Commodity price data platform Fastmarkets has launched a new suite of green steel prices. Its new benchmarks will assess the price differential against traditional flat steel prices ‘creating transparency for the industry and supporting the investment decisions needed to reduce emissions’.
Green steel, also known as low-carbon emission or sustainable steel, refers to the production of steel using environmentally friendly and energy-efficient processes that minimise carbon dioxide (CO2) emissions. Steel scrap makes an important contribution to green steel production.
‘Following extensive research and discussions across the industry, we are well-placed to bring clarity and transparency to a market that is fast becoming a priority area for all steel industry players committed to the energy transition,’ says Andrew Wells, global steel and ferro-alloys editor at Fastmarkets. ‘Steel made with significantly reduced CO2 emissions is widely expected to account for 30% of the European market by 2030.’
According to Fastmarkets’ ceo Raju Daswani, the transition to green steel production is big step towards achieving carbon neutrality and addressing climate change. ‘It aligns with global efforts to reduce greenhouse gas emissions and build a more sustainable and low-carbon economy.’
Fastmarkets’ green steel, domestic flat-rolled differential ex works Northern Europe will be assessed weekly against the established Fastmarkets Northern European hot rolled coil (HRC) index.