SHANGHAI, Oct 28 (SMM) – Prices of dysprosium oxide tumbled 5.28% last week, as the price cut by China Southern Rare Earth Group further dented market sentiment, which had been rattled by continued weakness in demand and the recovery of customs clearance for imports from Myanmar in late September.

SMM assessed the price of dysprosium oxide at 1.6-1.63 million yuan/mt as of October 25. Prices of terbium, gadolinium and erbium oxides, meanwhile, fell to 3.6-3.63 million yuan/mt, 160,000-165,000 yuan/mt and 160,000-165,000 yuan/mt, respectively.

China Southern Rare Earth Group, one of the six, state-owned rare earth mining groups in China, lowered the weekly listed prices for several types of medium and heavy rare earth oxides last week. Its quote for dysprosium oxide slid 50,000 yuan/mt to 1.95 million yuan/mt.

With downstream consumers continued a wait-and-see mode about procurement in a falling market, demand remained sluggish, which also weighed on prices of light rare earths.

While large producers held their offers firm, smaller producers and traders lowered quotes to discharge cargoes.

SMM assessed the price of praseodymium-neodymium oxide at 292,000-297,000 yuan/mt as of October 25.

Prices of neodymium and praseodymium oxides slipped to 294,000-299,000 yuan/mt and 350,000-360,000 yuan/mt, respectively.

With no signs of a recovery in demand and market sentiment, prices of rare earths are likely to extend their declines.