SHANGHAI, Jun 17 (SMM) – China is developing rare earth-related policies, and will roll out the policies "as soon as possible", according to Meng Wei, spokeswoman for the National Development and Reform Commission (NDRC) at a press conference in Beijing on Monday June 17.
This is expected to improve the role of rare earth as strategic resources amid an ongoing dispute with the US over trade and tech. The government resolutely opposes any attempt to use products made with China's exported rare earths to hurt the country's development, Meng added.
Today’s comments further fuelled market confidence in the rare earth sector after a slew of positive signals from central authorities since May.
In the physical market, prices of praseodymium-neodymium oxide rose 5,000 yuan/mt from Friday June 14 to stand at an average of 367,500 yuan/mt at the start of this week, showed SMM assessments.
Prices of neodymium oxide climbed 2,000 yuan/mt to an average of 369,500 yuan/mt, while prices of terbium oxide advanced 50,000 yuan/mt to an average of 4.175 million yuan/mt.
Prices of light rare earths such as praseodymium-neodymium oxide are unlikely to fall given higher ore prices, and as upbeat sales of new energy vehicles and wind turbines keep robust demand for magnets.
Prices of medium, heavy rare earth, meanwhile, are expected to extend their gains, buoyed by a raw materials supply shortage.