Baotou Steel to resign rare earth concentrate supply contract with Northern Rare Earth

On June 22, Baotou Steel announced that since early Q2 this year prices for major light rare earth products on the market kept fluctuating up and stood at a high level.Asian Metal Copyright82t dry with REO up or down by 1%; total rare earth concentrate trade volume in 2022 will not exceed 230,000t dry, REO=50%.Asian Metal Copyright Based on current market conditions and in line with the rare earth concentrate pricing mechanism agreed with North Rare Earth, Baotou Steel plans to resign the rare earth concentrate supply contract with North Rare Earth to raise selling prices for rare earth concentrate. According to the new contract, starting from July 1, 2022 the company will adjust rare earth concentrate price to RMB39,189/t Ex-VAT (USD5,841/t) (dry, REO=50%), and the Ex-VAT price will rise or drop by RMB783.78/t (USD116.82/t) (dry) with REO up or down by 1%; total rare earth concentrate trade volume in 2022 will not exceed 230,000t (dry, REO=50%).

.Asian Metal Copyright According to the new contract, starting from July 1, 2022 the company will adjust rare earth concentrate price to RMB39,189t Ex-VAT USD5,841t dry, REO=50%, and the Ex-VAT price will rise or drop by RMB783Asian Metal Copyright