Singapore Green Steel Forum concluded that the current production methods of green steel will lead to a sharp increase of 30 percent in production costs for steel mills, globally. There is a need for a technological breakthrough in green steel production methods.
May 23, 2023
Green Steel production costs threaten a sharp increase of 30 percent to the existing steel production costs for Indian and global steel mills. The concept is still novel and there is no single technology available. Currently, green steel is produced based on different production process lines with different timeframes.
A Green Steel Forum was organized in Singapore and it was concluded that a technological breakthrough is required to mitigate the threat of a 30 percent cost increase. The forum was attended by over 1,000 delegates.
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According to an attending consultancy group official, “Present estimates put production of ‘Green Steel’ 30 percent higher compared with conventional steel that is being produced currently. He further explained, “The debate is using electric arc furnaces based on green energy, which would be costly, and Blast Furnace (BF), which uses comparatively cheaper coal. BF also offers large volume output compared to EAF.”
Green Steel is however being explored as a norm going forward in the light of NetZero targets. The concepts of collaboration and cooperation among global industries, academics, and technologists to build and scale up technologies are being discussed.
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One other official clarified the mindset, “We are glad that both India and China, as large markets and producers of steel as well as industrial products, are focused on green products and have set net-zero targets.”
The officials highlighted the need to shift to green steel, “Scrap is finite and not as easily available in some markets where policies remain weak on recycling material. Though India and China have been driving recycling practices through policies and initiatives, the grade of scrap will be low, given some steel products to be scrapped are decades old.”
