Renewables/GOES MMI: New wind, solar capacity to come onstream

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wind and solar electricity generation

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The Renewables Monthly Metals Index (MMI) gained 7.8% for this month’s index value. (Editor’s Note: This report also includes coverage of grain-oriented electrical steel, or GOES.)

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EIA: U.S. to add wind, solar capacity to electricity generation mix

While an overwhelming majority of U.S. power generation still comes from non-renewable sources, the renewables share of the mix will only continue to grow.

The U.S.’s share of electricity generation from renewables is forecast to rise from 18% in 2019 to 20% this year, the Energy Information Administration (EIA) reported in its recent Short-Term Energy Outlook. Meanwhile, the EIA forecast the figure to rise to 21% in 2021.

Furthermore, the EIA expects the U.S. electric power sector will add 23.0 gigawatts (GW) of new wind capacity in 2020. In addition, the sector will add 9.5 GW of new capacity in 2021.

Meanwhile, the sector will add 12.8 GW of solar power capacity in 2020 and 14.0 GW in 2021.

Glencore, GEM Co. extend cobalt supply partnership

Miner Glencore announced an extension of its cobalt supply agreement with Chinese recycler GEM Co. Ltd. 

The parties announced a five-year partnership in October 2019. Earlier this month, Glencore announced the two parties would extend the supply agreement an additional five years to 2029.

Under the agreement, Glencore will supply approximately 150,000 tonnes of cobalt contained in hydroxide between 2020 and 2029.

“Long term security of cobalt supply and cobalt demand visibility are critical to prevent supply shortages that could impede the energy transition and, ultimately, the world’s ability to meet climate change targets,” said Nico Paraskevas, Glencore’s head of marketing for copper and cobalt. “As the cobalt supply chain matures with greater emphasis on long term partnerships, this contract is just one example of Glencore and its customers working together towards the adoption of industry leading standards on responsible sourcing and environmental and social corporate governance.”

In addition, Glencore said the two companies are “committing each other to annual audits under OECD-aligned standards, specifically, the Cobalt Refiner Supply Chain Due Diligence Standard developed by the Responsible Minerals Initiative (RMI), Responsible Cobalt Initiative (RCI) and Chinese Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters (CCCMC).”

GOES

The GOES MMI, the index tracking grain-oriented electrical steel, ticked up 4.0% for this month’s reading.

December 2020 GOES MMI chart

The U.S. GOES price rose by 3.8% to $2,166/mt.

Actual metals prices and trends

The Japanese steel plate price ticked up slightly to $843.67 per metric ton. Meanwhile, the Korean steel plate price fell 4.8% month over month to $540.51 per metric ton.

In addition, the Chinese steel plate price rose 5.7% to $683.58 per metric ton.

U.S. steel plate jumped 7.6% to $707 per short ton.

The Chinese silicon price rose 1.7% to $1,564.64 per metric ton.

The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.

MetalMiner recently published the December update to the Annual Outlook. 

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