China Rare Earth Price - May 8, 2023

China rare earth price has not changed significantly on May 8, 2023. In the case of an oversupply of on-site spot goods, traders are not in a good mood to enter the market and basically focus on rigid demand transactions. 

Therefore, market activity, transaction volume, light and heavy rare earth raw materials and permanent magnet materials prices have a large room for growth.

According to Chinatungsten Online, the reasons for the poor demand in the rare earth market are as follows: First, the output of rare earth manufacturers continues to release; second, with the increase of rare earth application fields, the competition in China's rare earth industry has also intensified, resulting in lower rare earth prices, which in turn affects buyers' consumption psychology; third, with the advancement of science and technology, the number of substitutes for rare earth functional materials continues to increase, which affects the amount of rare earth raw materials. However, supported by production costs and the sound development of emerging industries, there are still traders who have great expectations for the future market of rare earths.

In terms of news: According to the China Nonferrous Metals Industry Association, in the first quarter of 2023, the total import and export trade volume of nonferrous metals in my country was 85.94 billion U.S. dollars, a year-on-year increase of 10.4%; of which the import value was 69.93 billion U.S. dollars, an increase of 13.2%; 0.03%. Among them, the export volume of rare earths decreased year-on-year, but the decline in export value was smaller than the decline in export volume; the substantial increase in gold imports was the main factor driving the growth of non-ferrous metal imports.

Prices of rare earth products on May 8, 2023

Picture of praseodymium oxide

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