The Asia-Pacific Procurement Process

The Sustainable Steel Buyers Platform (SSBP) is a first-of-its-kind buyers’ coalition convened by RMI to accelerate steel decarbonization through collaborative procurement and market activation in the iron and steel sectors. By pooling demand from major steel customers, the platform drives investment into deeply decarbonized ironmaking technologies, stimulates early supply of low-emissions steel, and helps large buyers meet their supply chain emissions targets. This platform builds on RMI’s previous work on steel sector transition strategies, technoeconomic analyses of green steel pathways, and evaluations of corporate-level steel emissions footprint.

Following the SSBP’s success in North America, RMI is working with regional partners to leverage early-stage demand efforts in Japan and South Korea to mobilize private demand and offer the tools and frameworks needed to enable green iron and steel transactions at scale. Consumer companies with steel-purchasing footprints in the Asia-Pacific region represent strong potential for lower-carbon offtake, with several purchasers already making ambitious commitments to procure cleanly-produced steel that align with the International Energy Agency’s definition of near-zero emissions steel. To meet these and other climate commitments, RMI estimates annual demand for near-zero emissions steel could reach up to 6 million tons by 2030 in the region.

To meet this demand, iron and steelmaking projects are emerging in competitive regions with abundant renewable energy and iron ore resources. Near-zero emissions iron and steel project developers need bankable contracts that can be used to secure financing for the large capital investments needed to build the green steel supply chain. To accelerate new project investment, SSBP aims to mobilize demand and support buyer-led interventions to accelerate near-term offtake agreements for green iron and steel.

The SSBP is currently gathering insights into key market challenges from steel producers and other stakeholders in the Asia-Pacific supply chain through a Request for Information (RFI). The RFI is now open and will be accepting responses until May 29, 2026. In addition to consultations with buyers, the RFI feedback will inform buyer-led interventions with the goal of launching an Asia-Pacific Requests for Proposal (RFP). The RFP will aim to:

• Provide buyers with a direct pathway to meet climate targets and stimulate new supply by aggregating sufficient low-emissions demand to help finance a specific iron or steel facility.

• Translate buyer demand into bankable term sheets or offtake contracts to support a producer’s investment decision to develop low-emissions iron and steel production.

• Establish key parameters for executing a low-emissions iron or steel procurement, including emissions thresholds and definitions, feasible volumes, timelines, contracting models, viable technology pathways, and reporting and verification requirements.

Pending market readiness for near-term green iron and steel solutions, RMI expects to launch the Request for Proposal at the beginning of 2027.

Members recruited into the Asia-Pacific buyer cohort will work collaboratively through the RFP up to the point of price discovery on the green premium. Pending qualification of bids, buyers will have the opportunity to negotiate individual offtake agreements based on the collectively discovered green premium and other offtake arrangements (e.g., steel specifications, pricing, etc.). By working together, members will help accomplish the SSBP’s broader goal of sending producers a powerful enough demand signal to encourage the deployment of a first-of-its-kind, commercial-scale low-emissions steel facility capable of meeting existing low-emissions demand in the Asia-Pacific.

For Prospective Buyers

We need ambitious corporate buyers of steel to join forces. By committing to the Sustainable Steel Buyers Platform, your company will join leading corporations to advance the demand for low-emissions steel.

For Prospective Suppliers

The prospective Asia-Pacific request for proposal (RFP) will be open to all iron or steel producers and their supply chain partners capable of delivering near-zero emissions iron or steel to the Asia-Pacific market. All interested suppliers who can meet established RFP qualifications will be welcome to submit a proposal.

Responses will be evaluated based on alignment with Platform membership volume and emissions threshold requirements, competitive green premium, and likelihood to satisfy delivery requirements. Once a proposal is selected, Platform members will have the opportunity to individually negotiate advanced offtake agreements with the qualified producer based on the emissions performance and associated green premium established in the RFP.

The Request for Information is now open and you can share your feedback here.

If you interested in participating in the prospective Asia-Pacific RFP, please contact our steel team at sustainablesteel@rmi.org.