Welcome Address By Loh Boon Chye, CEO, SGX Group At The Singapore International Ferrous Week 2026

Minister of State for National Development, and Trade and Industry, Mr Alvin Tan, His Excellency, Luciano Mazza de Andrade, the Ambassador of Brazil to Singapore, honorable guests, ladies and gentlemen. Good morning, and welcome to Singapore International Ferrous Week 2026.
We’re meeting at an important time for the iron ore and steel value chain.
For decades, iron ore has underpinned industrialisation and urbanisation. It remains one of the world’s most important traded commodities, and one of the clearest signals of industrial activity, infrastructure investment and economic growth.
But today, the market is evolving. It is no longer shaped by supply and demand alone. Geopolitics, supply security, logistics, financing and changing demand patterns are all playing a greater role. Across commodity markets, supply chains are being tested. Trade routes are being reconfigured. Inventory dynamics are shifting. And capital is becoming more selective.
These pressures matter because commodities are not abstract financial assets. They are the inputs that keep the real economy moving. When supply is disrupted, the effects are felt across production, trade and investment.
That is why well-functioning markets matter. At their core, strong markets are built on pricing that is transparent, neutral and trusted.
When pricing is clear, participants can act with confidence. Reliable benchmarks keep contracts, cargoes and exposures comparable across the market. Open and liquid markets allow risk to be transferred. And robust clearing and risk management infrastructure supports stability, even in periods of volatility.
Put simply, markets keep global trade moving.
A market of this scale ultimately depends on confidence. Confidence in pricing, in access and in the ability to manage risk across cycles. For iron ore, that confidence has been built over time through the evolution of pricing.
For many years, iron ore pricing relied on annual benchmark negotiations. That reflected a different phase of the market – one with slower cycles and more stable trade flows.
But as the market expanded and became more dynamic, its limitations became clear. A global commodity of this scale needed pricing that could respond more quickly to changing physical conditions. It needed broader participation and better tools for managing risk.
The shift to index-linked and spot-based pricing from annual fixed price negotiation required extensive efforts from all stakeholders. It gave the market a more current and transparent view of the traded landscape. It strengthened price discovery and created a stronger link between physical trade and financial risk management.
Today, index-linked products provides a strong foundation – bringing greater transparency, broader participation and deeper liquidity.
As physical practices continue to evolve, we should build on these strengths, so that new pricing points balance market quality and make risk easier to manage.
At the same time, the industry won’t stand still.
As iron ore flows become more complex, new pricing points will continue to emerge across port inventories, product specifications, freight and regional demand. This makes pricing more nuanced.
These developments can enrich price discovery. But the test is clear: any pricing mechanism must strengthen transparency, reinforce neutrality, support liquidity and improve risk management.
While different pricing reflects different parts of the physical market and serve different user needs, they are complementary to each other, contributing to a stronger overall market.
The stronger outcome is not a single pricing point. It is a robust pricing ecosystem that enhances transparency, risk transfer and price discovery for the whole industry.
At the same time, there is an important development underway. Iron ore is increasingly attracting the investment community. For investors, it offers exposure to global growth, industrial production, infrastructure cycles and commodity allocation. For physical participants, this brings additional liquidity, depth and risk capacity.
For the market as a whole, it marks iron ore’s progression into a global asset class.
We are already seeing this reflected in global benchmarks. Over the past decade, iron ore has gained broader recognition. Its inclusion in major commodity indices such as the Dow Jones Commodity Index, signals growing institutional recognition of iron ore’s role in global portfolios.
Alongside this broader progress, SGX has been working with SummerHaven Investment Management on an investable iron ore benchmark to support broader investor access to the market. These developments point to the next stage of market evolution.
One where physical and financial participation are more closely connected, and where risk can be priced and managed more efficiently.
And that is where Singapore plays a role. Singapore sits at the intersection of physical trade, shipping, financing and risk management. At SGX, our role is to provide neutral, centrally cleared and internationally accessible markets where participants can price, hedge and transfer risk with confidence.
That is also why SIFW matters. This week brings together key players across the market. It is a forum for practical discussion on how the ferrous market should continue to evolve at a time of change.
On that note, it is my privilege to invite our Guest-of-Honour, MOS Alvin Tan to share his views on Singapore’s role in supporting the continued development of the iron ore and steel value chain.
Thank you and I wish all of you a productive SIFW 2026.