Soaring raw material prices may cause Singapore developers to delay projects

Steel rebar price is up 18% since Russian invasion; prices of aluminium and concrete are up by over 100% and 10% respectively

Yong Jun Yuan

Published Thu, Mar 31, 2022 · 05:50 AM

Construction

Singapore

PROPERTY developers may be looking to defer their less urgent projects as the prices of some raw materials such as steel and aluminium have become more volatile since the Russia-Ukraine conflict began.

In response to queries from The Business Times, the Singapore Contractors Association Ltd (Scal) noted that the price of steel rebar has risen by 18 per cent to S$1,300 per tonne since the conflict began in February. The current price of steel rebar is also twice what it used to be before the pandemic began.