Spot prices of ore bound for China, maker of about half the world’s steel, have fallen roughly 40% from this year’s peak above $160 in March.

Europe is also bringing legislation that offers incentives for the use of green hydrogen, he said.

Hoa Phat Group produced over 6 million tonnes of crude steel in the first nine months of the year, matching its output from last year.

Increased light vehicle production through the second half of 2022 over the first half of the year will increase availability for prime steel scrap.

Multiple producers have faced that tough choice in recent months.

SATAWU calls off Transnet strike, members to return to work on Thursday

Singh did not specify the shape that the PLI schemes would take, with incentives varying between the 14 sectors for which they have been introduced.

Fortescue Chairman Andrew Forrest, Australia’s richest person, launched FFI in 2020 with an ambitious goal to produce 15 million tons of green hydrogen by 2030.