Understanding the demand for Green Steel, page-727

Australia must decarbonise to stay relevant in the global steel supply chain: BNEF | RenewEconomy




Highlights
1. Australian miners must act quicklyas the face a raft of risks and will have to adapt or face major disruptions in their iron ore exports
2. The report concludes, then, that importing green intermediary iron products from Australia as a feedstock for steel production would be a more economical option for Japan as compared to importing iron ore and green hydrogen for its own decarbonised steel manufacturing.
3. “The steelmakers in countries like Japan and South Korea could have some success in using carbon capture and storage technologies to produce low-carbon steel. But these systems may prove challenging to install, difficult to scale, and expensive if they have to export captured carbon offshore for storage.
4. Australia has the potential to produce and export cost-competitive low-carbon iron products to aid steelmakers in achieving their climate targets. “Clean iron production could be a source of hydrogen demand, supporting Australia’s dream of being a hydrogen superpower.
5, “Australia will face competition in the higher-grade iron ore and green iron markets despite its rich endowment of resources. Policy, trade, and technology partnerships will be critical for Australia to secure its place in the global race towards green iron and low-carbon steel.”