Keyu Jin, an associate professor of economics at the London School of Economics & Political Science mentions that advancements in green steel cannot be achieved in geographical isolation.

This is unlike the distinct difference in say, electric vehicles and vehicles that use internal combustion engines, he said.

China’s EV sales rose by 60.2% year on year to 717,000 units in May. Cold rolled steel (CRC) prices rise from six-month low.

Lithium is a key material for electric-car batteries.

JSW Steel also partnered with German technology company SMS Group to reduce carbon emissions and produce green steel in September 2022.

Tathya's hot metal index was 87.65, up marginally from 87.47 the previous week, but still close to its lowest levels since the end of January.

JSW had earlier this year won the Jaisinghpura south iron ore block located in Ballari, Karnataka and the unexplored Surjagad 4 iron ore mine in Maharashtra.

US HRC prices have fallen by 27pc since the peak of $1,200/st in April.