SMM, Oct 12: The listing prices for rare earth products released by China Northern Rare Earth on October 8, 2024, showed an increase in Pr-Nd product prices MoM. Pr-Nd oxide was priced at 415,700 yuan/mt, up 3.1% MoM; Pr-Nd alloy was priced at 515,000 yuan/mt, up 3% MoM.
The increase in listing prices by China Northern Rare Earth was lower than most market expectations, somewhat restraining the upward trend in the rare earth market.
According to SMM's survey on downstream inventory and production schedules, the current inventory of downstream enterprises can support operations until mid-to-late October. The rare earth market is primarily driven by demand-based restocking, but the traditional "October peak season" effect still exists. Additionally, the cost support from the QoQ increase in rare earth concentrate transaction prices by China Northern Rare Earth and Baotou Steel in the fourth quarter leads some industry players to remain confident that rare earth prices may see an increase in October. Therefore, upstream holders are maintaining firm offers, and there are intense back-and-forth negotiations between upstream and downstream. SMM believes that in the short term, rare earth prices will consolidate within this range for a period of time.
