SHANGHAI, Aug. 22 (SMM) – On August 21, praseodymium-nedymium oxide price averaged 510,000 yuan per tonne, down 30,000 yuan per tonne from August 17’s level. Prices of dysprosium oxide and terbium oxide also dropped 80,000 yuan per tonne and 100,000 yuan per tonne against August 17’s level.
Rare earth prices were mixed from the second half of week ending August 18, with offers of praseodymium-nedymium oxide down. SMM learned that offers of praseodymium-nedymium oxide from large enterprises and traders, stabilizing at 500,000-510,000 yuan per tonne, saw no significant decline. However, small traders lowered offers for profits.
In general, downstream producers, having raw material stocks, are reluctant to purchase goods in large amounts when prices rise. Hence, transaction was sluggish previously as downstream producers reduced purchases after rare earth prices surged.
Rapid growth in rare earth prices slashed production at downstream magnets enterprises. Those producers reported modest orders at present, and some pricing based on rare earth price to reduce risks.
Market speculations were attributed as one factor to sharp price hike of rare earth, SMM warns. But, fundamentals of rare earth market will keep positive, including strict crackdowns on illegal rare earth mining, stable demand and rapid consumption at some producers.
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