Rare earth prices in China hit a record high of more than 1 million yuan per ton

2022-05-30 0 By

Recently, international bulk non-ferrous metal commodity prices have generally risen, among which rare earth has been at a high level in this round of rising cycle.The price of praseodymium oxide, a major rare earth product, reached 1.1 million yuan per ton, the highest since 2012, according to data from The Shanghai Nonferrous Metals Website on Monday. The price hit 1.275 million yuan in June 2011.Market analysis, the current international demand for non-ferrous metals, rare earth prices will hover at a high level.Meanwhile, the rare earth price index released by China Rare Earth Industry Association reached a new record high of 426.8 points on 15th, nearly doubling the annual growth.At present, the international demand for rare earth continues to increase, praseodymium and neodymium oxides are in short supply on the market, and the corresponding supply of non-ferrous metals is also in a tight state.In downstream manufacturing, such as new energy vehicles, wind power and other fields, the demand for rare earth permanent magnet materials is rising internationally.This year, the rare earth industry is expected to remain on the fast track of rapid development, with strong demand for terminal applications and high prices of rare earth products.Thanks to the recovery of the global economy and the continuous control of the epidemic in various countries, iron ore, oil, coal, copper and other commodities are on the rise, and the price of rare earth is also on the rise.At the same time, China is rearranging its rare-earth industry to enhance its voice in international rare-earth trade, market concentration and bargaining power.Rare earth has always been an indispensable raw material for the global high-tech industry, new energy manufacturing and other industries. With the global economic recovery and the rapid growth of high-tech manufacturing, the price of rare earth also keeps pace with the pace of economic growth.