In a historic climate change deal, US President Barack Obama and Chinese President Xi Jinping yesterday announced both countries will curb their greenhouse gas emissions over the next two decades.
Under the agreement, the US would cut its 2005 level of carbon emissions by 26-28% before the year 2025. China would peak its carbon emissions by 2030 and will also aim to get 20% of its energy from zero-carbon emission sources by the same year.
Depending on how the emissions curbs are set up in the US, it could mean more incentives for renewable energy purchases and more penalties for created carbon dioxide emissions.
Chinese steel plate finished as the week’s biggest mover on the weekly Renewables MMI® after dropping 0.6% and landing at CNY 3,290 ($535.68) per metric ton. Chinese cobalt cathodes remained essentially flat from the previous week at CNY 231,000 ($37,611) per metric ton. Silicon prices held steady from the previous week at CNY 13,900 ($2,263) per metric ton. Prices for neodymium remained constant, closing the week at CNY 357,000 ($58,127) per metric ton.
At JPY 76,000 ($698.05) per metric ton, the week finished with no movement for Japanese steel plate. Following a steady week, prices for Korean steel plate closed flat at KRW 900,000 ($841.99) per metric ton. Chinese steel plate fell 0.6% over the past week to CNY 3,290 ($535.68) per metric ton. US steel plate traded sideways last week, hovering around $850.00 per short ton.
US grain-oriented electrical steel (GOES) saw little movement yesterday, closing out around $2,658 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.