Along with these structural shifts, the raw materials markets in Europe and Asia remain resilient. Iron ore futures on the Singapore Stock Exchange are trading above $106/ton, reflecting steady demand from global steel producers.
Missed European green steel targets
Instead of driving industrial transformation, Europe's steel sector is burdened by regulatory complexity, subsidy debates, and protectionist measures. Many metallurgists have either frozen their conversion plans, postponed projects, or reviewed investments.
The main reasons are clear: unfavorable market conditions, high risk exposure, and insufficient import protection. This reliance on political shields is hampering the bold steps needed for Europe to lead the global transition to green steel.
China is moving forward with green steel partnerships
On the contrary, China has made tangible progress. Domestic metallurgists have been switching to low-emission production methods for many years and are currently preparing to supply more environmentally friendly materials to industrial consumers.
A key milestone is the partnership between HBIS Group and BMW Group China, announced in 2022. Starting in 2026, BMW will integrate HBIS green steel into its vehicle production in China. This
