Chinese Rare Earth Market - February 2, 2024

Chinese rare earth market remains lackluster in the week ended on Friday, February 2, 2024, primarily attributed to the steadfast pricing awareness of suppliers and the low willingness of downstream users to accept goods.

Chinatungsten Online believes that the current market bearish factors not only include weak downstream demand but also the decline in the listed prices of Northern Rare Earth this month and the lackluster performance of the automotive market. In January 2024, sales volumes of numerous car manufacturers, such as BYD and XPeng Motors, experienced a significant month-on-month decrease.

However, due to strong support from production cost pressures and the fact that the listed prices of some Northern Rare Earth products are still slightly higher than the current market quotations, there is still a relatively low willingness among many suppliers to lower their prices.

According to information from Chinatungsten Online, in February 2024, more than half of the listed prices for Northern Rare Earth products showed a month-on-month decrease: Lanthanum Oxide at ¥4,100/ton, unchanged month-on-month, a year-on-year decrease of 58.16%; Cerium Oxide at ¥6,500/ton, unchanged month-on-month, a year-on-year decrease of 33.67%; Praseodymium-Neodymium Oxide at ¥404,900/ton, a month-on-month decrease of 10.68%, a year-on-year decrease of 37.01%; Neodymium Oxide at ¥413,200/ton, a month-on-month decrease of 10.49%, a year-on-year decrease of 41.77%; Praseodymium-Neodymium Metal at ¥502,000/ton, a month-on-month decrease of 10.36%, a year-on-year decrease of 36.21%; Neodymium Metal at ¥512,000/ton, a month-on-month decrease of 10.18%, a year-on-year decrease of 40.95%.

Prices of rare earth products on February 2, 2024

Picture of praseodymium oxide

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