The monthly Renewables MMI® registered a value of 70 in October, a decrease of 5.4 percent from 74 in September.
The monthly renewables index fell as a result of declining GOES (grain-oriented electrical steel) prices, silicon, neodymium and US steel plate prices.
Ironically, global plate prices from China, Japan and Korea all increased. US plate prices have fallen in tandem with price drops on HRC and CRC.
Meanwhile, GOES prices continued to soften despite rising stainless surcharges. “Many believe the GOES price will drop further,” said Lisa Reisman, managing editor of MetalMiner. “Certainly, without legislation renewing the wind tax credit, we suspect the renewables index may continue to fall.”
Neodymium prices dropped by 11.4 percent this month to CNY 495,000 ($78,749) per metric ton. A 11.8 percent decline for US grain-oriented electrical steel (GOES) left it at $3,148 per short ton.
A 4 percent drop over the past month left US steel plate at $769.00 per short ton. Silicon prices dropped 8 percent last month to finish at CNY 12,200 ($1,941) per metric ton.
Chinese steel plate finished the month at CNY 4,000 ($636.35) per metric ton after gaining 4.3 percent. Chinese cobalt cathodes gained 1.1 percent to finish the month at CNY 226,000 ($35,954) per metric ton.
The price of Korean steel plate rose 1.7 percent to KRW 1.1 million ($984) per metric ton. The price of Japanese steel plate increased 0.8 percent to JPY 80,000 ($1,026) per metric ton.
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.