Chinese Rare Earth Market - August 7, 2023

Rare earth market on August 7, 2023: The overall Chinese rare earth market was still weak at the beginning of the week, mainly due to the poor buying interest of downstream users and relatively sufficient spot supply in the market. 

Supported by strong price confidence, suppliers are less willing to cut prices sharply. According to Chinatungsten Online, although the current extreme weather and poor rare earth market conditions are not conducive to the increase in output of rare earth manufacturers, the inventory of rare earth raw materials is still large due to the weak downstream demand and it is difficult to improve.

In terms of news: According to the data of the National Energy Administration, in the first half of 2023, the newly installed capacity of renewable energy in the country will be 109 million kilowatts, a year-on-year increase of 98.3%. As of the first half of 2023, the installed capacity of renewable energy in the country is 1.322 billion kilowatts, a year-on-year increase of 18.2%. Among them, the installed capacity of hydropower is 418 million kilowatts, the installed capacity of wind power is 389 million kilowatts, and the installed capacity of photovoltaic power generation is 470 million kilowatts.

Prices of rare earth products on August 7, 2023

Picture of dysprosium oxide

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