Rare Earth Prices – March 27, 2024

Chinese rare earth market is overall maintaining weak stability, mainly manifested in low enthusiasm among traders, no significant changes in product prices, and slow growth in orders. It is worth mentioning that the recent sharp declines and minor increases in rare earth prices have attracted widespread attention within the industry.

According to data from the Baotou Industry and Information Bureau, the city of Baotou achieved a good start to its economy in the first two months of 2024. Among them, the value added of the rare earth industry increased by 38.5% year-on-year; the rare earth industry contributed to an increase of 7.0 percentage points in the value added of industrial enterprises above designated size; the output of rare earth metals increased by 28.0% year-on-year, the output of rare earth compounds increased by 24.7% year-on-year, and the output of single rare earth metals increased by 29.4% year-on-year. This indicates that the rare earth industry still has considerable development potential. In addition, we can also infer that with the continuous weakness in downstream demand in the near term, the increase in rare earth product output in Baotou City will largely hinder the rise in rare earth prices.

In the first two months of 2024, the electricity generated by industrial enterprises above designated size in Baotou City reached 13.76 billion kWh, an increase of 1.6% year-on-year. Among them, thermal power generation was 11.85 billion kWh, an increase of 6.4%; wind power generation was 1.57 billion kWh, a decrease of 25.5%; solar power generation was 0.34 billion kWh, an increase of 14.6%. In addition, the total electricity consumption of society reached 18.29 billion kWh, an increase of 21.1% year-on-year. Among them, industrial electricity consumption was 17.20 billion kWh, an increase of 21.8%, an increase of 4.1 percentage points year-on-year.

Prices of rare earth products on March 27, 2024

Picture of praseodymium oxide

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