Neodymium Oxide Prices - December 9, 2024

The overall domestic rare earth market showed a weak trend at the start of the week. This was primarily due to continued low purchasing enthusiasm from downstream users and abundant spot supply for some products. 

However, factors such as the December listing prices of Northern Rare Earth meeting expectations, the ongoing border closure in Myanmar, high production costs, and increased mining difficulty for enterprises have led many holders to maintain firm pricing. As a result, the prices of neodymium oxide and gadolinium oxide have stabilized at approximately 422,000 CNY/ton and 161,000 CNY/ton, respectively.

Market Update:

Rare earth permanent magnet materials are widely used in the wind power industry. According to People's Daily Overseas Edition, as of the third quarter of 2024, China's offshore wind power cumulative installed capacity reached 39.1 million kilowatts, firmly securing its position as the global leader. The country has developed a relatively complete offshore wind power technology chain and industrial chain, covering development design, manufacturing, construction, and operations management.

China's cumulative offshore wind power capacity has grown from less than 5 million kilowatts in 2018 to 37.7 million kilowatts in 2023, accounting for 50% of the global total. This solidifies China's status as the largest offshore wind power market in the world.

Prices of rare earth products on December 9, 2024

Picture of erbium oxide 

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