In September 2024, the domestic production of NdFeB magnetic materials did not show a significant increase. According to an SMM survey, the anticipated "September peak season" effect was not evident for magnetic material companies, as downstream market orders did not see a notable rise. Meanwhile, upstream raw material prices fluctuated upward, and by late September, frequent bidding by major magnetic material manufacturers led to a continuous increase in Pr-Nd prices. This made it difficult for downstream products to be sold at high prices. Downstream customers were not very receptive to the rising upstream prices, resulting in decreased inquiry interest and relatively weak market demand. Under these circumstances, magnetic material companies adhered to the principle of restocking as needed, with a strong market sentiment of caution, leading to a small increase in production.
With the arrival of October, China Northern Rare Earth's listing prices increased by 3% compared to September, and upstream market confidence remained strong. With the implementation of the "Rare Earth Management Regulations" and favorable news such as the US Fed's interest rate cut, it is expected that in the fourth quarter, orders for downstream magnetic materials may increase. In this context, the production of magnetic material companies in October is also expected to achieve some growth.
