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How Europe’s green steel production competes with the rest of the world

Jeddah in Saudi Arabia and Port of Sohar in Oman are becoming tactical workarounds for base metal exports blocked by the Strait of Hormuz closure, with cargo transiting via land-bridge to other Gulf states, such as Bahrain and the United Arab Emirates – though capacity constraints and elevated logistics costs limit availability, sources with direct visibility of Gulf supply chains told Fastmarkets.

The steel market is increasingly pivoting away from blast furnace (BF) production and toward electric-arc furnaces (EAFs), Keith Shuttlesworth, chief commercial officer of clean iron technology company Electra, told Fastmarkets in an interview on Tuesday March 10.

The Mexican aluminium market might be strongly affected by the closure of the Strait of Hormuz, with supply constraints and consequently higher premiums, market participants told Fastmarkets on Tuesday March 10.

The auto industry is well-positioned to accelerate the use of lower emissions steel and automakers are increasingly using the material to boost competitiveness in the EV market.

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