Neodymium oxide prices hit new high

BEIJING (Asian Metal) 7 Jun 06 – Market sources reported that spot prices of neodymium oxide reach a new high of RMB95,000/t (USD11,875/t) in the domestic market this week.

According to a source from Baotou, the price of neodymium oxide was fixed at RMB92,000/t (USD11,500/t) ex works by long-termed contract, but some deals was transacted for RMB95,000/t (USD11,875/t) for prompt delivery.

“We just sold 1 ton of neodymium oxide at a price of RMB95,000/t (USD11,875/t) for prompt delivery, which was deposited by ammonium acid carbonate,” the source said.

The source disclosed that the smelter can’t accept new orders for neodymium oxide till late July as the long-termed contract signed already. The smelter produced 15 tons of neodymium oxide in May.Asian Metal CopyrightAccording to a source from Baotou, the price of neodymium oxide was fixed at RMB92,000t USD11,500t ex works by long-termed contract, but some deals was transacted for RMB95,000t USD11,875t for prompt delivery.Asian Metal Copyright

Gansu Rare Earth Corp., one of the world's largest rare earth companies, on Tuesday announced to raise the price to RMB98,000/t (USD12,250/t) for neodymium oxide deposited by oxalic acid under a quantity of 5 tons at hand, commenting the growing demand for neodymium metal from battery and magnetic industries is the impetus.Asian Metal CopyrightThe source disclosed that the smelter can’t accept new orders for neodymium oxide till late July as the long-termed contract signed already.Asian Metal Copyright

Analysts said Japanese and European magnetic companies had large demands and still had to account for China, raising the prospect that Chinese producers would be tapped for further rise.