SHANGHAI, Nov. 18 (SMM) -
Rare Earth Prices Rise on Growing Expectations for SRB Stockpiling
Inner Mongolia Baotou Steel Rare Earth (Group) Hi-Tech Co. recently raised offers for rare earth, reinforcing expectations that the State Reserve Bureau (SRB) will stockpile rare earth soon. In this context, prices for most varieties of rare earth have rebounded.
China Minmetals Offers to Buy Rare Earth Oxides at Above Market Price
China Minmetals (Beijing) Research Institute offered to buy rare earth oxides at above market price on November 11.
Its quotes were 400,000 yuan per tonne for didymium oxide, 380,000 yuan per tonne for neodymium oxide, 650,000 yuan per tonne for praseodymium oxide, 4.5 million yuan per tonne for terbium oxide, 5.5 million yuan per tonne for europium oxide, 2.2 million yuan per tonne for dysprosium oxide, 80,000 yuan per tonne for yttrium oxide, 9 million yuan per tonne for lutetium oxide, and 400,000 yuan per tonne for erbium oxide.
Baotou Steel Rare Earth International Trade Offers to Buy Rare Earth Oxides again
Baotou Steel Rare Earth International Trade Co. offered to buy rare earth oxides again on November 11.
Its offers were 400,000 yuan per tonne for didymium oxide, 650,000 yuan per tonne for praseodymium oxide, 380,000 yuan per tonne for neodymium oxide, and 5.6 million yuan per tonne for europium oxide on November 11.
These are higher than the prices it offered on October 31. Didymium oxide was offered at 370,000 yuan per tonne, praseodymium oxide at 600,000 yuan per tonne, neodymium oxide at 350,000 yuan per tonne, and europium oxide at 5 million yuan per tonne on October 31.
Tepid Demand to Weigh on Rare Earth Prices for the Medium Term
Although oversupply pressure has eased somewhat, downstream demand remains tepid, which will weigh on rare earth prices for the medium term.
Inner Mongolia Cracks Down on Rare Earth Smuggling
Inner Mongolia’s Hohhot and Baotou customs offices have recently cracked down more than 130 tonnes of smuggled rare earth products following one year of investigation and supervision.