Rare earth prices rise on buoyant market expectation
Chinese rare earth prices surged earlier this week following market anticipations of more active trading ahead of the Chinese New Year holiday, SMM learned.
Praseodymium oxide price stood at 440,000 yuan/mt on Thursday January 11, up 30,000 yuan/mt from the start of the week, according to SMM assessment. Neodymium oxide was assessed at 360,000 yuan/mt, up 40,000 yuan/mt. The price of praseodymium-neodymium oxide was up 25,000 yuan/mt to 350,000 yuan/mt, SMM data showed.
Recent news that the Ministry of Industry and Information Technology (MIIT) held meetings to discuss restructure of the rare earth industry has also given confidence to the market.