Hydrogen cost is a key determinant of the cost competitiveness of green steel production.

For domestic green steel production to compete with pathways using imported green iron, hydrogen production costs will need to fall to approximately $2.21~$2.38/kg H2 in South Korea, and $2.56~$3.53/kg H2 in Japan.

Increased use of renewable electricity is essential for domestic green steel production.

Under projected 2035 conditions, grid-based production in both South Korea and Japan remains above the ResponsibleSteel green steel threshold of 0.4 tCO2/tcs. Therefore, hydrogen-based ironmaking should be accompanied by increased use of renewable electricity for domestic production to meet the emissions threshold for green steel classification.

Australia's early action is required to secure its position in green iron export market.

As domestic green steel production in East Asia becomes increasingly competitive under favorable policy and cost conditions, and as gas-based DRI pathways may not meet emerging green steel emissions standards, accelerating the deployment of green hydrogen- based iron production will be critical to securing long-term market opportunities as green iron supplier.