Chinese Rare Earth Market - October 18, 2024

Chinese rare earth market has performed poorly, with limited downstream demand and gradually weakening support from positive factors, leading some suppliers to rationally lower their quotes and resulting in a reduced actual transaction volume. 

The main reasons for the limited market trading volume are: first, the abundant supply of raw materials and the current weak rare earth market, which has made downstream users less eager to purchase; second, tight funding conditions and still relatively high prices of rare earth raw materials, which have dampened buyers' consumption desire.

According to statistics from Chinatungsten Online, the current price of praseodymium-neodymium oxide has decreased by about 9,000 yuan/ton compared to last week, a decline of 2.07%; the price of praseodymium-neodymium metal has fallen by about 5,000 yuan/ton, a decrease of 0.93%; the price of terbium oxide has dropped by about 160 yuan/kg, a decline of 2.64%; the price of dysprosium oxide has decreased by about 60,000 yuan/ton, a decline of 3.30%; the price of 55N neodymium-iron-boron blocks has remained stable compared to last week; and the price of praseodymium-neodymium from neodymium-iron-boron scrap has fallen by about 10 yuan/kg, a decline of 2.13%.

In terms of news, Zhenghai Magnetic Materials achieved an operating income of 3.81 billion yuan in the first three quarters of 2024, a year-on-year decrease of 17.67%; the net profit was 189 million yuan, a year-on-year decline of 48.53%; basic earnings per share were 0.23 yuan. In the third quarter, the net profit was 1.271 billion yuan, a year-on-year decrease of 13.52%; and the net profit for the quarter was 39.64 million yuan, a year-on-year decrease of 68.68%. During the reporting period, the company's electric motor drive business for new energy vehicles was sluggish, with both revenue and profits declining significantly year-on-year, indicating a shrinking business space that continues to contract.

Prices of rare earth products on October 18, 2024

Picture of erbium oxide

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