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.”
The Downward Dogs – Neodymium, GOES Prices
Neodymium prices dropped by 11.4 percent this month. The US grain-oriented electrical steel (GOES) price saw an 11.8 percent decline. A 4 percent drop hit the US steel plate price. Silicon prices dropped 8 percent last month.
The Upwardly Mobile – Cobalt, Steel Plate Prices
Chinese steel plate finished the month after gaining 4.3 percent. Chinese cobalt cathodes gained 1.1 percent. The price of Korean steel plate rose 1.7 percent, and the price of Japanese steel plate increased 0.8 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.