Renewables Down, Tesla Gigafactory Won’t Immediately Boost Cobalt

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Renewable technologies are quickly becoming cheaper, International Renewable Energy Agency director general Adnan Amin said this week, which is making technologies such as solar, wind and geothermal power increasingly practical.

IRENA, an organization established by international treaty and based in Abu Dhabi, has grown its membership from 70 countries when it started operations three years ago this month to more than 130 today, which Amin said was another way to measure how interest in renewables has grown. There was also news out of North America this week that all of the cobalt necessary for Tesla Motors’ new “Gigafactory” will be sourced from North America.

MetalMiner’s own Stuart Burns discussed the gigafactory with Bloomberg News.

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The biggest mover this week was neodymium with a 1.2 percent fall on the weekly Renewables MMI® to close the week at CNY 425,000 ($68,357) per metric ton. Chinese cobalt cathodes remained essentially flat from the previous week at CNY 204,000 ($32,811) per metric ton. At CNY 14,150 ($2,276) per metric ton, the week finished with no movement for silicon. Following a steady week, prices for Chinese steel plate closed flat at CNY 3,880 ($624.06) per metric ton.

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Closing at JPY 76,000 ($736.30) per metric ton, Japanese steel plate remained unchanged for the week. Korean steel plate traded sideways last week, hovering around KRW 900,000 ($841.20) per metric ton. Prices for Chinese steel plate remained constant, closing the week at CNY 3,880 ($624.06) per metric ton. The price of US steel plate declined 0.2 percent over the past week, settling at $826.00 per short ton.

US grain-oriented electrical steel (GOES) fell 2.6 percent to a 30-day low of $2,964 per short ton yesterday.

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. 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.

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