Document shows India wants to double its capacity and reduce steel emissions by 25%.
India's steel mills plan to reduce carbon emissions by around a quarter in the next decade, and to reduce their reliance on coal. The world's second largest producer of the alloy plans to double its output. According to a draft of a cabinet note from March 10 that was reviewed by the. It has never been reported that the new target for emissions reductions is a new one. The document showed that India's steelmakers emit 2.65 tons per ton finished steel. This is 32% more than the global average, which is 2 tons. It also accounts for 10-12% of India's total emissions.
Russell: The war in Iran has a greater impact on refined fuels than crude oil and importers must act.
Media attention is focused on the loss of up to 20% of crude oil and refined fuels due to the continued closure of the Strait of Hormuz. The rapid tightening in the markets for refined products in Asia is a greater concern. Major importing countries like Australia and Indonesia could be facing an "emergency" situation with lower supplies and much higher prices. According to Kpler commodity analysts, Australia is Asia's biggest importer of refined petroleum products. It averages around 900,000. Indonesia comes in second with arrivals of about 600,000. The largest proportion of Indonesian imports is gasoline, which is used to power the country's mining operations.
EU pushes for green steel, a scarce metal, to fix auto emissions
Buy expensive steel that is made using a "nascent" technology powered by green hydrogen, which barely exists? Under European Union plans, which aim to bolster the steel industry of the EU while still meeting?its environmental targets, this is what Europe's automakers face. They are already under pressure from a fiercer competition in China. The EU changed its CO2 emission targets for new cars in December to 90% by 2035, from 100%. This was a shift from the earlier 100% target. EU WANT TO BOOST EUROPEAN STAINLESS SECTOR The new proposal is tied to the EU Industrial Accelerator Act, due to be introduced on March 4.
As global pressure increases, German Chancellor Merz travels to China in search of opportunities
The German Chancellor Friedrich Merz is visiting China this week. He's the latest European leader to seek a reset of relations with Beijing following a year which exposed the fragility in their supply chains and the collapse of their alliance with the U.S. Merz is making his first trip to China as a?chancellor' and leads a delegation that includes some of Germany’s top business leaders. This includes the heads of carmakers Volkswagen BMW and Mercedes-Benz. Their companies, along with their European counterparts, have been hit twice by the suffocating Chinese electric vehicle manufacturers and U.S. Tariffs which have added billions of extra costs.
Russell: Copper is the driving force behind BHP and Rio but getting more of it is the key.
Copper's role as a major profit driver is highlighted in the latest results of BHP Group and Rio Tinto. However, they also highlight how difficult it will likely be to gain more exposure for this industrial metal. BHP, the world's largest ?listed miner, reported last week a stronger-than-expected half-year underlying attributable profit of $6.2 billion, up 22% from the same period a year earlier. The results were notable because for the first time, the miner received 51% of its operating income from copper. This was more than iron ore. Rio Tinto also experienced a similar dynamic…
As global pressure increases, German Chancellor Merz travels to China in search of opportunities
The German Chancellor Friedrich Merz is visiting China this week. He is the latest European leader to seek a reset of relations with Beijing following a year which exposed the 'crumbling' of their alliance with?the United States. The collapse of their alliance with the United States was exposed in a year that revealed vulnerabilities within their supply chains. Merz is leading a delegation that includes some of Germany's top business leaders. This includes the heads of Volkswagen, BMW, and Mercedes-Benz. Their companies, along with their European counterparts, have been hit twice by the suffocating Chinese electric vehicle manufacturers and U.S.
Russell: Copper is the driving force behind BHP and Rio but if you want more, it's up to you.
Copper's role as a major profit driver is highlighted in the latest results of BHP Group and Rio Tinto. However, they also highlight how difficult it will likely be to gain more exposure for this industrial metal. BHP, the world's largest ?listed miner, reported last week a stronger-than-expected half-year underlying attributable profit of $6.2 billion, up 22% from the same period a year earlier. The results were notable because for the first time, the miner's operating profits came from copper. Copper contributed 51% of the total, surpassing iron ore.
Italy's Tenaris beats estimates for fourth-quarter sales on North America demand
Tenaris, an Italian steel pipe manufacturer, reported a 5% increase in net sales for the fourth quarter late on Wednesday, surpassing analysts' expectations, thanks to strong demand in North America. The net sales of the quarter ending December 31 increased from $2.84 to $3 billion, largely due to a 29% increase in North America tube sales that helped offset declining revenue in South America and Europe. Analysts had expected the Luxembourg-headquartered company to ?report sales of $2.96 billion, according to LSEG data. The company that provides essential…
Russell: China's imports of major commodities, other than iron ore, are decreasing.
Iron ore, a commodity that has been resilient in spite of the pressure on the steel industry, was the exception to the trend. The General Administration of Customs released data on Friday showing that crude oil, natural gases, copper, and coal have all declined since September. In October, China, the largest crude oil importer in the world, had arrivals of 11,39 million barrels a day (bpd). This was the third consecutive monthly decrease and down from 11,50 million bpd. Most likely, the easing of oil imports is a reflection on the higher global prices at the time that October cargoes were arranged.
Merz, Germany's finance minister, calls for European patriotism in order to protect the steel industry
After a meeting of domestic producers, German States and Trade Unions on Thursday, German Chancellor Friedrich Merz (left) and Finance Minister Lars Klingbeil (right) signaled a new European patriotism for the protection of the steel industry. Klingbeil, who was at the press conference with the chancellor, said: "If we invest heavily into our defence industry then we can... Merz stated that he would support an EU plan designed to protect the steel industry of the EU, and added that a Franco German push could be on the horizon. Last month, European…
Australia is set to earn more gold than any other resource
Australia announced on Tuesday that it expects gold to be its second-most valuable resource export this financial year after iron ore, dislodging the liquefied gas. Concerns over geopolitical instabilities fuel demand for safe-haven metal. The Department of Industry's September quarterly report stated that Australia's gold imports will increase by A$12 Billion ($7,9 Billion) to A$60 Billion in the current financial period ending June 2026 as it exports more gold for higher prices. This would be a huge increase in Australia's LNG export earnings, which are expected fall by A$54 billion to A$48billion this year and the following year due to lower oil prices.
Rio Tinto: No economic incentives for green steel in Australia
Rio Tinto, along with BHP, played down Australia's chances of developing a "green-iron" sector to help decarbonise its steel industry on Thursday because the country lacked the economic incentives for doing so. Australia has worked to establish itself as a reliable supplier of green metals. It is the largest seaborne iron ore producer in the world. In February, the Australian government allocated A$1billion ($652.4m) to support green iron production and supply chains. Due to the fact that Australia's iron is not of a high enough quality to be processed directly into steel using renewable energy, an additional step must be taken.
Trade Minister: Britain is ready to implement US Tariff Deal
Jonathan Reynolds, the UK's trade minister, said that the United States is ready to implement their side of the tariff agreement with Britain. He is hoping for a declaration from Donald Trump in the next few days to make the deal effective. On May 8, British Prime Minister Keir starmer and Donald Trump agreed to lower tariffs for UK imports of steel and cars to the U.S. Britain also agreed to lower tariffs for beef and ethanol. However, the implementation of the agreement has been delayed. Reynolds and U.S. Secretary of Commerce Howard Lutnick met on Tuesday to discuss the implementation of the agreement.
Government data shows that Britain's greenhouse gases emissions decreased by 4% between 2024 and 2025.
The government released preliminary data on Thursday showing that Britain's greenhouse gases (GHGs) will fall by 4% between 2024 and 2025. This is due to the closing of the last coal-fired plant in the country, and the reduction in emissions from the industrial sector. Britain's goal is to achieve net zero emissions in 2050. This will require an increase in renewable energy and the switch to cleaner electric cars. The Department for Energy Security and Net Zero, or DESNZ, said that total greenhouse gas emissions are estimated to be 371 million metric tonnes of carbon dioxide equivalent by 2024. This is down from 385 millions tons in 2023.
The prize is worth billions of dollars, but winning it is the key: Russell
Decarbonising steel is one of the biggest challenges to meeting climate goals. However, it could be extremely profitable for those companies and governments willing to take on the risk. Steel value chain is responsible for 7 to 9% global carbon emissions. It is the biggest industrial contributor, and therefore a primary target for many countries' and companies' goals for net-zero in 2050. About 80% of the steel emissions are caused by one single process. This is the removal of oxygen and other impurities from iron ore to produce pig iron, or crude iron. The process now requires vast amounts of coal.
Japan has a plan to make green steel work.
The energy transition is a major challenge, and one of them is decarbonising steel production. This is especially true when consumers around the world are unwilling to pay more money for greener steel products. In order to achieve this, government policies and regulations will likely be used to set prices in a sector that is responsible for 8% of the global carbon emissions. It is a debate about which policies will produce the fastest and best results. Options include subsidising green plants or green steel products, as well as instituting carbon taxation to encourage producers to change their methods of making steel.
Japan has a plan to make green steel work.
The energy transition is a major challenge, and one of them is decarbonising steel production. This is especially true when consumers around the world are unwilling to pay a premium for greener steel products. In order to achieve this, government policies and regulations will likely be used to set prices in a sector that is responsible for 8% of the global carbon emissions. It is a debate about which policies will produce the fastest and best results. Options include subsidising green plants or green steel products, as well as imposing carbon taxes to encourage producers to change their methods of making steel.
Thyssenkrupp's $3 billion green steel plan is not entirely dependent on hydrogen
Thyssenkrupp has said that a green steel plant worth 3 billion euros could still be built even if the government's ambitions of building a world-leading hydrogen industry fail. Friedrich Merz of the German opposition, who is expected to win next month's elections and become chancellor, said on Monday that a rapid shift to hydrogen would be unrealistic. The current SPD government, which split last year due to disagreements over funding and other issues, has tried to accelerate the decarbonisation in its industry. Hydrogen is a key component of this strategy.
BHP and Rio Tinto will build a low-carbon iron plant in Western Australia
BHP Australia and Rio Tinto Australia will develop together a pilot plant for producing low-carbon iron using Pilbara ore as part of their efforts to accelerate decarbonisation within the steel industry. The companies announced this in a statement released on Tuesday. The facility will produce molten steel using direct reduced iron technology (DRI), and renewable energy in an electric melting furnace (ESF). It could have a production of up to 40,000 tons per year. BlueScope Steel will develop the facility in Western Australia's Kwinana Industrial Hub.
A survey shows that big steelmakers are not switching to renewable energy sources.
A survey of 18 major firms revealed that the world's largest steelmakers are falling further behind in their shift to low-carbon production. Some still rely on fossil fuels as their primary source of energy. The steel industry is responsible for around 7% of the global CO2 emissions. This is about the same as India. Coal-fired blasting furnaces produce 2 tons of CO2 per ton of output. There are alternative technologies, such as electric arc-furnaces (EAFs), which can be powered by renewable sources. The climate group Action Speaks Louder, based in Sydney, said that some of the biggest names in the industry still rely on fossil fuels to provide 99% of their energy between 2022-2023.