Chinese Rare Earth Prices - July 29, 2024

At the beginning of the week, Chinese rare earth prices fluctuated within a narrow range due to the interplay of various factors, leading to intense price negotiations among traders. 

Suppliers had a strong price-supporting mentality, while buyers were reluctant to purchase at high prices, resulting in low transaction volumes. According to Chinatungsten Online, favorable factors included strong support from production costs, decreased output from some rare earth manufacturers, and the continuous introduction of favorable policies. However, unfavorable factors mainly stemmed from the cautious consumption by downstream users due to the current lackluster rare earth market, which in turn caused some suppliers to lack confidence in maintaining prices.

In related news, on July 25, the National Development and Reform Commission and the Ministry of Finance issued the "Several Measures to Intensify Support for Large-Scale Equipment Upgrading and the Replacement of Consumer Goods." This policy proposed the allocation of approximately 300 billion yuan in ultra-long-term special treasury bonds to support large-scale equipment upgrades and the replacement of consumer goods. For equipment upgrades, in addition to the existing fields of industry, environmental infrastructure, transportation, logistics, education, culture and tourism, and healthcare, the scope of support from ultra-long-term special treasury bonds will be expanded to include equipment upgrades in energy and power, outdated elevators, as well as energy-saving, carbon-reduction, and safety renovations in key industries. For the replacement of consumer goods, the support will cover the replacement of passenger cars by individual consumers, the replacement of home appliances and electric bicycles, and the purchase of materials for old house renovations, kitchen and bathroom upgrades, and home adaptations for the elderly.

Prices of rare earth products on July 29, 2024

Picture of cerium tungsten powder

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