While the environmentally friendly steel segment is experiencing a period of calm – and attention remains focused on traditional steel products, given the significant regulatory changes presented this week – deadlines are changing, and policy commitments to support the leading market, such as the official green agreement, are moving forward. Go ahead. The "definition of steel", as promised in the European Steel and Metals Action Plan (ESMAP), should not be too far away.
The European Steel Distribution Association EUROMETAL announced this week the creation of a green steel working group, and the new Hydnum Steel facility, which uses renewable energy sources to produce direct reduction cast iron in electric arc furnaces (DRI-EAF), powered by clean hydrogen, announced a round-robin supply agreement.
As for CBAM and the final stage of development starting in January, market participants are increasingly strengthening their expectations regarding CBAM reference values and default values: about 1.3 tons and 0.2 tons of CO2e/ton for blast furnace and electric arc steel, respectively, the corresponding import costs are estimated at about 50-80 euros per ton.
McCloskey tracks the cost of one unit of low-carbon products produced in the EU domestic market based on all premiums for environmentally friendly HRC, which were surveyed last week, and which currently stands at 47.62 euros per ton. The reduced carbon price proposed by McCloskey is largely in line with CBAM's market estimates, which will soon take effect as the first carbon cost indicator on the European steel market.
Weekly price for "green steel"
Euro/tonLong-term10-OctoberChangeGreen Northwest Europe HRC premium (volumes 1-3 CO2 0.8t))80.000.00Green Northwest Europe ex-works HRC Exhibition (stages 1-3)The exhibition is EX-WORKING660.005.00Green HRC premium (1-2 CO2 volumes of 0.5t each)80.000.00Green Northwest Europe ex-works HRC Exhibition (stages 1-2)FORMER JOBS660.005.00Green HRC reduces the price of carbon (application areas 1-3)47.621.61A source: McCloskey in THE DESCRIPTION
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