Climate change is a challenge faced by all humanity—and a topic we have long focused on. Jichuan data insight studio continuously conducts in-depth observation, ongoing monitoring, and analytical research on climate-related issues, producing a series of research reports.

At the same time, we are closely following the low-carbon transition and green development across industries.

Steel, often described as the “grain of industry,” is both a critical component and a strong pillar of the real economy. Yet the steel sector currently accounts for more than 30% of total industrial carbon emissions, making its potential for ultra-low-carbon development crucial to achieving China’s “dual-carbon” goals.

In 2023, we tracked and analyzed news and information from the steel industry to provide interested audiences with timely industry analysis and insights.

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01

What Data Did We Use for the Analysis?

Using a third-party media monitoring tool and keyword settings, we collected information and discussions related to the steel industry. In the second quarter, we gathered more than 550,000 data entries, which, after removing duplicates, resulted in nearly 150,000 unique records. The analysis in this brief is based on those 150,000 entries.

02

Key Events in the Steel Industry During Q2

Based on the data, we identified the following major developments:

03

What Was the Steel Industry Talking About in Q2?

Content Category Breakdown

Grouping similar content, the collected information can be categorized into six major content types, with the following proportions:

Word Cloud: Key Focus Areas of the Industry

• “Technology” and “Science” Dominate the Conversation
  Their high frequency highlights that technological upgrades and breakthroughs remain a central focus for the steel industry.

• Strong Presence of “Green” and “High-Quality Development”
  These keywords show the sector’s effort to align with China’s national macro narrative on sustainable growth.

  
  

• “Transformation” as a Key Term
  Related discussions often center on industrial upgrading driven by resource constraints and the pursuit of high-quality development by provincial and municipal governments.

Key Content Areas and Narratives

• Industry Dynamics (36% of Content)

This category mainly features industry news and promotional coverage of professionals attending events. Notably, many provinces and cities showcase the transformation and upgrading of local steel enterprises as evidence of their commitment to China’s macro narratives of “Chinese-style modernization” and “high-quality development.”

• International Arena (19% of Content)

This category focuses on international news related to decarbonization in the steel industry, including multinational investments and collaborations by major enterprises, as well as updates from relevant countries, international organizations, and global events.

Discussion around the EU Carbon Border Adjustment Mechanism (CBAM) has been particularly active. The prevailing view is that, for China’s steel industry, the short-term impact of CBAM is manageable, but its long-term effects will grow. CBAM is expected to mainly affect the export competitiveness of China’s high-carbon steel products, though some perspectives see this challenge as a potential opportunity.

• Dual-Carbon Targets (17% of Content)

The dominant narrative highlights how major steel companies are actively responding to China’s dual-carbon goals—carbon peaking and carbon neutrality—while shaping a corporate image of green, low-carbon responsibility.

Discussion under this theme is rich, with many experts offering recommendations and insights on how the steel industry can achieve these national targets.

• Policy Guidance (15% of Content)

During this monitoring period, the steel industry was frequently mentioned as a key sector in various policy documents and official speeches, though often as a side reference. In Q2, policy guidance related to the steel sector focused on several areas: workplace safety, application of smart manufacturing technologies, energy efficiency improvements, clean production, quality grading evaluations, stable iron ore supply, and the broader dual-carbon agenda.

Following the State Council’s Action Plan for Carbon Peaking Before 2030, many provinces and municipalities issued their own carbon-peaking implementation plans—some specific to industrial sectors—setting out measures for the steel industry’s carbon-peaking efforts.

• Energy Transition (8% of Content)

Discussion here centered on the development and application of hydrogen energy in the steel industry. A highlight was HBIS Group’s world-first 1.2-million-ton hydrogen metallurgy demonstration project, which achieved continuous, safe production of green DRI (direct reduced iron) products and was described in coverage as “an event of epoch-making significance.”

Beyond hydrogen metallurgy, hydrogen energy’s role in steel decarbonization also appeared in reports on the use of hydrogen-powered heavy trucks for greener logistics. Representative viewpoints on the steel industry’s energy transition included:

• Green Finance (5% of Content)

News and PR in this category mainly feature banks and financial institutions highlighting their efforts to support the steel industry’s low-carbon transition through green finance initiatives. From the perspective of local governments, the narrative more often links green finance to “high-quality development” and a “green ecological foundation,” emphasizing its role in promoting sustainable growth.

The views in this category mainly focus on evaluating how green finance supports the steel industry’s low-carbon transition in China. Discussions about the transition bond market and the carbon market are particularly common.

Interested in More? Download the Full Brief
If you’re interested in additional findings and the PEST analysis, please download the full report.

Copyright
This brief is jointly copyrighted by Transition Asia and Jichuan Communications. We sincerely thank Transition Asia for their support throughout the research process.

What’s Next
We will continue to track the status and trends of green, low-carbon development in China’s steel industry.

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