According to OilPrice, The Renewables index began 2023 fairly sideways. However, it broke that trend in Q3 and Q4 when it edged downward. Numerous components of the index, including silicon and cobalt, experienced market oversupply. This caused prices to drop and pulled the index down with it. Grain oriented electrical steel also experienced market volatility in Q3 and Q4, which massively impacted the index. While experts anticipate the Bipartisan Infrastructure Law will fuel renewable energy projects, the remaining oversupply of metals like cobalt and silicon will continue to put some bearish pressure on the index.
Month-over-month, the Renewables MMI (Monthly Metals Index) moved sideways, edging up by just 1.45%.