British Steel, owned by Jingye Group, confirms the restart of the second blast furnace at its Scunthorpe facility after a mid-2024 shutdown. The company continues discussions with the UK government on decarbonization plans and the future of its operations, amidst reports of revised plans to concentrate production in Scunthorpe. The Steel Industry Council advises on the recovery and future strategy of the UK steel industry.

HBIS Group, a leading Chinese steelmaker, is stepping up its use of low-carbon technologies. The company has launched a world-first hydrogen metallurgy-based automotive sheet steel production line with a capacity of 1.5 million tons per year. This move is part of HBIS's comprehensive green transformation efforts and aligns with China's carbon targets for 2030 and 2060. The group is also preparing for the country's carbon market by adhering to new guidelines for reporting greenhouse gas emissions in the steel industry.

Australia's iron ore exploration expenditures reached a 10-year high in the third quarter of 2024, amounting to A$216 million ($134.9 million), driven by historic high iron ore prices and continued demand. Western Australia remains focused on iron ore despite global negativity. However, future prices may fall due to global decarbonization trends and China's economic weakness. Stay informed with the latest updates on iron ore exploration in Australia.

Indian mining companies reported a sharp 55% year-on-year drop in iron ore exports in November 2024, primarily due to weaker demand from China, which accounts for 90% of Indian ore exports. With Chinese steelmakers preferring low-grade ore and port stocks surging 29% YoY, imports by Indian steelmakers hit a 6-year high of 1.19 million tons. Domestic steel production rose, but weak finished product demand and high ore stocks negatively impacted purchases. Overall, January-November exports were 3% lower YoY, with pellet exports down 15%.

European countries have allocated a total of €14.6 billion in state grants for steel industry decarbonization projects, with 15 subsidy decisions announced. The Dutch parliament approved €3 billion in subsidies for Tata Steel Ijmuiden, making it the largest recipient. Projects involve transitioning from BF-BOF to DRI-EAF and implementing scrap-EAF technology. The aid aims to support the EU Hydrogen Strategy, achieve European Green Deal targets, and accelerate the green transition.

Low steel prices due to global dumping are hindering India's efforts to expand its steel capacity. As the world's second-largest steel producer, India aims to increase its steel capacity to 300 million tons by 2030. However, inadequate domestic capacity and cheaper imports, primarily from China, are making the country reliant on imports for infrastructure development. The Ministry of Steel is advocating for safeguard duties or temporary taxes to curb imports. Leading steel companies like JSW Steel, Tata Steel, and ArcelorMittal Nippon Steel India have expressed concerns about the influx of cheaper steel products. India's steel consumption has reached a 7-year high, but the country needs to invest $120 billion to achieve its production target.