SHANGHAI, Nov 3 (SMM) - In September 2021, China's permanent magnet exports increased by 6% MoM to 4,602 mt, and the export unit price was $59,952/mt, down 0.22% MoM. China exported 35,896 mt of rare earth permanent magnets from January to September, an increase of 40% year-on-year.
Germany was the top destination from January to September, followed by the United States, South Korea, Vietnam, and Italy.
The prices of rare earth products in China rose rapidly in October, driven by power rationing, tight supply, and increased production costs. The mainstream prices of Pr-Nd oxide exceeded 700,000 yuan/mt to 720,000-725,000 yuan/mt as of October 29. The prices of terbium oxide and dysprosium oxide also continued to rise. A small amount of terbium oxide was traded at 10.2 million yuan/mt, and dysprosium oxide was offered at 2.9 million yuan/mt. Prices of rare earth metals also climbed steadily. The transaction prices of Pr-Nd metals were close to 880,000 yuan/mt as of October 29, and terbium metal was offered as high as 12.3 million yuan/mt, and the quotation of dysprosium iron also reached 2.9 million yuan/mt. After nearly a month of rapid increase, the prices of Pr-Nd oxide saw downward corrections on October 29.
Against the backdrop of the surge in domestic rare earth product prices in October, overseas demand is expected to have been suppressed. It is expected that China’s exports of rare earth permanent magnets may have declined significantly in October.
