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Asian Steel Mills Face Challenges in Greener Steel Production
Jan 23, 2025

Asian Steel Mills Face Challenges in Greener Steel Production

Top Asian crude steel producers, including China and Japan, are intensifying efforts to decarbonize their largely BF-BOF dominated steelmaking processes. According to Fastmarkets, the BF-BOF process remains vital due to its scalability and efficiency, but it is inherently carbon-intensive, drawing attention amid rising regulatory and social pressure.

To mitigate carbon emissions, major steel companies in Asia are exploring innovative green technologies. Nippon Steel has achieved a significant milestone by using hydrogen in blast furnaces, registering a 43% reduction in CO2 emissions from a recent test. This effort could enhance its competitiveness, especially under the impending EU's CBAM regulation that favors low-emission steel exports.

Meanwhile, China Baowu Steel Group has commissioned the world's first HyCROF technology in its Xinjiang facility, achieving a 31% reduction in carbon emissions. As China continues to advance in steel innovation, its international trade presence remains strong, with a substantial export market.

On the import side, the Philippines led the Asian market in 2024, importing iron or non-alloy steel valued at $865.9 million, followed by Taiwan at $415 million. Such statistics highlight the shifting dynamics as Asian markets value both sustainable practices and maintaining strong trade positions.

The demand for low-carbon steel is growing as Asia's steel mills gear towards adopting greener methods. Notably, Japan's JFE Steel Corp plans to use its JGreeX green steel in a Vietnamese construction project, reflecting an expansion beyond its domestic market.

HBIS Group in China has also begun operating a hydrogen metallurgy-based production line, aligning with the global shift to sustainable steelmaking practices. As green steel demand rises, Asian producers are poised to meet these environmental goals while maintaining robust trade flows.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the iron and steel market in Asia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

    Country coverage:

      Data coverage:

      • Market volume and value
      • Per Capita consumption
      • Forecast of the market dynamics in the medium term
      • Production in Asia, split by region and country
      • Trade (exports and imports) in Asia
      • Export and import prices
      • Market trends, drivers and restraints
      • Key market players and their profiles

      Reasons to buy this report:

      • Take advantage of the latest data
      • Find deeper insights into current market developments
      • Discover vital success factors affecting the market

      This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

      In this report, you can find information that helps you to make informed decisions on the following issues:

      1. How to diversify your business and benefit from new market opportunities
      2. How to load your idle production capacity
      3. How to boost your sales on overseas markets
      4. How to increase your profit margins
      5. How to make your supply chain more sustainable
      6. How to reduce your production and supply chain costs
      7. How to outsource production to other countries
      8. How to prepare your business for global expansion

      While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

      1. 1. INTRODUCTION

        Making Data-Driven Decisions to Grow Your Business

        1. REPORT DESCRIPTION
        2. RESEARCH METHODOLOGY AND THE AI PLATFORM
        3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
        4. GLOSSARY AND SPECIFIC TERMS

      2. 2. EXECUTIVE SUMMARY

        A Quick Overview of Market Performance

        1. KEY FINDINGS
        2. MARKET TRENDSThis Chapter is Available Only for the Professional EditionPRO

      3. 3. MARKET OVERVIEW

        Understanding the Current State of The Market and its Prospects

        1. MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
        2. MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
        3. TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
        4. PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
        5. MARKET FORECAST TO 2035

      4. 4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

        Finding New Products to Diversify Your Business

        1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
        2. BEST-SELLING PRODUCTS
        3. MOST CONSUMED PRODUCTS
        4. MOST TRADED PRODUCTS
        5. MOST PROFITABLE PRODUCTS FOR EXPORTS

      5. 5. MOST PROMISING SUPPLYING COUNTRIES

        Choosing the Best Countries to Establish Your Sustainable Supply Chain

        1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
        2. TOP PRODUCING COUNTRIES
        3. TOP EXPORTING COUNTRIES
        4. LOW-COST EXPORTING COUNTRIES

      6. 6. MOST PROMISING OVERSEAS MARKETS

        Choosing the Best Countries to Boost Your Export

        1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
        2. TOP CONSUMING MARKETS
        3. UNSATURATED MARKETS
        4. TOP IMPORTING MARKETS
        5. MOST PROFITABLE MARKETS

      7. 7. PRODUCTION

        The Latest Trends and Insights into The Industry

        1. PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)

      8. 8. IMPORTS

        The Largest Import Supplying Countries

        1. IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
        2. IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
        3. IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)

      9. 9. EXPORTS

        The Largest Destinations for Exports

        1. EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
        2. EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
        3. EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)

      10. 10. PROFILES OF MAJOR PRODUCERS

        The Largest Producers on The Market and Their Profiles

      11. LIST OF TABLES

        1. Key Findings In 2024
        2. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        3. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
        4. Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
        5. Imports, In Physical Terms, By Country, 2012–2024
        6. Imports, In Value Terms, By Country, 2012–2024
        7. Import Prices, By Country, 2012–2024
        8. Exports, In Physical Terms, By Country, 2012–2024
        9. Exports, In Value Terms, By Country, 2012–2024
        10. Export Prices, By Country, 2012–2024

      12. LIST OF FIGURES

        1. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        2. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
        3. Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        4. Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        5. Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        6. Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        7. Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
        8. Market Volume Forecast to 2035
        9. Market Value Forecast to 2035
        10. Market Size and Growth, By Product
        11. Average Per Capita Consumption, By Product
        12. Exports and Growth, By Product
        13. Export Prices and Growth, By Product
        14. Production Volume and Growth
        15. Exports and Growth
        16. Export Prices and Growth
        17. Market Size and Growth
        18. Per Capita Consumption
        19. Imports and Growth
        20. Import Prices
        21. Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        22. Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        23. Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        24. Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        25. Imports, In Physical Terms, By Country, 2024
        26. Imports, In Physical Terms, By Country, 2012–2024
        27. Imports, In Value Terms, By Country, 2012–2024
        28. Import Prices, By Country, 2012–2024
        29. Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        30. Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
        31. Exports, In Physical Terms, By Country, 2024
        32. Exports, In Physical Terms, By Country, 2012–2024
        33. Exports, In Value Terms, By Country, 2012–2024
        34. Export Prices, By Country, 2012–2024

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