China Northern Rare Earth Slightly Raised Listing Prices: What is the Future Trend of Rare Earth Prices? [SMM Analysis]

China Northern Rare Earth released its listing prices for rare earth products in November 2024, showing a slight MoM increase in Pr-Nd product prices. Specifically, lanthanum oxide was listed at 4,100 yuan/mt, unchanged from October 2024; cerium oxide was listed at 7,600 yuan/mt, also unchanged from October 2024. Pr-Nd oxide was listed at 416,600 yuan/mt, up 0.22% MoM; neodymium oxide was listed at 424,900 yuan/mt, up 0.19% MoM; Pr-Nd alloy was listed at 516,000 yuan/mt, up 0.19% MoM; neodymium metal was listed at 526,000 yuan/mt, up 0.19% MoM.

Due to the "high listing" prices this time, market inquiry activity slightly increased, but the purchase willingness was not strong due to the limited new orders in the magnetic material market. Considering last week's market situation, the transaction prices of mainstream rare earth products remained stable, and inquiry activity was not high. Supported by raw material prices, separation plants maintained stable quotations, and low-priced sources gradually decreased. Metal enterprises also kept their oxide quotations firm.

In the downstream magnetic material market, inquiries were predominant, with few orders placed, mainly due to the continued weak downstream demand. According to magnetic material enterprises, only a few large magnetic material factories saw a slight increase in order volume, relying on long-term customers to maintain stable production. Most small and medium-sized enterprises did not see a significant increase in orders, and some sectors even experienced a decline in orders, leading to a lack of confidence in the future market and a strong wait-and-see sentiment.

With the back-and-forth negotiations between upstream and downstream still intense, SMM expects that the prices of mainstream rare earth products will likely remain stable.