Sharp Price Cuts By China Northern Rare Earth Undermined Market Confidence  

SHANGHAI, Jan 5 (SMM) – On January 2, China Northern Rare Earth announced its listing prices of rare earth products in January 2024, all of which fell MoM. Lanthanum oxide was offered at 4,100 yuan/mt, down 58.16% MoM; cerium oxide at 6,500 yuan/mt, down 33.67% MoM; PrNd oxide at 453,300 yuan/mt (down 8.13% MoM); neodymium oxide at 461,600 yuan/mt (down 7.99% MoM); Pr-Nd alloy at 560,000 yuan/mt (down 7.89% MoM); neodymium metal at 570,000 yuan/mt (down 7.77% MoM).
The sharp price cuts by China Northern Rare Earth undermined market confidence. As the Chinese New Year is drawing near, orders received by magnetic material plants have declined. So, some of them are planning to take an early break for the holiday. Poor demand led to muted transactions, forcing sellers to lower offers rapidly.