China rare earth price showed a steady upward trend in the week...

China rare earth price showed a steady upward trend in the week ended on Friday, May 26, 2023 mainly due to the recent increase in downstream inquiries, the slowdown of production by some rare earth manufacturers, the general increase in the profit awareness of holders, and the rapid development of rare earth downstream industries such as the wind power industry and the good market outlook.

It is worth mentioning that the World Bank predicts that the global demand for key raw materials such as lithium, copper, nickel, graphite, and rare earth elements will increase by 500% by 2050.

According to Chinatungsten Online, the price of praseodymium and neodymium oxide rose by about 13,000 yuan/ton, or 2.75%, compared with last week; the price of terbium oxide rose by about 15,000 yuan/ton, or 5.45%; the price of terbium oxide rose by about 5,500 yuan/kg, or 6.75%; the price of dysprosium oxide rose by about 90,000 yuan/ton, or 4.39%; the price of dysprosium-iron alloy rose about 80,000 yuan/ton or 4.12%; the price of neodymium praseodymium, which is NdFeB scrap, rose by about 37 yuan/ton, or 7.82%, compared with last week.

In terms of news: The latest data from the Energy Administration shows that as of April 2023, the total installed capacity of wind power in China will be 379.66GW, a year-on-year increase of 12.2%. From January to April, the installed capacity of wind power was 14.2GW, a year-on-year increase of 48.23%. Among them, the newly installed capacity in April was 3.8GW, a year-on-year increase of 126.19%. The monthly installed capacity of domestic wind power has grown by more than 100% year-on-year for two consecutive months since March, which saw a year-on-year increase of 110%. Some organizations predict that the delivery of wind power installed capacity is expected to increase from April to May, and the annual wind power installed capacity is expected to be 70-90GW, an increase of more than 100% year-on-year.