SHANGHAI, Jun 10 (SMM) – State-owned mining company China Northern Rare Earth (Group) raised listed prices of light rare earth products for June, including praseodymium-neodymium oxide and praseodymium-neodymium metal, by over 28% from May, according to a notice on the company's website on Monday June 10.
This came after higher tariffs on US rare earth products took effect, which grew concerns about a lower supply of seaborne rare earth ores.
The adjustment buoyed the listed price of praseodymium-neodymium oxide to 360,000 yuan/mt, up 29.8% on the month, and that of praseodymium-neodymium metal to 450,000 yuan/mt, up 28.6% from May. Listed prices of neodymium oxide also jumped 29.6% to stand at 362,000 yuan/mt, and prices of neodymium metal rose 28.6%, and posted 450,000 yuan/mt.
A bullish market and producers holding back from offloading will extend upside room in prices of light rare earth products. For medium and heavy rare earth, a shortage of feedstock caused by an import ban from Myanmar is expected to extend the upside trend in prices.
China Southern Rare Earth Group announced on June 3 that its 56 mining subsidiaries of medium, heavy rare earth ore in Jiangxi and two miners of light rare earth ore remained suspended. This will also tighten supplies and bolster prices.
The Group has 60 mining subsidiaries for rare earth ore.