Obama Budget Would Create New Renewable Energy Fund

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Solar PV array

President Barack Obama’s fiscal 2016 budget plan would pour billions of dollars into climate-change and renewable-energy technologies, and repeal nearly $50 billion in tax breaks for the oil, natural-gas and coal industries.

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The budget proposal, released Monday, underscores an intensifying push by Obama on his climate agenda, which he hopes to cement as a presidential legacy in his final two years in office.

While many of Obama’s energy and environmental plans have been included in prior year proposals, the 2016 proposal includes a new $4 billion fund, dubbed the Clean Power State Initiative Fund, to help states comply with draft Environmental Protection Agency regulations cutting carbon emissions from US power plants.

Korean steel plate dropped to KRW 550,000 ($500.16) per metric ton making it the biggest mover on the weekly Renewables MMI® this week, after drifting 38.9%. The price of US steel plate declined 1.6% over the past week, settling at $739.00 per short ton. Japanese steel plate remained essentially flat from the previous week at JPY 80,000 ($680.32) per metric ton.

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Chinese renewables prices were mixed for the week. Closing out the third week of rising prices, the price of neodymium increased by 6.9%, landing at CNY 385,000 ($61,488) per metric ton. Chinese cobalt cathodes traded sideways last week, hovering around CNY 224,000 ($35,775) per metric ton. At CNY 15,000 ($2,396) per metric ton, the week finished with no movement for silicon. Chinese steel plate prices held steady from the previous week at CNY 2,650 ($423.23) per metric ton.

US grain-oriented electrical steel (GOES) showed little movement yesterday, hovering around $2,657 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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