Rare Earth Market Update for August 28, 2024

The domestic rare earth market is showing a mixed trend of both gains and declines. 

Today, praseodymium-neodymium oxide prices increased by approximately 5,000 CNY/ton, praseodymium-neodymium metal prices rose by around 2,000 CNY/ton, while terbium oxide prices decreased by about 20 CNY/kg, and dysprosium oxide prices dropped by roughly 20,000 CNY/ton. Currently, the primary focus of industry participants is on downstream demand.

In the light rare earth market, the overall sentiment remains strong, with sellers reluctant to sell in anticipation of higher prices. This is mainly due to the fact that magnetic material manufacturers are continuing with their essential purchasing, and the mainstream supply of raw materials is relatively limited. In the medium and heavy rare earth market, the trend is weaker. The willingness of downstream users to accept deliveries is low, which has led to a decline in confidence among many suppliers, resulting in transaction volumes falling short of expectations.

On the news front, reports from Customs Information Service indicate that Canada plans to impose an additional 25% tax on Chinese steel and aluminum products starting from October 15, 2024. Additionally, from October 1, 2024, Canada will impose a 100% tariff on Chinese electric vehicles (including electric and hybrid passenger cars, trucks, buses, and commercial vehicles).

Prices of rare earth products on August 28, 2024

Picture of neodymium oxide

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