SHANGHAI, Jun 29 (SMM) – Prices of several rare earth metals moved downwards for the week ended Friday June 29, and they are likely to weaken further amid slow season.
These products include praseodymium-neodymium metal, neodymium, dysprosium, terbium, and gadolinium. The declines ended a month-long rally, SMM data showed.
Price of praseodymium-neodymium metal stood at 437,500 yuan/mt as of Friday, down from 442,500 yuan/mt a week ago. The price climbed all the way up to that level from 417,500 yuan/mt at the end of May.
Terbium metal's price dipped 50 yuan/mt to 4,025 yuan/mt as of Friday. This followed its upward movement from 4,000 yuan/mt since a month earlier.
Less supply resulted from the nationwide environmental review failed to provide sustained support as demand slowed down at a faster rate this week. Traders lowered their offers as they were eager to destock.
SMM expects pressure from the supply side to increase in July with some producers resuming operations next month.
However, we also expect the downward room to be limited as current high-priced ore would provide some support.