Chinese Rare Earth Prices - June 5, 2024

Chinese rare earth prices overall remain within a narrow range of fluctuations, mainly due to continued weak downstream demand and persistent anxiety among suppliers.

According to information obtained by Chinatungsten Online, with low willingness from magnetic material enterprises and other rare earth functional material production enterprises to accept orders, and with rare earth mining and smelting enterprises maintaining normal production, the supply of rare earth raw materials in the spot market has increased slightly. Additionally, factors such as tight liquidity and poor market expectations have further lowered the confidence of some holders in maintaining stable prices. 

Currently, the prices of neodymium oxide, dysprosium oxide, and 55N neodymium iron boron ingots are approximately 378,000 yuan per ton, 1,930,000 yuan per ton, and 194 yuan per kilogram, respectively. However, due to factors such as strong production cost support, optimistic prospects for the industrial motor industry, limited imports of overseas ores, and the difficulty in increasing future rare earth ore supplies, there is limited room for price concessions by rare earth suppliers.

In terms of news, according to the China Industrial Research Institute, in 2023, China's production of AC electric motors reached 368 million kilowatts, a decrease of 14.25% compared to the previous year. It is estimated that by 2024, China's AC electric motor production will increase to 392 million kilowatts. It is also projected that the demand for new products such as high-efficiency energy-saving motors and new energy motors in 2024 will increase, with the total export value of China's motors exceeding 15 billion US dollars.

Prices of rare earth products on June 5, 2024

Picture of praseodymium oxide

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