As the iron and steel industry is a major carbon emitter, it will no doubt be targeted for carbon emissions reduction in 2021. However, China is still in the process of industrialization, which means its economic development will continue to be steel-intensive for many years to come.
Platts expects that to achieve carbon neutrality by 2060, a series of policy changes comprising steel production reduction, steel export rebate cuts, the increase of scrap utilization, development of electric arc furnaces, as well as the establishment of a carbon emissions quota trade, are likely to be announced during or shortly after the NPC and CPPCC.
A national carbon emissions quota trading market has been mooted for the end of June.
