China Rare Earth Price - June 2, 2023

China rare earth price rose first and then fell in the week ended on Friday, June 2, 2023.

 Specifically, at the beginning of the week, supported by the immediate replenishment needs of downstream users, production costs and the good development of the rare earth downstream industry, most suppliers raised their quotations slightly. As the weekend approached, the slow follow-up of downstream demand and tight working capital led to a rational reduction of suppliers' quotations in order to strive for more orders.

According to Chinatungsten Online, the main reasons for the recent increase in market demand compared with the previous stage are as follows: First, the recent weakening of the renminbi and the strengthening of the purchasing power of foreign currencies, coupled with the current low price of rare earths, stimulate overseas users to purchase Second, due to the small purchase volume of many downstream users in the early stage, there is not much remaining raw material in the near future. In addition, the output of some rare earth raw materials has been reduced recently, which has prompted buyers to increase their enthusiasm for consumption.

The factors that make it difficult to increase the supply of rare earth raw materials include: as the temperature rises, various localities have begun to implement electricity restriction policies, which has affected the production speed of some rare earth manufacturers. In addition, the recent decline in the purchasing power of the renminbi and overseas uncertainties, such as the rainy season in Myanmar, have largely affected the import volume of rare earths.

In terms of news: in June 2023, the listed prices of rare earths in the north showed that the price of lanthanum oxide was 9,800 yuan/ton, which was flat from the previous month, and a year-on-year decrease of 9.26%; /ton, the same month-on-month, down 39.18% year-on-year; neodymium oxide 511,700 yuan/ton, the same month-on-month, down 42.58% year-on-year; metal praseodymium and neodymium 610,000 yuan/ton, the same month-on-month, down 38.51% year-on-year; metal neodymium 630,000 yuan/ton, month-on-month Flat, down 41.91% year-on-year.Prices of rare earth products on June 2, 2023

Picture of cerium oxide

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