing certain raw materials like steel, for example, to increase in price, but the general consensus is that these increases will be factored into the construction costs. Overall there are other costs which are a factor as well. So the industry should take it in its stride, specifically, of course, for the private sector," said Minister for National Development, Mah Bow Tan, on the sidelines of a...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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