Chinese Rare Earth Prices - May 24, 2024

Chinese rare earth prices showed a trend of fluctuating downward in the week ended on Friday, May 24, 2024, mainly attributed to the continued weak demand from magnet manufacturers and the strong panic-selling sentiment among some suppliers. 

The price of praseodymium-neodymium oxide dropped from around 401,000 yuan per ton to around 388,000 yuan per ton, breaking through the key levels of 400,000 yuan per ton and 390,000 yuan per ton successively. Similarly, the price of praseodymium-neodymium metal decreased from around 500,000 yuan per ton to around 485,000 yuan per ton, also breaching the key levels of 500,000 yuan per ton and 490,000 yuan per ton.

CTIA GROUP LTD believes that the main reasons for the decrease in market demand are as follows: first, the gradual increase in China's rare earth mining quotas in recent years; second, the relatively sufficient supply of some raw materials in the market; third, the application of rare earth functional materials such as magnets has not significantly expanded yet. However, influenced by the potential reduction in later-stage imports of Burmese mines, the gradual growth in production costs, and the strengthening of rare earth resource integration efforts, some suppliers' quotations remain relatively firm.

According to data compiled by CTIA GROUP LTD, the current prices of praseodymium-neodymium oxide and praseodymium-neodymium metal decreased by approximately 13,000 yuan per ton (a decrease of 3.24%) and 15,000 yuan per ton (a decrease of 3.00%), respectively, compared to last week. The price of terbium oxide decreased by about 60 yuan per kilogram (a decrease of 0.91%) compared to last week, while the price of dysprosium oxide remained stable. The price of 55N neodymium iron boron ingots decreased by about 3 yuan per kilogram (a decrease of 1.48%), and the price of neodymium iron boron scrap (praseodymium-neodymium) decreased by about 18 yuan per kilogram (a decrease of 4.04%). It can be seen that the decrease in the price of praseodymium-neodymium is relatively large this week, while the decrease in the price of dysprosium and terbium is relatively small.

Prices of rare earth products on May 24, 2024

Chinese rare earth prices image

Picture of praseodymium oxide

praseodymium oxide image

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