Rare earth market update on February 24, 2025
At the beginning of the week, the overall center of gravity of domestic rare earth prices moved downward, mainly due to the significant increase in the price of rare earth products near the weekend last week, while downstream demand followed up slowly, which led to a rational reduction in suppliers' quotations. Today, the price of praseodymium oxide dropped by about 5,000 yuan/ton, the price of praseodymium-neodymium oxide dropped by about 3,000 yuan/ton, the price of erbium oxide dropped by about 2,000 yuan/ton, and the price of dysprosium oxide dropped by about 20,000 yuan/ton. According to China Tungsten Online, rare earth mining and smelting companies are basically maintaining normal production, while magnetic material companies are generally active in inquiring and purchasing.
According to data from the United States Geological Bureau, by the end of 2024, the global rare earth reserves will be about 90 million tons, a decrease of 20 million tons compared with 110 million tons in 2023, a decrease of 18.18%. Among them, China has the highest rare earth reserves, at 44 million tons, accounting for 48.89% of the world's total reserves. In 2024, the global rare earth production will be about 390,000 tons, an increase of 14,000 tons and 3.72% compared with 376,000 tons in 2023. Among them, China has the highest rare earth production, which is 27 tons, accounting for 69.23% of the global total production.
Prices of rare earth products on February 24, 2025
Neodymium oxide picture
