On May 23, 2023, the Singapore Green Steel Forum hosted a panel to discuss the challenges facing the production and marketing of green steel.
Every warehouse equipment manufacturer requires a plentiful supply of steel at a reasonable cost, as tubular steel is the main component of items such as picking trolleys, packing tables and storage racks. However, standard steel production is responsible for a large amount of the world’s carbon emissions, which is why steel producers are developing ways to make greener steel that produces far fewer emissions.
The panel of industry experts and academics at the Singapore Green Steel Forum identified two issues related to green steel: the definition of what green steel is and its cost.
Seah Kiin Peng, the chief executive officer of BRC Asia, said that while buyers of electric cars can easily identify differences between the electric engine and an internal combustion engine, green steel has no easily discernible difference from conventionally produced steel. Different regions of the world have contrasting definitions of what green steel is and how to best produce it.
The other main challenge of green steel is pricing. While it can be sold at premium prices, if it is too expensive, equipment manufacturers are reluctant to purchase it. Seah Kiin Peng predicts that green steel will be available at various levels of greenness and priced accordingly.
Overall, the panellists were optimistic about the future of green steel, with decarbonisation being inevitable in steel production and consumers demanding more environmentally friendly manufactured goods.