SHANGHAI, May 14 (SMM) – Prices of praseodymium-neodymium oxides, a type of light rare earth, increased for the fifth consecutive day as of May 14, lifted by stepped-up downstream stockpiling as demand resumes with the fading impact of the coronavirus pandemic.
SMM assessed spot prices of praseodymium-neodymium oxides (Pr-Nd oxides≥ 99%) at 270,000-272,000 yuan/mt as of May 14, up 1,000 yuan/mt from the previous day and up 7,500 yuan/mt from the prior week. The prices have climbed about 4.2% from April 14.
Prices of praseodymium-neodymium metal (Pr-Nd ≥ 98.5%) also advanced, to 340,000-342,000 yuan/mt as of May 14, 1,500 yuan/mt higher from May 13 and 10,500 yuan/mt higher from May 7.
Producers of permanent magnet materials and other downstream plants stepped up purchases as current prices of praseodymium-neodymium oxides and metals remain at the lowest levels in nearly three years.
While upstream producers tend to further firm up offers, SMM expects the momentum in the round of price rally to be limited in the short term.