SHANGHAI, Jun 24 (SMM) – Spot prices of rare earth products stabilised after they declined in the week to Friday June 21 as market concerns grew over the impending restart of US-China trade talks before this week's G-20 summit in Japan.
SMM expects prices of rare earth oxides to hold steady for most of this week as the market awaits a trade conclusion.
Trade representatives from China and the US are expected to meet ahead of a meeting between their leaders at a G-20 summit. This rekindled hopes for progress in trade talks between the world's two largest economies.
SMM assessed that prices of light rare earth praseodymium-neodymium oxide fell to 365,000-370,000 yuan/mt as of Friday June 21, after climbed to a high of 377,500 yuan/mt on Wednesday June 19.
Prices of neodymium oxide moved similarly as it eased to 367,000-372,000 yuan/mt as of Friday June 21, after jumped to a high of 380,000 yuan/mt on Wednesday June 19. Prices of praseodymium oxide also slid, to 400,000-410,000 yuan/mt as of Friday, from 415,000 yuan/mt on Wednesday.
Prices of medium, and heavy rare earth, dysprosium oxide, held stable at 1.98-2.02 million yuan/mt last week, while prices of terbium oxide retreated to 4.15-4.2 million yuan/mt as of Friday, after rose to a high of 4.2-4.25 million yuan/mt on June 18.