Chinese Rare Earth Prices - December 27, 2023

Details: Category: Tungsten's News; Published on Wednesday, 27 December 2023 16:24

Chinese rare earth prices are partially stable, with some experiencing slight increases. For instance, the prices of praseodymium-neodymium metal, gadolinium oxide, and praseodymium-neodymium oxide have each risen by around 4,000 yuan/ton, 1,000 yuan/ton, and 5,000 yuan/ton, respectively.

This is primarily due to the significant decrease in the prices of some rare earth raw materials in the previous period, which has consequently compelled suppliers to enhance their profit awareness. Additionally, with the current rare earth prices at relatively low levels and the approaching Chinese New Year festivities, downstream users have shown increased enthusiasm in making inquiries and purchases. It's worth noting that the escalation of the Red Sea crisis has increased global shipping resistance, which will elevate the transportation costs of rare earth materials.

In terms of news, data from the National Bureau of Statistics indicates that from January to November 2023, the total profits of industrial enterprises above a designated size in China reached 69,822.8 billion yuan, a year-on-year decrease of 4.4%, narrowing the decline by 3.4 percentage points compared to January-October. The profit situation of major industries from January to November is as follows: profits in the ferrous metal smelting and rolling processing industry increased by 275.6%, the electricity, heat production, and supply industry grew by 58.2%, non-ferrous metal smelting and rolling processing industry increased by 21.8%, electrical machinery and equipment manufacturing grew by 17.2%, general equipment manufacturing increased by 9.4%, automotive manufacturing grew by 2.9%, while the petroleum and natural gas extraction industry decreased by 8.5%, computer, communication, and other electronic equipment manufacturing decreased by 11.2%, and the chemical raw materials and chemical products manufacturing industry decreased by 38.5%.

Prices of rare earth products on December 27, 2023

Chinese rare earth prices image