The Renewables Monthly Metals Index (MMI) held flat this month, sticking at a reading of 102. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook Congo Elections As readers know, a majority of the world’s cobalt is mined in the Democratic Republic of the Congo (DRC), where political instability has often led […]
The Renewables Monthly Metals Index (MMI) picked up a point this month, rising for an MMI reading of 102. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook DRC Declares Cobalt ‘Strategic’ Substance The Democratic Republic of the Congo (DRC) — where a majority of the world’s cobalt is mined — declared […]
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 […]
The Renewables Monthly Metals Index (MMI) lost one point this month, falling for an October MMI reading of 103. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook Rare Earths Removed From Final Tariff List The U.S. Trade Representative’s office announced a list of Chinese products worth $200 billion that would be […]
The Renewables Monthly Metals Index (MMI) dropped one point this month, falling for a September reading of 104. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook Making the Desert … Green? Forms of renewable energy, like wind and solar, have gained momentum in recent years, both in practice and in popular support. […]
The Renewables Monthly Metals Index (MMI) dropped three points for an August MMI reading of 105. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook BHP Getting Into Cobalt Miner BHP Billiton has plans to ramp up its production of a cobalt product used in electric vehicle (EV) batteries, Bloomberg reported. Per the […]
The Renewables Monthly Metals Index (MMI) held steady this month, coming in for a reading of 108 for the second straight month. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook Cobalt Prices Cobalt prices are notorious for being both high and incredibly finicky given the relative scarcity of supply (not to mention […]
The Renewables Monthly Metals Index (MMI) gained three points this month, rising for a June reading of 108. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook Interior Releases Critical Minerals List Last month, the U.S. Department of the Interior published a finalized list of 35 minerals deemed to be critical to the […]
The Renewables Monthly Metals Index (MMI) tracked back two points, falling to 105 for our May MMI reading. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook Within the basket of metals, Japanese and Korean steel plate posted month-over-month price drops. Meanwhile, Chinese and U.S. steel plate were up for the month. U.S. […]
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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.
