Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
According to the China Iron and Steel Association (CISA), the European Cross-Border Carbon Adjustment Mechanism (CBAM) will raise the value of Chinese steel exports by 4-6%. According to China Daily, this will increase metallurgical business expenditures of $200–400 million a year when accounting for certificate fees.
Experts predict that the industry's future efforts will focus on aggressively modernising steelmaking technology, optimising production processes, and boosting waste recycling to achieve the "green" transformation of the energy-intensive steel sector. These actions will assist in addressing the difficulties brought about by the European Community Bank Act and the demands of downstream sectors like the automotive industry, which has an immediate need for environmentally friendly steel.
China has introduced a carbon pricing mechanism, actively building a national unified carbon market compatible with international standards, said Lu Shize, deputy director of the Climate Change Department of the Ministry of Ecology and Environment.
According to experts, the key support areas for modernisation and green transition for the Chinese steel industry are to promote stable growth, accelerate equipment upgrades and technological modernization, and promote digital transformation and low-carbon development.
Also Read : India’s steel industry to outpace China with stronger demand growth Indian steel exports to Europe hit 5-year high in FY24 but cedes space in UAE, Vietnam to Chinese mills
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