Fiat, GM, BMW, Hyundai Set to Miss European Carbon Goals, Down Week for Renewables

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Four of Europe’s 10 largest automakers are set to miss carbon dioxide emission reduction targets, according to a study, leaving them open to fines worth hundreds of millions of euros, the Financial Times reported.

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General Motors, BMW, Fiat and Hyundai, which together sell more than 3 million cars in Europe every year, are behind the required reduction rate and are expected to miss a 2021 deadline, according to an annual report by Transport & Environment, an environmental think-tank.

Europe has introduced the most ambitious rules globally, requiring manufacturers to cut emissions by about 50 percent between 2011 and 2021.

Downsizing engines, reducing vehicle weights and devising new means of power, such as electric motors or hydrogen fuel cells, all require huge amounts of research spending.

The biggest mover this week was Chinese steel plate with a 1.1 percent fall on the weekly Renewables MMI® to close the week at CNY 3,750 ($601.22) per metric ton. At CNY 204,000 ($32,706) per metric ton, the price of Chinese cobalt cathodes did not change since the previous week. Prices for silicon remained constant, closing the week at CNY 14,250 ($2,285) per metric ton. Closing at CNY 415,000 ($66,535) per metric ton, neodymium remained unchanged for the week.

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Japanese steel plate traded sideways last week, hovering around JPY 76,000 ($745.83) per metric ton. Korean steel plate prices held steady from the previous week at KRW 900,000 ($878.69) per metric ton. Chinese steel plate saw a 1.1 percent decline over the past week to CNY 3,750 ($601.22) per metric ton. At $848.00 per short ton, the week finished with no movement for US steel plate.

US grain-oriented electrical steel (GOES) remained essentially flat at $2,921 per short 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. 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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