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Rare earths prices in China hit 7 weeks high on post-holiday restocking

Published Tue, Apr 9, 2024 · 07:48 PM

RARE earths prices in top producer China jumped to their highest in more than seven weeks on Monday (Apr 8) on a wave of post-holiday restocking among buyers, before easing slightly on Tuesday.

China accounts for 70 per cent of rare earths mining and 90 per cent of refined output, according to the US Geological Survey.

The price of praseodymium oxide, one of the most widely used light rare earth elements, climbed by 9.7 per cent week on week and 9.1 per cent month on month, respectively, to 395,000 yuan a tonne on Monday, the highest since Feb 21, data from information provider Shanghai Metals Market (SMM) showed.

Meanwhile, the price of terbium oxide, one of the most widely used heavy rare earth elements, jumped by over 14 per cent both on the week and on the month to 6,150 yuan a kilogramme, the highest since Jan 9, according to SMM data.

Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in electric vehicles and consumer electronics.

Some magnetic materials producers returned to the spot market to replenish raw material supplies after China’s QingMing Festival has almost run out of in-plant stocks, said analysts.