The faltering nickel sector should jolt the iron ore industry out of its complacency to avoid “missing the boat” and ceding a head start in green steel to foreign competitors, according to Fortescue’s mining boss.

Fortescue Metals chief executive Dino Otranto said some of China’s biggest steel mills were already ahead of Australia in their energy transformation, and the industry would not wait for the Pilbara if it was slow to catch up. Steel is primed for decarbonisation because of the emissions created by smelting iron ore.