MetalMiner’s monthly renewables price index, like Raw Steels, held steady. The Renewables MMI® came in with a reading of 70 with a mixed performance.
Rising metal prices included Korean and Chinese plate prices, grain-oriented electrical steel (GOES) and silicon. Falling prices included US plate, neodymium and cobalt. The renewables price index in general has steadily declined since the start of the year.
“Prices for the metals that feed the renewables industry may have stabilized,” said Lisa Reisman, managing editor of MetalMiner.
“Hurricane Sandy will likely boost two of the MetalMiner indexes, including construction, as the country moves into ‘repair mode,'” Reisman said, “as well as infrastructure and power plants damaged by the storm.”
Reed Construction Data believes timing for the repairs will likely occur in November and December and into Q1 next year.
Price Drivers of the Renewables Index
The price of US grain-oriented electrical steel (GOES) coil rose 10.7 percent this month (driving the GOES monthly index to increase 10.5 percent). Silicon finished the month up 2.4 percent per metric ton.
Neodymium prices dropped by 7.4 percent this month. After rising 3 percent the previous month, Chinese cobalt cathodes prices dropped 3.9 percent.
The price of Korean steel plate rose 2.4 percent over the past month, while Japanese steel plate prices dropped 2.4 percent.
The Renewables MMI® collects and weights 8 metal price points used extensively within the renewable energy industry to provide a unique view into renewable energy metal price trends over a 30-day period. For more information on the Renewables MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.