Australia PM touts green steel as iron ore miners meet Chinese steelmakers

SHANGHAI (Reuters) -Australia and China should cooperate more closely over green steel, Prime Minister Anthony Albanese said in Shanghai on Monday, even as he called on the world's largest steelmaker to address excess capacity for the metal. China relies on Australia for roughly two-thirds of the iron ore consumed by its vast steel industry, a trade that will earn Canberra A$105 billion ($68.90 billion) this financial year, according to the latest government estimates. However, attempts to clean up an industry responsible for roughly a tenth of all emissions put that trade for Australia at risk as decarbonisation requires higher grades of iron ore, found in countries like Guinea and Brazil.