I am so sorry for the late sharing, I was busy with LME events for the past one month. Now I’d like to share you a quick review on Pr-Nd market in September, if you are interested in any other information, please let me know.
Review of the Pr-Nd Market in September 2024：
Fundamental analysis：Supply side-Due to the peak season driving down stream demand growth, Pr-Nd prices rose rapidly. The losses for scrap recycling companies were significantly alleviated, and the operating rate increased accordingly. In September, Pr-Nd oxide production saw a considerable increase, and metal factories accelerated production during this period, with Pr-Nd alloy production up 12%MoM;Demand side-Under the influence of the "September peak season," end-use sectors and downstream magnetic material companies had a strong price outlook for Pr-Nd, actively stocking up. In September, major magnetic material companies continued bidding, and metal spot supply was relatively tight. Macro analysis:China Northern Rare Earth's September listing prices increased MoM. On September2, China Northern Rare Earth announced the listing prices for rare earth products for September 2024, with prices for many rare earth products rising MoM. Pr-Nd oxide was listed at 403,200yuan/mt, up 4.78%MoM from August 2024; neodymium oxide at 411,600yuan/mt,up 4.68%MoM; Pr-Nd alloy at 500,000yuan/mt, up 4.6%MoM; and neodymium metal at 510,000yuan/mt, up 4.5%MoM.
Myanmar mine resource fees reduced. The Myanmar government offered resource fee discounts to miners :ion-adsorption ore exported before October1 received a discount of 3,000yuan/mt(normal resource fee is38,000-40,000yuan/mt), leading to a surge in ion ore imports recently. From after the Mid-Autumn Festival to the end of September, 620.16mt of rare earth oxides were imported through the Diantan port. A total of 187 trucks of various materials were exported, including approximately 6,500mt of various fertilizers. There were some residual issues with the last fertilizer export, currently related to the list and packaging bags, which cannot display words like fertilizer and oxalic acid, resulting in reduced export volume recently.
Overall, although the supply of Pr-Nd increased significantly in September, demand also saw a substantial rise. With most market participants having a high price outlook, holders maintained firm offers, making low-priced resources hard to find. Throughout September, rare earth prices fluctuated upward.
King regards,
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