Chinese Rare Earth Market Update on September 11, 2024

Chinese rare earth market remains at relatively high levels but shows signs of weakness, primarily due to limited consumption capacity among downstream users and the upcoming online auction for Northern Rare Earth’s praseodymium-neodymium (PrNd) metal, with a starting price lower than the current market rates. This has prompted many suppliers to adjust their prices more rationally.

Market participants are closely watching today's Northern Rare Earth auction for PrNd metal. Northern Rare Earth is set to conduct the auction on September 11, 2024, via the Baotou Rare Earth Products Exchange, with a starting bid of RMB 525,000 per ton and an increment of RMB 1,000 per ton. Despite this, there are still some positive factors supporting the market, such as strong production cost support, the approaching implementation date of the Rare Earth Management Regulations, and optimistic growth expectations for downstream industries like new energy vehicles (NEVs) and robotics.

On the news front, Xinhua reported that from January to August this year, China's automobile production and sales reached 18.67 million and 18.77 million units, up 2.5% and 3% year-on-year, respectively, maintaining steady growth. Notably, China's NEV production and sales reached 7.008 million and 7.037 million units, representing year-on-year growth of 29% and 30.9%, with NEV sales accounting for 37.5% of total new car sales.

Prices of rare earth products on September 11, 2024

Picture of neodymium oxide

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