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Home to half of the world’s population and contributing a third to the global GDP, the Asia Pacific region is expected to maintain a 50% share of global primary energy demand and a 60% share of global carbon emissions until 2050. This trend is unlikely to change without strong policy action and investment. However, the region still has the potential to turn these challenges into opportunities and become a global leader in the energy transition.
The rise of electric-arc furnace technology, increased use of green feedstock and evolving carbon policies will reshape steel production and global trade patterns.
Decarbonising the steel and iron ore industry by 2050, in line with the Paris Climate Agreement, will require US$1.4 trillion of investment and revolution across every stage of the value chain. This presents an urgent challenge and enormous opportunity according to Wood Mackenzie’s latest Horizons research report, Pedal to the metal: Iron and steel’s $1.4 trillion shot at decarbonisation.
Steel industry’s carbon emissions is expected to fall 30% by 2050 compared to 2021 levels, according to a new report by Wood Mackenzie.
China’s renewables manufacturing has emerged from 2021 bigger and more competitive than ever before. Western markets are benefitting from trading with the IKEA of the energy transition, but balancing reliance on China’s technology providers with local interests is now a key political as well as environmental challenge, says Wood Mackenzie.
Wood Mackenzie’s latest report shows that compared to other base metals, China’s copper market appears to be better cushioned from the country’s power crunch.
China’s CATL unveiled its newly-developed sodium-ion battery at a launch event today.
Demand across most commodities in China is expected to slow down in the second half of 2021, according to Wood Mackenzie’s new monthly China Economic Focus report.
China’s state planner the National Development and Reform Commission (NDRC) announced today an “indefinite suspension of all activities under China-Australia Strategic Economic Dialogue”. Wood Mackenzie experts weigh in on the event.
China’s march towards carbon neutrality is forcing its aluminium smelters away from using captive coal-fired power, says Wood Mackenzie.
Wood Mackenzie’s latest report reveals that China’s march towards carbon neutrality by 2060 can complement both energy security and economic goals.
All-in front-of-the-meter (FTM) battery storage system costs in Asia Pacific markets could decline by more than 30% by 2025, says Wood Mackenzie.
Nickel in sulphate production is expected to rise from 211 kilo-tonnes (Kt) in 2019 to its peak at 450 Kt in 2027, while demand driven by the electric vehicle (EV) sector continues to accelerate, reaching approximately 800 Kt by 2035, says Wood Mackenzie.
South Korea's hot metal production will decline by 4.2 Mt or almost 10% in 2020. There is of course a risk that production decline would be greater, if containment of the virus is unsuccessful.
Slower demand growth (especially in China) and a decent recovery in seaborne supply will continue to feature prominently in the iron ore industry in 2020. Prices will fall, with annual average price forecast for 2020 at $80/t.
Chinese president Xi Jinping’s mantra that “houses should be for living in, not for speculation” has been used to allude to the government’s policy to curb rising property prices for the past couple of years. Despite the cooling measures, steel demand in the property sector has shown resilience.
Implementation of IMO 2020 regulation is just eight months away and its implications will be felt beyond refining and shipping. Wood Mackenzie's Asia Pacific experts weigh in on what this means for the different sectors.
Indonesia heads to the polls on 17 April 2019. Wood Mackenzie and sister company Verisk Maplecroft discuss what this means for the energy, and mining and metals sectors.
Many market observers were sceptical about China's ability to deal with aluminium overcapacity. But cuts at Weiqiao, the world's largest smelter, shows China's determination to deliver supply-side reforms. The market is now divided into two camps – one that believes China will cut output significantly. The other one reasons that smelters will ramp up quickly and nothing much will really change.
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