Rare Earth Market Update - July 3, 2024

The domestic rare earth market remains stable overall on July 3, 2024. Although Northern Rare Earth prices stayed flat month-on-month and the announcement of the "Rare Earth Management Regulations" boosted market confidence to some extent, weak demand from downstream users continues to make it difficult for product prices to rise.

Given that Myanmar is currently in its rainy season, some industry players are closely monitoring China's imports of rare earth raw materials from Myanmar. Additionally, they are keeping an eye on the second batch of rare earth quota allocations from the Ministry of Industry and Information Technology.

According to the National Bureau of Statistics, the manufacturing Purchasing Managers' Index (PMI) for June was 49.5%, unchanged from the previous month, indicating that the manufacturing sector's sentiment remains stable. Among the sub-indices that make up the manufacturing PMI, the production index was above the critical point, while the new orders index, raw materials inventory index, employment index, and supplier delivery time index were below the critical point. Specifically, the production index was 50.6%, down 0.2 percentage points from the previous month but still above the critical point; the new orders index was 49.5%, down 0.1 percentage points; and the raw materials inventory index was 47.6%, down 0.2 percentage points.

Prices of rare earth products on July 3, 2024

Picture of praseodymium oxide

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