Demand destruction for the HREEs as well Pennie. The LREEs are definitely in oversupply basically due to Bao, Lynas, Moly and a host of small scale producers all over the world.
The production of HREEs also necessarily involves LREE production even in Southern China. Unless of course you can find some REE ore that only contains HREEs ?
While in theory your simple cyclical analysis is more or less correct. Imo this will only lead to a return to historical normal prices all else being equal. Unfortunately this will take some time to occur and due to demand destruction so the pressure in st to mt will be to the down side.
It is likely that with changes in technology that the demand destruction may even be permanent.
Doom or Dawn ?, page-18
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