Rare earth concentrate purchase prices of China Northern Rare Earth (Group) High-Tech for 2024Q2 fell 19% QoQ 

Purchase prices of rare earth concentrates by China Northern Rare Earth (Group) High-Tech for 2024Q2 issued on the evening of April 9 were adjusted to 16,792 yuan/mt (excluding tax, dry basis, REO 50%), and for every 1% increase or decrease of REO, the tax- excluding prices will increase or decrease by 335.84 yuan/mt, down 19% QoQ. According to SMM calculations, this price cut reduced the cost of Pr-Nd oxide to around 320,000 yuan/mt.
As rare earth prices almost fell to the cost line, the decline narrowed. The cost support has limited the room for buyers to demand a lower price. The rare earth price decline stopped at the end of March.
Entering April, as the inventory of magnetic material enterprises was close to the bottom, they began to purchase. Some terminal demands such as automobiles and wind power installations increased. At the same time, rare earth ore producers held back amid decreased supply. All these contributed to high Pr-Nd product prices in April.