Chinese Rare Earth Price - October 16, 2024

Chinese rare earth price remains within a narrow range of fluctuation, as a balance between positive and negative factors keeps buyers cautious and sellers reluctant to lower prices, leading to subdued market activity and limited transaction volumes.

On the positive side, two key factors are supporting the market: first, during the "Golden October" period, end customers' consumption enthusiasm has been relatively strong, which has driven some demand for rare earth functional materials; second, strong production cost support and widespread optimism about the future among many industry participants have led sellers to maintain firm pricing.

However, there are also some headwinds: although rare earth raw material prices have slightly decreased compared to last week, inquiries from downstream users have not increased significantly, which is not conducive to a market rebound. Additionally, significant geopolitical risks have constrained China's rare earth product exports, further limiting market growth.

In terms of recent news, data from the Ministry of Industry and Information Technology (MIIT) show that from January to September 2024, the production and sales of new energy vehicles (NEVs) reached 8.316 million and 8.32 million units, respectively, representing year-on-year growth of 31.7% and 32.5%. NEV sales accounted for 38.6% of total new vehicle sales. In September alone, NEV production and sales reached 1.307 million and 1.287 million units, respectively, with year-on-year growth of 48.8% and 42.3%. NEV sales made up 45.8% of total new vehicle sales during the month.

Prices of rare earth products on October 16, 2024

Picture of erbium oxide

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