SHANGHAI, Apr 14 (SMM) – China Northern Rare Earth (Group) High-tech has sharply slashed its listed prices for praseodymium-neodymium products.
According to a notice on the company's website released on Monday April 13, the Baotou-based rare earths supplier will sell praseodymium-neodymium oxide at 285,000 yuan/mt, tax-included and ex-factory, this month, down about 5% from the previous month.
This month’s cut followed a 6.3% cut in March, pulling the price down nearly 20% from a recent peak of 355,000 yuan/mt notched in October and November 2019.
Listed price for neodymium oxide dropped 7% from March to 305,000 yuan/mt, and the prices for praseodymium-neodymium and neodymium metal both slipped more than 5% to 360,000 yuan/mt and 385,000 yuan/mt, respectively.
The company held its listed prices for lanthanum and cerium oxides both unchanged at 12,600 yuan/mt, after a cut of 3.1% in March.
SMM assessed China prices of praseodymium-neodymium oxide at 257,000-262,000 yuan/mt as of Monday April 13, the lowest since May 2019. Light rare earth producers in China reduced their quotes to the lowest in nearly a year, as demand remained weak amid the global spread of the coronavirus pandemic.