Prices for light, medium and heavy rare earths kept stable after the new year holiday on 1 January, as more suppliers maintained their offers to monitor further market developments.
The local government of Myanmar requires mining companies in the country to pay extra charges of 200,000 yuan/t ($27,400/t) on each mining site and detain around 20pc of rare earth ore shipments to China as export tariffs before issuing mining rights for 2025. Some market participants expect the government's decision is more likely to boost ore feedstock costs and reduce its shipments to China, although negotiations between local mining companies and the government remain ongoing.
Light rare earths
Argus assessed domestic prices for 99pc praseodymium-neodymium oxide at Yn397-399/kg ex-works today, stable from 31 December because of limited spot market activity at the very beginning of this year. Most market participants held offers stable or stopped market activity to observe the market direction today. Export prices for the oxide remained flat at $54.70-55/kg fob during the same period.
The range for 99pc praseodymium-neodymium metal were assessed at Yn490-493/kg ex-works today, steady from 31 December in line with the stable oxide feedstock prices. Export prices held unchanged from 31 December at $67.50-68/kg fob today.
Domestic prices were assessed at Yn402-405/kg ex-works for 99.5-99.9pc neodymium oxide and Yn410-415/kg ex-works for 99.5-99.9pc praseodymium oxide today, stable from 31 December in line with the unchanged praseodymium-neodymium oxide prices. Export prices were flat at $55.30-55.80/kg fob and $56.30-57.30/kg fob over the same period, respectively for the two products.
The steady oxide feedstock prices supported the neodymium metal market, with prices for 99pc neodymium metal steady from 31 December at Yn495-500/kg ex-works today. Export prices were stable at $68.20-69/kg fob during the same period.
Medium and heavy rare earths
Prices for most medium and heavy rare earths remained rangebound after the holiday. This came as more suppliers maintained their offers and had little interest in cutting their offers, considering higher ore feedstock costs and a potential rise in restocking activity before the lunar new year holiday starting from late January.
Prices were assessed flat today from 31 December at Yn1,600-1,620/kg ex-works for 99.5pc dysprosium oxide and Yn5,570-5,620/kg ex-works for 99.99pc terbium oxide. There were almost no deals concluded today, as more buyers remained on the market sidelines for a clear direction.
Stable domestic prices and reduced export orders kept the export market flat today from 31 December at $219-224/kg fob China for 99.5pc dysprosium oxide and $765-785/kg fob China for 99.99pc terbium oxide. Demand from seaborne buyers kept subdued, in line with slower economic growth and weaker magnet purchases outside China.
Steady oxide costs offset slower magnet demand, leaving the metal market unchanged today from 31 December at Yn1,570-1,590/kg ex-works for 80pc ferro-dysprosium and Yn6,980-7,050/kg ex-works for 99.9pc terbium metal, respectively. But fewer deals were closed on the spot market, as more buyers were reluctant to replenish material on expectations of a potential price downtrend.
Stable domestic prices offset reduced export demand, leaving the export range flat today from 31 December at $215-220/kg fob China for 80pc ferro-dysprosium and $955-975/kg fob China for 99.9pc terbium metal. More overseas buyers scaled back spot purchases and opted to rely on their inventories to monitor further developments.
The gadolinium and holmium markets were stable, given thin spot trade. Prices were assessed unchanged today from 31 December at Yn149-152/kg ex-works for 99.5-99.9pc gadolinium oxide and Yn400-405/kg ex-works for 99.5pc holmium oxide. Some market participants are bearish about the short-term market outlook, expecting price declines in the coming weeks given shrinking consumer demand and higher supplies.
