Date: 23/05/2011 Announcement of Current Neodymium Magnet Situation
During the week ending 21 May, 2011 China's State Council issued a new guideline with plans and regulations to further control the rare earth metals industry.
In response, the prices of rare earth metals sky rocketed again. The tonnage price for Pr-Nd has increased from RMB 500,000 in March, to RMB 750,000 in April, to RMB 1,000,000 as of 23 May. Price for Dy has also increased from RMB 2,800,000 in March to RMB 5,000,000 as of 23 May.
Current forecasts are that Pr-Nd will rise to RMB 1,200,000 in the next two weeks.
Due to the limited supply and price surge of rare earth material, as 23 May several factories will suspend all new inquiries and orders for neodymium magnets until further notice.
For comparison purposes, at the end of May 2010, Pr-Nd was RMB 215,000 per Tonne whilst at end of 2008 it was just RMB 78,000 per Tonne.
European buyers of rare earth magnets will be facing massive increases in prices compared to their last purchase(s) and we provide this information to help them to understand why.
