In January, the overall price trend of praseodymium and neodymium products was still weak. Since the north China market significantly lowered its prices in early January, pessimism in the rare earth market has spread, and sellers have been selling goods at low prices. The price of praseodymium and neodymium is already at a low level. Due to cost support, there is not much room for its price to continue to decline. At this time, the Chinese New Year is approaching, and the downstream still needs to carry out procurement and stocking before the Chinese New Year. The quotations of the sellers are getting stronger. Beginning in mid-January, praseodymium and neodymium prices began to stabilize.
As rare earth price trends continue to be weak, mineral product prices are not optimistic either. Entering 2024, mineral product prices have also been falling. As the profit margin of mineral products continues to be compressed, ore sellers continue to be less willing to lower prices. The supply of low-priced rare earth minerals has tightened, and the price trend of rare earth products has begun to stabilize across the board.
As of now, the Chinese New Year is approaching, logistics operations have been suspended, and rare earth upstream and downstream companies have also begun to take holidays. Entering February, the trading atmosphere in the rare earth market has become increasingly quiet. It is expected that rare earth prices will continue to operate stably in the near future.