Monthly Renewables MMI® Falls Four To 78
MetalMiner | Jul 05, 2012 03:29AM ET
The monthly Renewables MMI® registered a value of 78 in July, falling four points from June’s reading of 82. The drop had much to do with steel plate prices which make up one of the components of the index.
“The MetalMiner renewables index took two big hits that led to overall lower readings,” according to Lisa Reisman, Managing Editor of MetalMiner, “steel plate prices which feed heavily into natural gas plays and rare earth metal neodymium used in batteries for hybrid electric vehicles.” Though some pricing rallied toward the end of the month, it wasn’t enough to lift overall index ratings.
US grain-oriented electrical steel (GOES) fell 5.8 percent over the past month, the second straight month of declines.
A 5.4 percent decline for Chinese steel plate also dragged on the overall complex. The price of US steel plate closed the month down after dropping 3.6 percent. The price of Korean steel plate held steady while Japanese steel plate remained unchanged.
Chinese cobalt cathodes prices fell 5.6 percent. Whereas the price of silicon increased substantially toward the end of the month rising 6 percent.
Neodymium took a big dip toward the end of the month along with most of the rare earth metals falling 10 percent.
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. 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.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.