SHANGHAI, Aug 24 (SMM) – Prices of several rare earth products started to pick up on the week that ended August 24, driven by downstream purchases as the traditional high season began.
Prices of praseodymium-peodymium oxide averaged 322,500 yuan/mt as of Friday, up 2,000 yuan/mt from 320,500 yuan/mt on Thursday August 23, SMM assessed. This is down from a high of 347,500 yuan/mt at the end of June.
The high season and high costs of raw materials are expected to continue to buoy rare earth prices next week, SMM believes. However, prices may lack strong upward momentum in the medium-term as overall downstream demand is likely to fall on the year, market participants told SMM.
Prices of cerium metal gained 3,000 yuan/mt to 44,000 yuan/mt as of Friday, after they held steady for a month, SMM data showed.
Supplies of cerium metal remained relatively tight. Recovered production was limited as producers in Baotou of Inner Mongolia struggled to return from environmental suspension.
A supply glut lowered prices of europium oxide by 10,000 yuan/mt on the week to 290,000-300,000 yuan/mt as of Friday.