Asia’s coal-reliant steel giants stall green transition: panellists

[SINGAPORE] Asia’s steel giants are slowing the global green transition, as top producers China and India drag their feet on decarbonisation amid high costs and weak market demand – stalling progress in one of the world’s top-emitting industries.

During a panel discussion at Singapore International Ferrous Week last week, Claire Chong, senior analyst at shipbroker Thurlestone Shipping, said the steel industry’s carbon-cutting efforts are being “significantly delayed” largely due to the market’s continued preference for cheap, low-grade iron ore over higher-grade alternatives essential for cleaner production.

“In the longer run, we are expected to move towards the higher grades. But right now, we are still not really seeing that demand very significantly… especially from China. I think their emphasis is still on cost-cutting,” she added.