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Steel production goes green in China

China's steel industry is undergoing a significant transformation to adapt to a low-carbon future. Technologies such as production optimization and carbon capture will be the driving forces behind this green transformation.

Steel production goes green in China

China's steel industry is undergoing a significant transformation to adapt to a low-carbon future. Technologies such as production optimization and carbon capture will be the driving forces behind this green transformation.
Policies like the EU's Carbon Border Adjustment Mechanism (CBAM) and the increasing demand for eco-friendly steel from various sectors are putting pressure on China to make its steel production more sustainable.
China's steel industry is in the midst of a crucial transition toward environmental sensitivity and sustainability. To achieve carbon neutrality, the steel industry in the country must promote green and low-carbon development.
Steel production centers like Hebei province are leading the way in green and digital transformation. Lu Shize, Deputy Director of the Climate Change Department at the Ministry of Ecology and Environment, emphasized that taking economic measures to reduce emissions has become a global consensus, with carbon pricing mechanisms being a significant emission reduction measure.
As the world's largest steel producer, China currently accounts for over half of global steel production. The country is implementing economic measures to reduce emissions and has introduced a carbon pricing mechanism. The China Iron and Steel Association predicts that CBAM will increase the export costs of steel products by 4-6%.
The low-carbon transformation of China's steel industry will have a significant impact on the global steel market. This transformation could affect steel prices and supply, presenting both new opportunities and challenges for steel producers worldwide.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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