Neodymium Oxide Price - October 23, 2024

The domestic Chinese rare earth market continues to exhibit weakness. Although mainstream suppliers attempted tentative price increases in the past two days, strong pressure from downstream users to lower prices and a high level of market spot inventory have led to a decline in product prices today. 

For instance, the price of neodymium oxide has decreased by approximately 1,000 yuan per ton, praseodymium-neodymium metal by about 3,000 yuan per ton, and erbium oxide by around 7,000 yuan per ton.

However, it is worth noting that many magnetic material companies are still eager to inquire about purchases, and the limited volume of imported overseas ores serves as an important source of support for suppliers to maintain firm quotes.

In terms of news, data from the National Bureau of Statistics indicates that from January to September 2024, the industrial added value of enterprises above designated size nationwide increased by 5.8% year-on-year, maintaining the same growth rate as from January to August and continuing the rapid growth trend seen since the fourth quarter of last year. Among the three major sectors, the added value of the manufacturing industry grew by 6.0%, which is 0.2 percentage points higher than that of all industries above designated size; the growth of the electricity, heat, gas, and water production and supply sector was 6.3%, exceeding the overall industrial growth rate by 0.5 percentage points; and the mining industry grew by 2.9%. Notably, in September, the industrial added value nationwide rose by 5.4% year-on-year, accelerating by 0.9 percentage points compared to August, marking a rebound after four consecutive months of decline.

Prices of rare earth products on October 23, 2024

Picture of praseodymium oxide

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