The European Commission considers exempting 80% of companies from the CBAM levy to reduce bureaucratic burdens while maintaining climate goals. Learn more about the proposed changes and their impact on EU businesses.

The European People's Party (EPP), the largest political group in the EU, proposes radical changes to climate policy, including a two-year suspension of sustainable reporting rules and the abolition of mandatory renewable energy targets. The aim is to boost the EU's economy by reducing administrative burdens on SMEs and ensuring climate policy doesn't hinder competitiveness. The EPP also suggests revising the CBAM and allocating more ETS funds to green technologies.

The European Steel Association (EUROFER) has proposed to the European Commission (EC) to strengthen protective measures against steel imports by reducing tariff quotas, increasing duties on excess imports, and changing quota allocation methods. The association aims to address the decline in steel demand and changes in trade flows, urging more specific quotas and abolition of exemptions for certain countries. This comes as the EC initiates a functional review of EU safeguard measures on steel imports.

Nippon Steel announces a groundbreaking 43% reduction in carbon emissions in a test furnace, leveraging its Super COURSE50 technology. As part of its Carbon Neutral Vision 2050, the company aims to lead the steel industry towards a greener future by innovating sustainable production methods.

Hebei Xinfeng Steel plans to invest $1.65 billion in building an industrial complex in Ain Sokhna, Egypt's Suez Canal Economic Zone. The project aims to boost Egypt's industrial potential and strengthen economic ties with China. Over five years, the 3.75 million sqm complex will create 8,000 jobs and produce automotive components, household appliances, fasteners, and steel coils. Xinfeng Steel will also build a steel plant with a capacity of 2 million tons per year, with 70% of the output planned for export.

ING International Bank predicts that iron ore prices will remain under pressure in 2025, averaging $95/t due to low steel demand forecasts, strong supplies, and high port stocks. China's real estate downturn, which accounts for 40% of the country's steel demand, is a major factor. Analysts note that iron ore prices are dependent on China's economic stimulus and policies. Meanwhile, Fitch Ratings has raised its iron ore price forecast for 2024 to $110/t but expects prices to decline in subsequent years.