Monthly Renewables MMI® Falls 2.4% To 82, GOES Price Leads Drop
MetalMiner | Jun 08, 2012 03:23AM ET
The monthly Renewables MMI® registered a value of 82 in June, a decrease of 2.4 percent from 84 in May.
The Renewables MMI® took its biggest dip between February 1 and March 1, but fell this past month along with all of the other MMI® index values. The Renewables MMI® baseline began on January 1, 2012 with a reading of 100. This report serves as the first public release of this data. The Renewables MMI® contains a broad range of constituent elements that go into the renewable energy industries.
“The metals that make up the Renewables MMI® fared similarly to most of the other monthly MMI reports this month by drifting slightly, but without any big drops,” said Lisa Reisman, managing director of MetalMiner. “Metals used for America’s shale gas boom continue to support the Renewables MMI® overall, despite what appears to be a decline in all of MMIs across the board.”
Biggest Drivers Of The Decline
Silicon was down 9.2 percent for the month. The US grain-oriented electrical steel (GOES) price followed suit with a 5.8 percent decline. Chinese steel plate dropped 4.4 percent. US steel plate prices decreased by 2.8 percent this month, while Chinese cobalt cathodes closed the month after dropping two percent.
The neodymium price did not budge the entire month. Korean steel plate traded sideways last month, staying above $900 per metric ton. Japanese steel plate experienced a flat month, staying above $1,000 per metric ton.
Disclosure: 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 over a 30-day period. MetalMiner will publish the monthly MMI® reports during the first week of the month, every month.
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