Chinese Rare Earth Prices - April 24, 2024

Chinese rare earth prices are fluctuating within a narrow range overall. Under the influence of various uncertainties, there is intense price bargaining between supply and demand sides. Suppliers show weak willingness to make concessions, while purchasers have a lower inclination to accept high-priced goods. This has led to a subdued trading atmosphere in the market and a slow growth in orders.

According to information from Chinatungsten Online, factors affecting the current rare earth market include: firstly, the relatively stable market conditions in the non-ferrous metals market, which to a certain extent support confidence in the rare earth market; secondly, the limited increase in overseas rare earth mining capacity, the slowing growth of domestic quotas, and the promising prospects for the development of emerging industries, which have raised expectations for the future rare earth market among industry players; thirdly, the tense situation in Myanmar and significant geopolitical risks in other overseas countries, which may have certain impacts on China's rare earth imports and exports; fourthly, under the influence of relatively high production costs and not very high selling prices of rare earth products, the release of production capacity by some rare earth manufacturers is limited. Customs data shows that in March 2024, China imported 5,755.7 tons of rare earth ores and related products from Myanmar, an increase of 96.8% month-on-month but a decrease of 11.4% year-on-year.

In terms of news, according to People's Daily, in the first quarter, industrial value-added increased year-on-year in 28 provinces, with value-added growth maintained in 37 out of 41 major industrial sectors including electronics and automobiles, expanding by 22 percentage points compared to last year. The equipment manufacturing industry continued to grow rapidly, with value-added increasing by 7.6% year-on-year in the first quarter, playing a supportive and driving role in growth. In the first quarter, solar cell production increased by 20.1% year-on-year, automobile sales increased by 10.6% year-on-year, and consumer goods consumption in the home appliance category increased by 5.8% year-on-year.

Prices of rare earth products on April 24, 2024

Picture of erbium oxide

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