Chinese Rare Earth Prices – October 21, 2024

At the beginning of the week, Chinese rare earth prices continued the downward trend observed last week. Specifically, the price of praseodymium oxide decreased by approximately 2,000 yuan/ton, neodymium metal by about 4,000 yuan/ton, terbium oxide by around 50 yuan/kg, and dysprosium oxide by approximately 30,000 yuan/ton. 

This decline is mainly attributed to prolonged weak demand from downstream sectors, a high supply of raw materials in the market, and tight financial conditions, which have led to insufficient confidence among many suppliers to maintain prices. However, the decrease in raw material prices has been limited due to strong support from production costs and the promising development prospects of downstream rare earth industries.

In terms of news, recent reports from Baotou highlight that Baotou Jinmeng Xiangmo Magnetic Industry Co., Ltd. has officially commenced construction of its neodymium-iron-boron permanent magnet components and green intelligent upgrade expansion project, located in the Rare Earth High-Tech Zone. The project is scheduled to be completed and put into production within three years, with an expected annual output value increase of over 150 million yuan and annual tax contributions exceeding 12.5 million yuan once fully operational.

Prices of rare earth products on October 21, 2024

Picture of praseodymium oxide

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