China Rare Earth Price - June 16, 2023

China rare earth price mixed in the week ended on Friday, June 16, 2023. Specifically, supported by production costs at the beginning of the week, the prices of light and heavy rare earths mostly rose slightly, but near the weekend, due to the lower than expected follow-up of downstream demand, the prices of some rare earth raw materials dropped slightly. 

Currently, the prices of lanthanum oxide, gadolinium oxide and terbium oxide are about RMB 4,500/ton, RMB 296,000/ton and RMB 8,250/kg respectively.

According to Chinatungsten Online, the main reasons for the sluggish rare earth market are: the small stock in the market and the strong support of production costs, which have greatly improved the confidence of suppliers in firm quotations, which also shows that Suppliers are less willing to sell at lower prices; as the global economic situation is still unstable, rare earth functional material manufacturers mostly focus on just-needed purchases.

In news: The U.S. dollar retreated after the Federal Reserve announced it would pause interest rate hikes in June. In addition, the European Central Bank's interest rate hike boosted the euro's strength and also inhibited the dollar. Crude oil rose sharply overnight due to a weaker dollar and a jump in refinery processing in China, the largest importer of crude oil. U.S. oil and cloth oil rose 3.37% and 3.32% respectively, which will increase the production costs of rare earth manufacturers to a certain extent. It is worth mentioning that the European Central Bank announced on Thursday that it would raise its main interest rate by 25 basis points to 3.5%, the highest in 22 years; the refinancing rate rose to 4.00%, and the marginal lending rate rose to 4.25%.

Prices of rare earth products on June 16, 2023

Picture of lanthanum oxide

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