Chinese Rare Earth Prices - February 28, 2024

Chinese rare earth prices are fluctuating within a narrow range, with the atmosphere of negotiations between buyers and sellers somewhat stagnant due to the mutual influence of positive and negative factors. Consequently, market trading activity remains low, and transaction speeds remain slow.

According to CTIA GROUP LTD, positive factors include: Firstly, with the recent decline in rare earth prices, there has been an increase in the support strength of production costs for products. Secondly, following the Chinese New Year and Lantern Festival, some downstream users have shown increased enthusiasm in inquiries and purchases, leading to the stabilization of mainstream product prices. Negative factors include: Firstly, the growth rate of market demand remains slow. Secondly, there is a relatively high supply of rare earth raw materials. Thirdly, there are currently no significant major positive news appearing in the market.

In terms of news: According to the Shandong Provincial Development and Reform Commission, in 2024, the province will accelerate the development of wind power. It will actively carry out pre-project work for nationally-managed offshore projects, initiate demonstration project construction in a timely manner, add approximately 1.5 million kilowatts of offshore wind power installed capacity, and surpass a total capacity of 6 million kilowatts. It will accelerate the approval and commencement of the first batch of onshore centralized wind power projects and initiate the development and construction of the second batch of projects in a timely manner. It will orderly advance the development of distributed wind power projects and conduct pilot transformations and upgrades of existing wind farms. The province's wind power capacity in operation is expected to reach approximately 27 million kilowatts.

Prices of rare earth products on February 28, 2024

Picture of neodymium oxide

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