Understanding the demand for Green Steel, page-505

Asia’s move toward green steel picks up pace - Fastmarkets


"The road to decarbonization in Asia has seen some breakthroughs, especially with policymakers committing to various climate goals and collaborating with public and private stakeholders to develop low-carbon technologies. These investments have allowed steelmakers to explore commercially viable technologies and reliable sources of clean energy, namely scrap steel or natural gas-based direct reduced iron, or shift to electric arc furnace steelmaking, which is less carbon intensive compared with the blast furnace.

A source close to a Singapore-based producer said that the adoption of green steel is at its starting point, but interest has grown significantly in recent years, especially after lawmakers rolled out climate targets for carbon-intensive sectors.This is especially for the automotive industry, which has seen significant growth in demand for green flat steel. But other steel consuming industries, namely construction, have yet to mimic this growth due to limited potential, traders told Fastmarkets.

Despite this, there is still demand for green steel in construction projects, with companies willing to pay for the product in the name of sustainability, according to an Indian producer source."