Renewables MMI®: Chinese Steel Plate Nears Record Low, Baosteel Cuts Prices

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Cold-rolled steel

The story in renewables this week was the continued free fall of Chinese steel plate. The steel market in China has been oversupplied for most of the year and prices have been sliding accordingly.

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Steel billet in China’s key Tangshan area dropped 20 yuan a ton yesterday. Reuters reported that worries over China’s cooling property sector have clouded the outlook for the country’s steelmakers, some of which, led by state producer Baoshan Iron & Steel, have cut prices for October bookings.

Chinese steel plate dropped to CNY 3,480 ($566.59) per metric ton making it the biggest mover on the weekly Renewables MMI® this week, after drifting 3.1 percent. Closing at CNY 231,000 ($37,610) per metric ton, Chinese cobalt cathodes remained unchanged for the week. Silicon remained essentially flat from the previous week at CNY 13,900 ($2,263) per metric ton. At CNY 385,000 ($62,683) per metric ton, the price of neodymium did not change since the previous week.

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Japanese steel plate traded sideways last week, hovering around JPY 76,000 ($709.31) per metric ton. Korean steel plate prices held steady from the previous week at KRW 900,000 ($870.05) per metric ton. Chinese steel plate prices fell to CNY 3,480 ($566.59) per metric ton, down from CNY 3,590 ($585.25) a week ago. US steel plate saw its price rise 0.1 percent over the past week to $882.00 per short ton.

US grain-oriented electrical steel (GOES) held steady at $2,691 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. 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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