The adoption of decarbonization technologies and greener practices in Asia will be pivotal to the global steel industry achieving is emissions reductions targets, according to Christopher Lilholm, head of global key account at Norwegian risk management business DNV.

There are more signs emerging of the green steel evolution in Asia, even as steelmakers seek to differentiate themselves with green certifications to edge ahead of competitors, market sources have told Fastmarkets.

Fastmarkets is launching a green long steel differential to its weekly price assessment for steel reinforcing bar (rebar) import, cfr Singapore, as well as a weekly inferred green steel base price for rebar cfr Singapore.

European steelmakers are committed to the decarbonization of the industry and are shifting to more environmentally friendly ways of working, despite the recent economic downturn making it more challenging to charge a premium for “green” steel, sources told Fastmarkets.

China is working ways to boost the national carbon trading market liquidity by including more industrial firms from the steel, cement and electrolytic aluminum sectors to participate, as well as restarting the voluntary greenhouse gas (GHG) emissions reduction trading, sources told Fastmarkets.

The Chilean Ministry of Economy released a strengthening plan to reverse — in the short and medium term — the reduction in jobs and the decline in industrial infrastructure and steel production due to the closure of the country's largest steel mill, Compañía Siderúrgica Huachipato, which officially ceased operations on Monday September 16.

The willingness among steel consumers to pay premiums for ‘green’ products was not enough to offset the extra cost of the technology transition in the short term, according to Dr Karel Eloot, senior partner in the global materials insights department of management consultant McKinsey & Co.

The global steel industry is currently grappling between decarbonizing at higher costs while still attempting to maintain cost competitiveness with traditional blast furnace-based production methods, sources told Fastmarkets.

The UK is to provide funding of £13.5 million ($17.3 million), to support supply chain businesses and workers affected by Tata Steel’s decarbonization plans for its Port Talbot steelworks in south Wales, the British government said on Thursday August 15

The US news cycle was set alight exactly a year ago on a Sunday afternoon when US Steel, an iconic century-old institution, announced it was for sale