SHANGHAI, Dec. 13 (SMM) - Last week, offers for praseodymium and neodymium products kept surging after China Northern Rare Earth (Group) significantly raised its listed rare earth prices, and those for lanthanum and gadolinium products edged up slightly, Shanghai Metals Market reports.
China Announces First Bidding Results for Rare Earth, SMM Reports
Currently, praseodymium-neodymium alloy are now offered at or above 340,000 yuan per tonne and didymium oxide is quoted at 266,000 yuan per tonne, and traded prices of the two were at 335,000 yuan per tonne and 263,000 yuan per tonne, respectively, according to SMM data.
SMM attributes the rise mainly to following factors. First, list prices by China Northern Rare Earth (Group) were up by 5 per cent from November’s level, a clear sign of price support. Second, China announced to launch crackdowns against illegal activities in the rare earth industry from December 2016 under cooperation of eight relevant ministries. Third, it rumors again that China’s State Reserve Bureau (SRB) will purchase rare earth, raising speculative activities. The three factors, buoyed up prices for praseodymium-neodymium products last week.
Analysis of China Crackdowns on Rare Earth Sector, SMM Reports
Rare earth prices of magnetic materials, especially praseodymium and neodymium products, have witnessed big gains, already above buyers’ acceptable levels. So those products will lack further rising momentum for the foreseeable future, SMM predicts, with gains to slow down. Prices for dysprosium and terbium products, losing rising strength, will stabilize this week.
In other news, China exported 3,987 tonnes of rare earth in November, up 16.2% MoM and 23% YoY, according to Chinas Customs. Exports of rare earth were 42,422 tonnes from January to October, up 39.8% YoY.
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