On February 1, China Northern Rare Earth (Group) High-tech released its listing prices of rare earth products for February 2024. Pr-Nd product prices plummeted. Offers for Pr-Nd oxide, neodymium oxide, Pr-Nd alloy and neodymium metal were 404,900 yuan/mt, 413,200 yuan/mt, 502,000 yuan/mt and 512,000 yuan/mt respectively, down 10.68% MoM, 10.49% MoM, 10.36% MoM and 10.18% MoM.

Judging from spot price, Pr-Nd oxide prices were about 399,000 yuan/mt. The listing price dipped significantly, it was relatively in line with the spot market price.
With the upcoming Lunar New Year, rare earth spot market saw few inquiries and transactions. Rare earth prices stabilised. Most companies started taking holidays last week. Given steep rare earth price slip and insufficient orders of magnetic material companies, upstream and downstream sectors didn’t refill a slew of raw materials before the holiday. It is expected that there will be a brief period of restocking-driven demand peak after the holiday.