**Introduction** Major steel-producing economies generally rely on market-based procurement of iron ore, coking coal, and scrap by private firms, while using targeted state instruments to manage supply concentration, volatility, and decarbonization-driven input shifts. In practice, the market-state balance is managed through strategic supply-security frameworks, state-backed finance and stockpiling, and regulatory steering that reshapes procurement incentives without replacing commercial contracting. **Contextual background** Steel production is highly input-intensive and exposed to upstream concentration in iron ore and coking coal markets, as well as to policy-driven shifts toward scrap-based and lower-carbon production routes. Since 2024–2025, governments have increasingly framed raw-material access as a matter of industrial resilience and competitiveness, reflected in new legal frameworks, monitoring mechanisms, and public risk-sharing instruments. These measures aim to reduce vulnerability to disruptions while preserving market pricing and firm-level sourcing decisions. **Policy approaches to managing resource procurement** **1.** **European Union (EU): market-based procurement with supply-security frameworks** EU steelmakers procure iron ore, coal, and scrap through commercial contracts at market prices. State involvement operates primarily through the Critical Raw Materials Act (CRMA), which establishes benchmarks for domestic extraction, processing, and recycling capacity, identifies “Strategic Projects,” and strengthens coordination and monitoring of supply risks[1][2]. These measures influence investment and sourcing options by lowering regulatory and financing barriers for selected projects, but they do not mandate procurement decisions or fix prices. The EU model therefore preserves market allocation while embedding procurement within a legal framework oriented toward resilience and reduced dependency. **2.** **Japan: firm-led sourcing supported by state finance and stockpiling** Japan relies on private firms to secure raw materials through long-term contracts and overseas equity participation. The state plays a complementary role through the Japan Organization for Metals and Energy Security, which provides equity support, loans, and debt guarantees for upstream mineral projects and selected processing activities[3]. In parallel, Japan maintains national rare-metal stockpiles to buffer short-term supply disruptions[4]. These tools reduce risk and stabilize access for steel and downstream industries, while procurement decisions remain decentralized and commercially driven. **3.** **South Korea: diversification, recycling, and strategic buffers** South Korea combines firm-led procurement with government policies focused on diversification and resilience. National strategy documents emphasize reducing dependence on highly concentrated suppliers for critical minerals, expanding recycling capacity, and maintaining strategic buffers[5]. Government initiatives treat recycled materials as a resource base and promote circular supply chains, directly affecting procurement by increasing domestic secondary supply[6]. This approach reshapes sourcing incentives without displacing market contracting or private ownership. **4.** **India: domestic resource policy linked to steel capacity expansion** India exhibits a stronger state role in resource procurement due to the importance of domestic raw materials for steel capacity growth. Policy attention focuses on ensuring adequate availability of iron ore for domestic producers and reducing import dependence for coking coal. Official materials highlight the scale of domestic iron ore production and its linkage to downstream steelmaking[7]. Programs such as Mission Coking Coal seek to raise domestic output over time, using public planning and enabling measures while leaving procurement transactions largely commercial[8]. Broader mining-sector initiatives further support domestic supply expansion through regulatory and institutional channels[9]. **Conclusion** Across major steel-producing economies, the market-state balance in resource procurement is best described as market-based contracting within a strategic policy framework. Firms continue to negotiate prices and manage supplier portfolios, while governments increasingly shape the environment in which procurement occurs — through legal frameworks, public finance, stockpiling, diversification strategies, and climate-linked regulation.
