Pr-Nd prices are expected to decrease in the short term

Published: Mar 18, 2024 15:57

Source: SMM

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Pr-Nd production declined in February due to Chinese New Year-related labor shortages.

Pr-Nd production declined in February due to Chinese New Year-related labor shortages. Pr-Nd oxide output dropped by 2.39% to 5,911 mt, with production decreases in Jiangsu, Jiangxi, Guangdong, and Guangxi. Pr-Nd alloy output fell by 8.9% to 5,126 mt, with significant drops in Fujian, Jiangxi, and Shandong, where factory operating rates decreased by over 15%. Some Sichuan factories outsourced processing due to lower activity. Magnetic material companies' reduced interest in purchasing, influenced by lower raw material costs, suggests a modest recovery in Pr-Nd alloy production for March.

Early March saw a sharp decline in China North Rare Earth Group’s Pr-Nd listing prices. The spot market for Pr-Nd oxide was weak, and despite limited spot availability due to long-term contracts, resistance to high prices remains among downstream buyers. Pr-Nd prices are expected to decrease in the short term.

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