In October 2024, the domestic production of NdFeB magnetic materials saw a limited increase, up approximately 4% MoM. According to an SMM survey, on one hand, the National Day holiday led to a slight slowdown in magnetic material production as most enterprises took a break. On the other hand, the traditionally expected peak season did not arrive as anticipated, and downstream orders in October did not show significant growth. Only a few large enterprises saw a slight increase in orders in the new energy sector, while most small and medium-sized enterprises did not experience notable order growth, with production schedules not fully booked for a month. Downstream demand grew slowly, overall production remained relatively stable, and the production did not increase much compared to September.
SMM expects that stocking activities before Christmas in December will slightly increase foreign trade orders in November, thereby boosting the production of magnetic material enterprises. The production in November is expected to further increase.
