China rare earths: Pr/Nd, Gd retreat in thin tradePrint article28 Apr 22, 09:37 - Metals, Non-ferrous, Rare earths
Beijing, 28 April (Argus) —
The praseodymium-neodymium and gadolinium markets inched down after a temporary rebound, as more suppliers lowered their offers in an attempt to entice buying interest ahead of the Labour Day holiday from 30 April-4 May.
But spot enquiries remained sparse with fewer spot deals done. Overall magnet demand showed no sign of reviving in the short term with Covid-19-led disruptions to logistics services and operations across the downstream magnet manufacturing industry.
Surging Covid-19 cases nationwide and subsequent lockdown measures may affect the country's economic growth and increase uncertainty over short-term demand outlooks in the rare earths market, although spot supply tightness of ore and neodymium-iron-boron scraps feedstock continues, according to some market participants.
Light rare earthsMuted spot transaction after previous short-term restocking weighed on praseodymium-neodymium prices, while limited profit margins kept cerium and lanthanum prices flat.
No new Covid-19 cases were reported in the major production hub of Baotou, Inner Mongolia for two consecutive days during 26-27 April, with an easing of its lockdown expected soon after the third round of testing.
Argus assessed 99pc praseodymium-neodymium oxide prices down to 845-855 yuan/kg ($128-129/kg) ex-works on 28 April from Yn850-860/kg ex-works on 26 April, pressured by a slowdown in restocking demand from metal processing plants in response to limited profit margins for metals. Export prices moved down to $128-129.50/kg fob on 28 April from $130-131.50/kg fob on 26 April following the drop in domestic prices.
Prices for 99pc praseodymium-neodymium metal were unchanged from 26 April at Yn1,050-1,060/kg ex-works on 28 April as low spot availability offset a fall in oxide feedstock costs. Most magnet plants have run low of metal feedstock after restrained restocking during March-April with a continued fall in the spot market. Export prices remained flat at $161-162.50/kg fob in line with the stable domestic prices.
The range for 99.5-99.9pc neodymium oxide held steady at Yn880-900/kg ex-works on 28 April as ample spot supplies offset a slight recovery in restocking demand from metal processing plants that almost have ran out of oxide inventories. Export prices stayed at $138.50-141.50/kg fob on 28 April with the flat domestic prices.
Prices for 99pc neodymium metal were unchanged at Yn1,100-1,120/kg ex-works on 28 April as muted demand from the magnet sector offset limited spot availability. The stable domestic prices kept import prices flat at $173-175/kg fob on 28 April.
Prices for 99.5-99.9pc praseodymium oxide were assessed firm at Yn880-890/kg ex-works on 28 April as low spot availability offset the fall in praseodymium-neodymium oxide prices. Export prices stayed at $138.50-140/kg fob on 28 April in line with the steady domestic prices.
Argus assessed prices unchanged from 26 April at Yn8,500-9,000/t ex-works for 99.5-99.9pc cerium oxide and Yn7,900-8,400/t ex-works for 99.5-99.9pc lanthanum oxide on 26 April as limited profit margins prompted suppliers and trading firms to stay on the market sidelines, while buyers mostly relied on existing stocks.
Medium and heavy rare earthsThe fall in the praseodymium-neodymium market and weaker magnet demand pushed down the gadolinium market. The range for 99.5-99.9pc gadolinium oxide was assessed lower at Yn425,000-435,000/t ex-works on 28 April from Yn430,000-440,000/t ex-works on 26 April.
Prices for 75pc ferro-gadolinium also moved down to Yn405,000-415,000/t ex-works on 28 April from the 26 April range of Yn410,000-420,000/t ex-works, in line with lower feedstock costs and weaker magnet demand.
The range for 99.5pc dysprosium oxide was assessed unchanged from 26 April at Yn2,570-2,600/kg ex-works on 28 April, as increased spot supplies from trading firms and resistance among metal processing plants to accept higher offers prevented the market from rising in the short term.
The firm oxide costs kept the metal market unchanged, with prices for 80pc ferro-dysprosium holding at Yn2,570-2,600/kg ex-works on 28 April. Suppliers were reluctant to make price concessions because of firm production costs and expectations of a clear price direction after the Labour Day holiday in early May.
The steady domestic prices offset weaker international demand, keeping the export market on 28 April unchanged from 26 April at $403-408/kg fob China for 99.5pc dysprosium oxide and 80pc ferro-dysprosium respectively.
The range for 99.99pc terbium oxide remained unchanged from 26 April at Yn14,200-14,500/kg ex-works on 28 April, with prices for 99.9pc terbium metal staying at Yn17,900-18,200/kg ex-works. Export prices kept stable from 26 April at $2,170-2,210/kg fob China for 99.99pc terbium oxide and $2,750-2,790/kg fob China for 99.9pc terbium metal, in line with the steady domestic prices and weaker export orders.
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