Spot prices of rare-earth products in China traded on a mixed note in the week ended January 3, amid year-end subdued transactions.
Producers held prices of light rare earth praseodymium-neodymium oxide steady in the first half of the week, before reducing prices on January 1. Reduced offers, however, failed to significantly buoy downstream purchases.
Healthy downstream demand, together with higher listed prices from the state-owned mining company China Northern Rare Earth Group, boosted prices of neodymium oxide and neodymium metal last week.
As of January 3, prices of neodymium oxide were 5,000 yuan/mt higher from a week ago, averaging 291,000 yuan/mt, with prices of neodymium metal up 8,000 yuan/mt, to an average 367,000 yuan/mt, SMM assessed.
Prices of praseodymium-neodymium oxide came in at an average 280,000 yuan/mt as of January 3, down 4,000 yuan/mt on the week. This weighed prices of praseodymium oxide by some 10,000 yuan/mt, to 332,500 yuan/mt.
Medium-to-heavy rare earth oxides, such as dysprosium oxide and terbium oxide, are priced at stable levels, but cheap cargoes are available in the market.
As of January 3, prices of dysprosium oxide stood at 1.72-1.75 million yuan/mt, down 15,000 yuan/mt on the week, with prices of terbium oxide stabilising at 3.51-3.55 million yuan/mt.
SMM retains its expectations that prices of light and medium-to-heavy rare earth products will remain weak in the short term. But any downsides will be limited as downstream buyers will stockpile moderately before the Chinese New Year holiday.
