The injection of grinded particles of charcoal through the tuyeres in Blast Furnaces, here coined Bio-PCI, presents as an attractive and plausible alternative to significantly reduce the CO2 emissions generated during hot metal production. In this contribution a summary of the technological fundaments, benefits and limitations of the incorporation of Bio-PCI is presented. Additionally the principal economic challenges of renewables fuel in ironmaking are exposed, with especial interest in the main productions costs of charcoal making. In this sense, a strategic question arises: can the residual biomass drive the emergence of Bio-PCI?, our analysis leads to conclude that the use of residual biomass (e.g. agricultural and forestry residues) may significantly reduce the production cost in 120-180 USD/t in comparison to primary woods sources, this naturally increment the economical attractiveness of Bio-PCI substitution.