SMM, January 23: In January 2025, domestic Pr-Nd oxide production further declined MoM, while Pr-Nd alloy production also saw a slight MoM decrease. The main reductions in Pr-Nd oxide production occurred in Jiangsu, Sichuan, and Shandong, while the primary decreases in Pr-Nd alloy production were observed in Jiangxi and Zhejiang.
According to SMM's survey and analysis, since the beginning of January, some raw ore separation enterprises in China have faced a series of production challenges. Due to the increasing shortage of raw materials, coupled with the traditional year-end shutdowns for maintenance, these enterprises experienced a significant MoM decline in monthly production compared to the previous period. Meanwhile, influenced by the holiday factor, a number of enterprises began to cut production or even halt operations. However, the good news is that with the conclusion of the Chinese New Year holiday in February, these enterprises are expected to gradually resume normal production.
It is worth noting, however, that despite the resumption of operations in early February, the tight supply at the mining end remains unresolved. As a result, most rare earth industry participants generally believe that Pr-Nd product prices are unlikely to decline in February. On the contrary, due to the continued tight supply-demand relationship, Pr-Nd prices may maintain a pre-holiday trend of moderate strength. Furthermore, if there is a significant increase in demand-side orders, Pr-Nd prices could see a noticeable upward trend.
In the field of metal production, although some enterprises indicated that they might adopt production cuts or halt operations due to factors such as employee holidays and logistics disruptions during the Chinese New Year, such enterprises are in the minority. Comparatively, more enterprises have actively made adjustments to ensure a normal production pace during the holiday. These enterprises mitigated the impact of the holiday on production by arranging employee shifts in advance, stockpiling raw materials, and ensuring supply chain stability. Therefore, after considering the production conditions of all enterprises, it can be observed that while the overall Pr-Nd alloy production experienced a MoM decline, the extent of this decline was relatively small. The entire industry demonstrated a relatively stable production performance during the Chinese New Year period.
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