Decline Continues in China's Rare Earth Prices This Week

This week, the overall domestic rare earth prices in China continued the significant decline from the previous week. 

This is mainly attributed to weak downstream demand, relatively sufficient spot market supply, and a month-on-month decline in the listing price of northern rare earths this month. However, this can also be seen as a normal phenomenon, as rare earth prices experienced a significant increase from 2020 to March 2022, and the current product prices are not at historically low levels.

According to statistics from China Tungsten Online, the current prices compared to the previous week are approximately CNY 23,000 per ton lower for praseodymium-neodymium oxide, a decrease of 5.44%; CNY 30,000 per ton lower for praseodymium-neodymium metal, a decrease of 5.71%; CNY 900 per kilogram lower for terbium oxide, a decrease of 13.04%; CNY 360,000 per ton lower for dysprosium oxide, a decrease of 15.00%; CNY 10 per kilogram lower for 55N neodymium iron boron blank, a decrease of 4.35%; and CNY 35 per kilogram lower for neodymium iron boron waste (praseodymium-neodymium), a decrease of 7.95%. It can be observed that this week, the decline in dysprosium and terbium prices is greater than the decline in praseodymium-neodymium prices, mainly due to the expected increase in dysprosium-terbium production this month. Additionally, the significant increase in dysprosium prices in the second half of 2023 is also a major reason for the recent sharp decline in dysprosium oxide and dysprosium iron alloy prices.

In terms of news, data from the China Association of Automobile Manufacturers shows that in 2023, China's automobile production and sales exceeded 30 million units for the first time, reaching a historical high. In 2023, China's automobile production and sales completed 30.161 million and 30.094 million units, respectively, with year-on-year increases of 11.6% and 12%. Among them, automobile exports reached 4.91 million units, a year-on-year increase of 57.9%.

Prices of rare earth products on January 12, 2024

Picture of neodymium oxide

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