Renewables MMI®: Australia’s Abbott Government Looks to Cut Sustainability Targets

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Solar PV array

In Australia, Prime Minister Tony Abbott’s government is negotiating with the opposition to cut Australia’s renewable energy target and exempt industries such as aluminum and copper smelting to achieve a more “real” 20% reduction goal

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Industry Minister Ian Macfarlane told Bloomberg News he was “reasonably confident” the target would be reduced from the current 41,000 gigawatt hours of electricity from renewable projects to between 26,000 and 28,000.

Closing at CNY 365,000 ($59,429) per metric ton on the weekly Renewables MMI®, neodymium finished as the week’s biggest mover with a 1.4% decline. Chinese cobalt cathodes traded sideways last week, hovering around CNY 231,000 ($37,611) per metric ton. Following a steady week, prices for silicon closed flat at CNY 13,900 ($2,263) 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 remained essentially flat from the previous week at JPY 76,000 ($698.05) per metric ton. Prices for Korean steel plate remained constant, closing the week at KRW 900,000 ($841.99) per metric ton. At CNY 3,480 ($566.61) per metric ton, the price of Chinese steel plate did not change since the previous week. US steel plate fell 0.5% over the past week to $865.00 per short ton.

For the fifth consecutive day, US grain-oriented electrical steel (GOES) held flat at $2,978 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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