"India has a stable export level, in particular in particular, in the EU because prices in Asia are at least $20 per ton lower. But in general, most of the steel exports from Asia[to Europe specifically]will decrease due to quotas more than due to CBAM, because base prices in Asia and China are very low," Priyanka Agrawal, head of Steel Markets at Wood Mackenzie, said during a panel discussion.
As reported in October, Europe will limit duty-free imports to 18.3 million tons per year (a 47 percent reduction compared to steel quotas in 2024) and double the non-quota duty to 50 percent from the first half of 2026. "I believe that they will include Indonesia in the new protective measures and this cheap and large flow[of HRC mainly]will decrease," a European source told SteelOrbis on the sidelines of the conference. Moreover, the EU is seeking to strengthen the traceability of steel markets by introducing a "melt and pour" requirement to prevent workarounds. But major Asian suppliers are not ready for this new measure.
Speaking about decarbonization in Asia, the panelists focused on China's goal to reach peak carbon emissions by 2030 and achieve carbon neutrality by 2060. The main actions of Chinese factories to achieve these goals are focused on upgrading existing ultra-low emission capacities, confirmed Star Liu, assistant CEO of Jianlong Group, during a panel discussion, but China is also interested in development. value chains abroad, especially in the segment of "green" steel. "We see that the demand for low-carbon steel is coming from both local and export markets, and given the growing demand, we have virtually no supply," she said. Jianlong Group was the seventh largest steel producer in the world in 2024 with a production volume of 39.37 million tons of steel. It owns a number of plants in China and the Malaysia-based Eastern Steel plant with a capacity of 2.7 million tons per year.
The last but important point during the Asian panel discussion was the attention to DRI/HBI projects, even among Asian companies. In the face of growing protectionist measures, "Asian factories are moving abroad to conquer local markets. Just like Hyundai invested in a new
