Chinese Rare Earth Price - August 16, 2024

Chinese rare earth price exhibited mixed trends in the week ended on Friday, August 16, 2024, driven primarily by the low willingness of suppliers to reduce prices and the strong sentiment of buyers to push prices down. 

On the positive side, several factors have contributed to firming prices, including the frequent hot and rainy weather, continued environmental crackdowns, high energy prices, and the currently low rare earth prices. These factors have led to reduced production by many rare earth mining companies, which in turn has supported stronger pricing by downstream holders. On the negative side, the recent fluctuating increases in rare earth prices have slightly dampened the enthusiasm of downstream users for inquiring and purchasing.

According to statistics from Chinatungsten Online, the current prices for praseodymium-neodymium oxide have risen by approximately 9,000 CNY/ton compared to last week, a 2.41% increase. Praseodymium-neodymium metal prices have risen by about 14,000 CNY/ton, a 3.03% increase. Terbium oxide prices have increased by approximately 150 CNY/kg, a 2.88% increase, and dysprosium oxide prices have risen by about 30,000 CNY/ton, a 1.73% increase. The price of 55N neodymium-iron-boron blanks has increased by about 3 CNY/kg, a 1.55% increase, and the price of praseodymium-neodymium in neodymium-iron-boron scrap has risen by about 10 CNY/kg, a 2.41% increase. This data indicates that the price increases of mainstream products this week were greater than the declines. Additionally, driven by rising raw material prices, the prices of rare earth permanent magnetic materials and their scrap also increased.

In terms of broader economic news, industrial output from enterprises above a designated size grew by 5.1% year-on-year in July (all growth rates are actual rates after deducting price factors) and by 0.35% month-on-month. By industry, 33 out of 41 major industries saw year-on-year growth in value added. Notably, the chemical raw materials and chemical products industry grew by 8.6%, non-metallic mineral products decreased by 2.9%, ferrous metal smelting and rolling processing decreased by 1.5%, non-ferrous metal smelting and rolling processing increased by 9.4%, general equipment manufacturing grew by 3.2%, specialized equipment manufacturing by 2.5%, automotive manufacturing by 4.4%, the manufacturing of railways, ships, aerospace, and other transportation equipment grew by 12.7%, electrical machinery and equipment manufacturing by 2.8%, the manufacturing of computers, communication, and other electronic equipment grew by 14.3%, and the production and supply of electricity and heat grew by 3.2%.

Prices of rare earth products on August 16, 2024

Picture of erbium oxide

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