The monthly Renewables MMI® registered a value of 74 in August, a decrease of 5.1 percent from 78 in July.
The Renewables MMI® also fell by four points this past month largely as a result of falling rare earth prices, particularly neodymium but also silicon, cobalt and steel plate within the Chinese market. This represents the fourth month in a row of falling prices across this complex.
We see continued weakness for the Renewables MMI®, despite booming natural gas projects within the United States. Other areas remain challenged.
“Again we see this pattern of some of our country data moving in opposite directions for the same materials,” said Lisa Reisman executive editor of MetalMiner. “For example, steel plate prices increased in Japan and Korea, but fell within the Chinese and US markets.”
“GOES pricing also increased, as did bar fuel surcharges.”
Drivers of the Renewables Index Decline
The neodymium price led all losers, with a 14.3 percent drop on the month.
The price of Chinese steel plate closed the month down 10 percent. US grain-oriented electrical steel (GOES) rose 1.1 percent from late June’s figure to late July’s. The price of silicon fell 6 percent, the second straight month of declines.
For the second month in a row, the price of US steel plate declined, falling 3.7 percent over the past month. The price of Chinese cobalt cathodes finished the month 2.1 percent lower. This was the second straight month of declines for cobalt cathodes.
The price of Korean steel plate ticked up slightly on the month, showing a 0.6 percent increase. The price of Japanese steel plate increased as well, up 1.7 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.