SHANGHAI, Oct. 17 (SMM) – Rare earth prices in China dropped in mid-October as expectations for rare earth bid invitation fell through and as demand dwindled.
Prices for praseodymium-neodymium alloy were 440,000 yuan per tonne (including tax) on Wednesday, down 4.7% from September’s average price of 461,600 yuan per tonne. Prices of praseodymium-neodymium-dysprosium alloy were 460,000 yuan per tonne (including tax), also a drop of 2.7% from 472,800 yuan per tonne in September. Prices for dysprosium-iron alloy slid by 3.7% to 2.1 million yuan per tonne (including tax), compared with 2.18 million yuan per tonne in September.
Rare earth prices had been soaring since late August when rumor began to circulate that the State Reserve Bureau (SRB) would issue bid invitation to buy rare earth. For example, prices of praseodymium oxide hit 600,000 yuan per tonne in September, a surge from June’s 355,000 yuan per tonne. Prices for neodymium oxide rose a whopping 80% from June’s 250,000 yuan per tonne to 450,000 yuan per tonne.
However, the SRB has issued no bid invitation to buy rare earth thus far and demand is anemic, pushing prices for selected varieties of rare earth down in mid-October.