SHANGHAI, Jul 12 (SMM) – State-owned mining company China Northern Rare Earth (Group) held the July listed prices for all its light rare earth products unchanged from the previous month, after it hiked quotes on ore supply concerns in June, the company said on its website on Friday July 12.
SMM expects the move to rally market confidence and underpin prices of light rare earth oxides such as praseodymium-neodymium oxide, after offers slid amid sluggish trades from late-June.
Spot prices of praseodymium-neodymium oxide stood at 320,000-325,000 yuan/mt as of Friday July 12, down 15,000 yuan/mt from a week ago and down 55,000 yuan/mt from a high on June 19, SMM assessed.
Most market participants remained bullish about prices of medium and heavy rare earth oxides, and this kept producers from offloading cargoes.
China Northern Rare Earth and China Southern Rare Earth are two of the six state-owned mining groups that dominate China’s rare earth industry.