Renewables MMI®: Obama Deal Signals Modi is Ready to Agree to Emissions Controls

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Indian Prime Minister Narendra Modi said the world’s largest democracy is ready to expand its use of renewable energy as a way to reduce greenhouse gas pollution, a signal that his government is moving toward joining an international deal on global warming.

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After a meeting with US President Barack Obama in New Delhi, the prime minister said that his nation along with all others has an obligation to act on reducing the fossil-fuel emissions blamed for damaging the climate.

The remarks represent a shift in India’s tone on global warming. It previously emphasized the historical responsibility of industrial nations for creating the problem, and the Indian government has been ambiguous about whether it will adopt domestic targets for reducing greenhouse gases. Modi’s comments suggest he’s ready to work with Obama on a deal in Paris in December that would for the first time require all nations, rich and poor alike, to restrain emissions.

The week’s biggest mover on the weekly Renewables MMI® was the price of Chinese steel plate, which saw a 6.4% decline to CNY 2,650 ($423.65) per metric ton. This week marked the third in a row of declining prices for the metal. The price of neodymium rose 1.1% over the past week to CNY 360,000 ($57,553) per metric ton. This was the third week in a row of increasing prices. Closing at CNY 224,000 ($35,811) per metric ton for the week, Chinese cobalt cathodes rose by a slight 0.4%. At CNY 15,000 ($2,398) per metric ton, the week finished with no movement for silicon.

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At JPY 80,000 ($674.89) per metric ton, the price of Japanese steel plate did not change since the previous week. Korean steel plate remained essentially flat from the previous week at KRW 900,000 ($835.20) per metric ton. At CNY 2,650 ($423.65) per metric ton, the price of Chinese steel plate finished the week down 6.4%. Following a steady week, prices for US steel plate closed flat at $751.00 per short ton.

US grain-oriented electrical steel (GOES) saw little movement at $2,742 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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