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Our Stainless MMI rose 3.3% in November as nickel prices continue to look strong.

Stainless_Chart_December-2016_FNL

The Philippines’ output of nickel ore fell 16% in the third quarter from a year earlier, as a result of several mine suspensions due to environmental violations. The country has already stopped work at 10 of its 41 mines, eight of which are nickel mines. 20 More mines, 14 of which mine nickel, could see their licenses suspended.

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Environment and Natural Resources Secretary Regina Lopez recently said that there will definitely be more mine suspensions when the country releases rulings on those 20 mines, possibly within the next few days.

Meanwhile, Indonesia will cut the royalty charged on sales of processed and refined nickel to 2%, from the current 4%, to encourage more miners to develop smelters. In addition, the country appears unlikely to resume nickel ore and bauxite exports.

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On the other side of the equation, higher than expected Chinese demand is adding fuel to nickel’s price rally. The Caixin Manufacturing PMI in China was 50.9 in November, the fifth straight month of expansion. In addition, the U.S. is set to increase infrastructure spending as Donald Trump takes office.

Apart from the bullish narrative of more demand and less supply, prices are acting strong as it appears that bulls are still in control. Over the past few weeks, nickel prices are resting near $11,500/mt in what it looks like a pause to be followed by another price rally. Specially, considering the ongoing bullish sentiment across the entire industrial metals complex.

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About 44% of all solar power that’s installed on residential rooftops, known as distributed solar capacity, is owned by private businesses, such as SolarCity, according to new government data.

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Distributed solar capacity in the U.S., which includes all solar power capacity other than utility-scale installations 1 megawatts or larger, increased to 12.3 gigawatts as of September, according to new figures from the Energy Information Administration. In comparison, a cumulative 11.6 gw had been installed in the U.S. by the end of 2015.

Renewables_Chart_December-2016_FNL

According to the report, third-party owners own 44% of distributed solar capacity in the U.S. residential sector, compared with 11% in the commercial and industrial sectors. The residential sector accounts for 56% of distributed solar capacity but 84% of third-party-owned solar capacity. Nearly half of U.S. solar capacity is privately owned. However, panels owned by individual homeowners and businesses are expected to eclipse TPO as the largest owner-category in the next five years.

Like the Cleveland Browns losing, the sun rising or winter bringing cold weather and shorter days, the Renewables MMI didn’t move this month and held flat at 52 as it has for four straight months. That follows four years of relative flatness, too.

We’ve previously written about the relationship between manufacturers of crystalline silicon photovoltaic panels and incentives for solar expansion and this report highlights the cozy relationship between production and ownership. If, however, individuals, can really eclipse corporate owners like SolarCity in the next few years, it could be a watershed moment for solar power in the U.S. as lower costs are expected to finally make owning cheaper and better than leasing.

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Could an ownership society push more adoption of solar? It’s hard to tell, but anything that increases demand, as falling prices generally do, would be welcome at this point.

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