Japan’s government has announced plans to make carbon trading, a system of carbon dioxide (CO2) emissions quotas, mandatory for high-emission firms from the 2026 fiscal year, which could have far-reaching consequences for Asian steelmakers, sources told Fastmarkets in the week to Friday November 29.

With the race to decarbonize the steel sector gathering pace around the world, Fastmarkets reached out to subject experts in Europe, to discuss the major challenges and opportunities that lie ahead in the new, green steel landscape.

Chinese steelmakers exporting low-carbon emission steel products will be among key users of green ferro-alloys, mainly because of the carbon emissions reduction requirements of the end users in their export destinations, sources told Fastmarkets.

Policymakers in Europe need to follow a “steel action plan” to a avert a crisis in steelmaking, the European steel industry association Eurofer said this week

Steelmakers that lag behind in decarbonization will be first to be phased out after green steel capacity rises to meet future demand, a senior advisor from a major Chinese steel company told delegates at the China Steel Industry Summit for 2025.

Steel market participants in both the North and Latin American markets are keeping tabs on the impact of trade relations with China in the aftermath of Donald Trump’s victory in the 2024 US presidential elections.

Jinnan Iron & Steel Group is the latest company to join the push to expand China's steelmaking footprint in the Middle East and is working with Brazil's Vale to establish an iron ore concentration plant at the Sohar Port and Freezone in Oman, Fastmarkets understands.

China’s ferro-alloy industry continues to track toward sustainable development, focusing on decarbonization as a foundation and utilizing renewable energy and advanced technologies to reduce electricity consumption, waste gas and slag.

Fastmarkets is launching reduced carbon emissions flat steel prices for China’s domestic market, starting from Friday October 11.

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.