The debut of the Steel Standards Principles at COP28 heralded a seismic shift in the steel industry's stance toward decarbonization. Orchestrated by global entities, these principles underscored the industry's crucial role in greenhouse gas emissions.

Supply chain growth, green shift, tech edge, market expansion are big factors.

Finished Import Market Share YTD at 21%

In the week ending on January 6, 2024, domestic raw steel production was 1,707,000 net tons while the capability utilization rate was 76.9 percent.

Woodside Energy and South Korea’s SK E&S Co. Ltd. have signed a non-binding Memorandum of Understanding (MOU) to enable research on potentially developing a lower-carbon hydrogen value chain, including hydrogen, ammonia, and related products.

Algoma Steel, a prominent steel producer based in Canada, has outlined its projections for the third quarter (October-December) of the financial year 2023-24.

China's infrastructure sector investment likely grew by 6-9pc in 2023, Chinese securities analysts have forecast.

Some importers also cleared around 5,000-6,000t that could not be cleared into the October quota, and added some extra tonnage.