S’pore Govt to release sand from stockpiles
The Singapore government said on Wednesday that it will release sand from its stockpiles to ensure that the construction industry has a steady supply, after Indonesia banned all sand exports to Singapore last week.
Singapore’s property market is booming, giving a boost to the construction sector which has slumped for several years. However, Indonesia’s ban on sand exports is expected to lead to higher costs as Singapore will need to find new suppliers.
‘The Building and Construction Authority expects the price of sand to rise due to higher transportation cost involved in shipping sand from distant sources,’ the Ministry of National Development said in a statement, adding that the release of sand from government stockpiles would help to stabilise sand prices.
Singapore said last week that Indonesia had decided to ban all sand exports due to environmental concerns and the need to protect its borders. The ban in sand exports has hit Singapore-listed construction stocks on fears of a slowdown in the construction sector, which is recovering after years in the doldrums. — REUTERS
Source : Business Times - 31 Jan 2007
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