Steel makers in India and globally stare at a sharp 30 per cent increase in the production costs to manufacture 'green steel' for meeting their net-zero targets, experts said.
Right now, there is no single definite technology for producing 'Green Steel' and whatever is available is based on different production process lines with different timeframes, said steel experts at the Singapore Green Steel Forum on Tuesday.
India's steel mills along with their global peer groups and consultants are seeking a major technology breakthrough to produce green steel, according to experts.
Present estimates put production of 'Green Steel' 30 per cent higher compared with conventional steel that is being produced currently, said a consultancy group official anonymously.
The debate is using electric arc furnaces based on green energy, which would be costly, and Blast Furnace (BF), which uses comparatively cheaper coal, the official said.
BF also offers large volume output compared to EAF, he added.
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Nevertheless, it is healthy to note industry-wide talks and collaboration initiatives are on to seek solutions for making 'Green Steel', said another official.
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 official said.
But reducing emissions and meeting net-zero targets are big challenges though the urgency is acknowledged globally to manage environmental issues, the officials said.
They have underscored the need for collaboration and cooperation among global industries, academics and technologists to build and scale up technologies for a better tomorrow..
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, said the officials.
Over 1,000 delegates attended the forum.
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