Renewables MMI®: India Makes Commitment to Renewables, Not Leaving Coal

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India will be a “renewables superpower” according to its new energy minister, but its coal-fired electricity generation will also undergo “very rapid” expansion.

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However, Piyush Goyal, in an interview with the Guardian in London, dismissed criticism of the impact of India’s coal rush on climate change, as western governments giving “homilies and pontificating, having enjoyed themselves the fruits of ruining the environment over many years.”

The aggressive statements are significant in setting out both how prime minister Narendra Modi will fulfill his government’s ambitious goal to bring electricity to the 300 million power-less Indians and also how India will approach the crucial 15 months of negotiations ahead before a UN deal to tackle global warming must be agreed.

“We will be a renewables superpower – you know Mr. (PM Narendra) Modi’s mantra: ‘speed, skill and scale’,” said Goyal, adding that he expects $100 billon (£62 billion) to be invested in renewable energy in India in the next 5 years.

Consistent prices for Renewables MMI® metals continued through the week, where Chinese cobalt cathodes held steady at CNY 231,000 ($37,611) per metric ton. At CNY 13,900 ($2,263) per metric ton, the week finished with no movement for silicon. Following a steady week, prices for neodymium closed flat at CNY 375,000 ($61,057) per metric ton. Chinese steel plate prices held steady from the previous week at CNY 3,480 ($566.61) per metric ton.

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Japanese steel plate traded sideways last week, hovering around JPY 76,000 ($698.05) per metric ton. Prices for Korean steel plate remained constant, closing the week at KRW 900,000 ($848.01) per metric ton. Chinese steel plate remained essentially flat from the previous week at CNY 3,480 ($566.61) per metric ton. Closing at $869.00 per short ton, US steel plate remained unchanged for the week.

US grain-oriented electrical steel (GOES) remained essentially flat at $2,981 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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