The Renewables Monthly Metals Index (MMI) fell two points this month, down to a November MMI reading of 101.Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook Cobalt Mining According to the head of commodities trader Trafigura, unregulated cobalt mining cannot be “wished away,” the Financial Times reported last month.In 2017, nearly […]
Who would have thought wind’s transformation from subsidy-supported to self-financing power source would happen so quickly – not this publication, that’s for sure. Apart from diehard environmentalists, most consumers have been opposed to renewables on the basis they cost significantly more and turbines are an eyesore on the landscape. Need buying strategies for steel? Try […]
Full disclosure – I am an owner of an iPhone, iPad and Macbook — and I don’t mind admitting it, a longtime fan of Apple’s products — but even I cringe when the firm claims to have “worked with other metal companies to develop the proprietary technique, which allows for the generation of ‘green’ aluminium […]
There’s a new trend on the solar energy harnessing front in India. Like in China and a few of the Southeast Asian nations, India is seeing a spurt in what are called “floating solar plants.” Need buying strategies for steel? Try two free months of MetalMiner’s Outlook In late 2017, the country inaugurated its largest […]
The Renewables Monthly Metals Index (MMI) rose seven points on the month, hitting 107 for our April reading. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook
Within the basket of metals, Korean, Chinese and U.S. steel plate posted price increases, while Japanese steel plate traced back slightly. U.S. steel plate jumped significantly, posting a 13.6% increase for the month.
U.S. grain-oriented electrical steel (GOES) coil fell on the month, while neodymium picked up by 0.7%.
The always volatile cobalt price shot up significantly last month, rising 10.6%.
Tesla Strategy Places Premium on Neodymium
As we mentioned earlier this week, growing demand for neodymium from electric vehicle (EV) maker Tesla will put even more pressure on what is already a constrained market.
In short, that means rising prices for the material, reflected in this month’s activity.
Tesla is looking to neodymium for magnetic motors in its Model 3 Long Range cars, as mentioned in the Reuters report we cited Tuesday. Last year, supply fell short of demand by 3,300 tons, according to that report.
DRC Looks to Shake Up 2002 Mining Charter
When it comes to anything cobalt, the Democratic Republic of Congo is typically at the center, being the source of the majority of the world’s cobalt.
Earlier this week, MetalMiner’s Stuart Burns wrote about President Joseph Kabila’s move to readjust the nation’s 2002 mining charter to, essentially, secure a bigger piece of the pie vis-a-vis the country’s vast mineral resources.
It comes as no surprise that the multinational miners doing business in the DRC aren’t exactly thrilled by the proposition of increased royalties and levies. However, as Burns noted, value of materials like cobalt and the demand they draw, combined with their relative scarcity, means such multinationals will continue to do business there, no matter what happens with the charter.
“If the state takes a little more of the pie, it will probably be reflected in prices,” Burns wrote. “But with limited alternatives for products like cobalt, it is unlikely to dent mining companies’ enthusiasm for investing in the DRC.” MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel
Before we head into the weekend, let’s take a look back at the week that was and some of the headlines here on MetalMiner: Need buying strategies for steel? Try two free months of MetalMiner’s Outlook In non-Section 232 news from the Department of Commerce, the government body issued a preliminary affirmative determination in its […]
India’s trying to do an OPEC in solar energy, screamed some headlines in Indian newspapers after the founding ceremony of the International Solar Alliance (ISA) was held here recently, witnessed by Indian Prime Minister Narendra Modi and French President Emmanuel Macron. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook It was […]
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The Renewables MMI (Monthly Metals Index), after a significant surge last month, sat at 100 for the second consecutive month. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook
Within this basket of metals, the Japanese steel plate price rose, as did the price of Chinese and American steel plate. U.S. steel plate, in fact, rose 5.5% month over month.
U.S. grain-oriented electrical steel (GOES) coil also jumped in price.
As for the trio of rare and minor metals in this MMI, cobalt cathodes fell 1.1%, while silicon dropped slightly and neodymium made a small gain.
Cobalt Costs
According to a report by the Financial Times, changes to the mining code in the Democratic Republic of Congo will lead to higher costs for consumers of the metal.
According to the report, President Joseph Kabila on Wednesday said he would sign a new order after meeting with representatives from some of the big miners with business in the country, including Glencore, Molybdenum and Ivanhoe Mines.
Cobalt is used in batteries for electric vehicles (EVs), among other things, making it an especially prized material as EVs gain popularity. As such, with a majority of the world’s cobalt being mined in the DRC, political machinations in the country have a significant impact on the metal’s price.
According to the Financial Times, the code could see royalties on cobalt — plus other metals, like copper and gold — rise from 2% to 10%.
Senators Lobby for Electrical Steel Protection in 232
The Journal-News reported on a trio of U.S. senators who lobbied Trump to prioritize electrical steel in the Section 232 trade remedy process.
The only remaining maker of electrical steel in the country, AK Steel, was unlikely to benefit from the Section 232 trade remedy proposal, according to Sen. Rob Portman (R-OH).
“We write you today to share our concerns that your proposed section 232 remedy is incomplete when it comes to electrical steel,” Portman and two other senators said in their letter to Trump, according to the Journal-News. “We write on behalf of a constituent company, AK Steel, which is the last domestic producer of grain-oriented electrical steel (GOES). Since the remedy, as currently constructed, does not include electrical cores and core parts, the remedy will not be effective for the domestic electrical steel market.”
In the senators’ letter, they requested the president add a trio of HTS codes to the duty order.
New research has shown that India achieved an operational solar power capacity of 20 gigawatts (GW) by the end of 2017. Lower your aluminum spend – Take a free trial of MetalMiner’s Monthly Outlook! Mercom India Research has claimed a record 9.5 GW of solar power capacity was likely added in 2017, taking the total […]
