Big miners are facing pressure to detail their investments into green steel and reduce their scope three emissions. But Chinese smelters as a whole are more efficient than the EU’s.
Already a subscriber?BHP boss Mike Henry says Chinese steelmakers have newer and more efficient resources than their European counterparts, and their divergent timelines to net zero should reflect the reality of the capital investment cycle.
Australian iron ore producers including BHP have been highly dependent on China’s ongoing property expansion to fuel demand for iron ore.Advertisement “In 2023 alone, Chinese investment in emerging clean energy sectors was up 24 per cent year-on-year to $US676 billion. And it is now among the top drivers of economic growth in the country,” he said.
“But China is different from Europe. Given the remarkable economic growth that China has unlocked in recent decades, China’s blast furnace steel facilities are much, much younger. This is also the case in India and South-East Asia and steel is still being added to the economy on a net basis, meaning the ratio of scrap available to demand is much lower than in Europe.”
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