SHANGHAI, Mar. 9 (SMM) – Mainstream quotations of praseodymium-neodymium alloy edged up to RMB 400,000-405,000/mt (including tax) on Wednesday. Quotations of light rare earth dropped some, with mainstream offers for lanthanum oxide at RMB 35,000-38,000/mt (including tax), and those for cerium oxide down 5% to RMB 38,000-40,000/mt (including tax).
Trading activity in rare earth markets began to increase, but prices of some rare earth varieties declined, with the exception of didymium oxide and praseodymium-neodymium alloy. Cargo holders showed no intention of cutting prices.
SHFE aluminum prices bucked the trend by rising among base metals, easing market pessimism. Traders in south China held offers firm at RMB 14,470/mt. Despite limited downstream demand, middlemen were active in buying, pushing spot aluminum traded prices up by RMB 100/mt. Overall trading rebounded mildly.
In spot copper markets, cargo holders in Shanghai held back goods out of growing optimism over future prices, leading to a sharp decline in spot copper supply and causing spot discounts to narrow to RMB 30-120/mt. Middlemen were less interested in buying due to narrowing spot discounts, while downstream producers purchased on an as-needed basis. Oversupply eased some.
In spot lead markets, downstream producers increased purchases of lead, but only marginally.