China’s slowdown, marked by weak consumption, a deep property slump, deflationary pressure, and softer investment, is weighing on steel production. The IMF expects GDP growth to ease to 4.8% in 2025 and 4.2% in 2026. With domestic ore mining falling, steelmakers are turning to cheaper imported low-grade ore that requires higher volumes to produce equivalent output. Taiwanese dry-bulk carriers say this substitution is lifting tonne-mile demand.

Singapore will invest SGD37 billion (approx. US$28.5 billion) over the next five years under its Research, Innovation and Enterprise 2030 Plan. The funding will support semiconductor development, biopharma research, and talent programs aimed at strengthening the country’s position in high-value technology sectors.