The Renewables MMI (Monthly MetalMiner Index) began showing signs of a possible reversal month-over-month, edging up 3.42%. Renewable resources, meanwhile, continue to see significant global investment.
began showing signs of a possible reversal month-over-month, edging up 3.42%. Renewable resources, meanwhile, continue to see significant global investment.that steel prices found a bottom month-over-month. This impacted the renewable resources index heavily. After all, much of the index consists of steel plate, one of the main components for manufacturing wind turbines. Other parts of the index, like silicon, dropped in price.
While many markets have witnessed falling demand in recent months, green energy projects can’t hope to push forward without adequate supply. This is especially true of wind turbines, which are manufactured primarily of steel.However, some renewable energy companies continue to seek steel alternatives. Aluminum, a more lightweight option, is a good fit for floating wind farms and mills, which often require lighter materials than steel.
That said, aluminum could find itself on shaky ground regarding renewable energy uses, at least in the short term. Thanks to the recent Indonesian bauxite export ban and China raising aluminum export taxes, the long-term outlook for aluminum remains in question. If aluminum becomes squeezed down the line, it could end up being a far more expensive solution for generating wind power.
Experts anticipate that the GOES market will grow steadily throughout 2023 and onward. Despite energy shortages in places like Europe, the energy sector shows no signs of slowing down. Meanwhile, the demand for GOES and transformers will continue to rise. As other metal forms fluctuated wildly throughout 2023, GOES traded in a comparatively tight range. This was then followed by a huge spike in Q4.
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