Northern Rare Earth cuts Pr, Nd prices on low demand

Chinese state-owned Northern Rare Earth has cut its listed prices for praseodymium and neodymium in May as a result of low spot demand from the magnet sector.

The company reduced its May listed price for 99pc praseodymium-neodymium oxide to Yn330,000/t ($51,977/t), down from Yn363,000/t in April.

Argus assessed prices for 99pc oxide stable at Yn318,000-325,000/t ex-works, but few orders were concluded as buyers expected lower prices in the near term.

Northern Rare Earth cut its May listed price for 99pc praseodymium-neodymium metal to Yn421,000/t, down from Yn462,000/t in April, in line with the fall in spot market praseodymium-neodymium oxide prices and thin consumer demand.

Argus assessed prices for 99pc metal at Yn413,000-420,000/t ex-works, down by Yn1,000/t from the previous assessment, but consumers were reluctant to purchase material in anticipation of a further fall in prices.

Northern Rare Earth cut its May listed price for 99.5-99.9pc neodymium oxide to Yn320,000/t, down from Yn359,000/t in April. The company cut its listed price for 99pc neodymium metal to Yn40,900/t, down from Yn457,000/t previously.

Argus assessed prices for 99.5-99.9pc neodymium oxide at Yn313,000-321,000/t ex-works, down from Yn315,000-325,000/t previously. Prices for 99pc neodymium metal fell to Yn407,000-415,000/t ex-works, down from Yn410,000-420,000/t previously.

Listed prices for 99.9pc lanthanum oxide were unchanged at Yn15,500/t, and prices for 99.9pc cerium oxide held at Yn15,000/t for May, but market participants from the catalyst and glass polishing sectors were not eager to replenish material as prices were likely to drop further considering plentiful spot supply.

Argus assessed prices for 99.5-99.9pc lanthanum oxide flat at Yn13,500-14,200/t ex-works, with prices for 99.5-99.9pc cerium holding at Yn13,300-14,000/t ex-works.

Northern Rare Earth is the country's largest producer of light elements and many buyers and sellers use its listed prices as a reference.