SHANGHAI, Aug. 22 (SMM) – A recent SMM survey shows most rare earths prices plunged during the week from August 15th to August 19th, with an average drop of 10% reported due to sluggish demand.
Rare earth oxide prices fell by over 6% on average during the week, with yittrium oxide price plunging by 18.75%. Though cerium, dysprosium and yittrium prices remained stable, an over 3% loss was reported for all other rare earth metals prices, with lanthanum-cerium price plummeting by 23.53%.
Rare earth transactions remained sluggish during the week, as most downstream consumers took a wait-and-see attitude with plunging rare earth prices, which in return added to the falling trend of rare earths prices. Some traders even actively sold-off due to panic sentiment.
Take hydrogen storage alloy powders as an example, sluggish demand led battery class mixed rare earth metals and lanthanum-cerium prices to fall by 12.87% and 23.53% respectively. According to a source from one hydrogen storage alloy power producer in Liaoning province, though the company’s output of hydrogen storage alloy power was slightly reduced, it has no interest purchasing rare earths except at extremely low prices. A Guangdong-based company also expressed little interest purchasing rare earths despite low raw material inventories, as the company will purchase based on orders received.