PrNd Products Prices Lack Upside Momentum without Solid Support

SHANGHAI, Jul 29 (SMM) - PrNd products prices kept falling amid insufficient demand from early June to late July. The prices of PrNd oxide were lowered from 950,000 yuan/mt to 810,000 yuan/mt, a drop of 14.7%.

The list price of PrNd oxide in July stood at 812,600 yuan/mt, while market prices dropped below this level. Some buyers were encouraged to seek low-priced PrNd oxide products due to this situation, and the prices rose slightly last Friday.

Transactions were moderate this Monday, with PrNd oxide mostly traded at 825,000 yuan/mt. Market sentiment weakened on Tuesday, and transactions with higher prices were rarely heard. Quotes of PrNd oxide dropped lightly today, but the market remained quiet. 

As the terminal demand has not improved significantly, the orders received by magnetic material enterprises have not yet picked up either, and they were less interest in making inquiries about PrNd alloy. Weak demand and the absence of solid support have deprived PrNd products with upside momentum. 

Transactions picked up this Monday, but it was not the result of rising downstream demand, but the taking over by the traders. In addition, as the import of ion ore may return to normal in the future, the domestic supply of light rare earths is expected to increase. Therefore, some industry players are cautious and wait and see the market orientation.