ferrite magnets
Supply and demand fundamentals support   rare earth prices remain strong
Nov 24,2021.

Recently, rare earth prices have remained high and fluctuated. According to data released by the China Rare Earth Industry Association, on November 23, the rare earth price index reported 317.4 points, a week-on-week increase of 0.13%, an increase of 8.29% from 293.1 points on November 1. Compared with the situation of the same period last week (November 16), the price increase of mixed rare earth praseodymium and neodymium is the highest. On November 23, the highest reference price of praseodymium and neodymium oxide was 798 yuan/kg, and the highest reference price of praseodymium and neodymium mixed metal was 977 yuan/kg.


price of PrNd metal

Since October, rare earth prices have been rising. Based on the price of major rare earth products announced by the China Rare Earth Industry Association on October 8 (the highest reference price), as of November 23, the reference price of praseodymium and neodymium oxide has increased by more than 30%, and the reference price of praseodymium and neodymium mixed metal has increased by more than 20%.


Light rare earths such as praseodymium and neodymium oxide are widely used in new energy vehicles, wind power, energy-saving inverter air conditioners, traditional automobiles and other fields. With the rapid development of industrial motors and new energy industries, the industry believes that the upstream materials of rare earth permanent magnets are catching a wave of "express". According to the analysis of CITIC Securities Research Report, new energy vehicles may become the largest downstream application of rare earths in 2025. The downstream demand in the wind power sector continues to be strong. The current global permanent magnet direct-drive wind turbine penetration rate is 30%. It is estimated that the wind power sector will consume 33,000 tons of NdFeB in 2025. The long-term demand for rare earths has been fully opened.


The determination of the high-efficiency motor policy also brings new growth space for permanent magnet rare earths. A few days ago, the General Office of the Ministry of Industry and Information Technology and the General Administration of Market Supervision jointly issued the "Motor Energy Efficiency Improvement Plan (2021-2023)", which clearly stated that by 2023, the annual output of high-efficiency and energy-saving motors will reach 170 million kilowatts, and the proportion of high-efficiency and energy-saving motors in service will reach More than 20%. According to the analysis of the Zheshang Securities Research Report, the current proportion of rare earth permanent magnet motors in my country’s motors is relatively low. According to the international general estimation method, the annual demand for neodymium iron boron will reach 20,000 tons, and the downstream demand for light rare earth will reach every year in the next two years. An increase of more than 20%.


Driven strongly by downstream demand for new energy, wind power, etc., institutions generally believe that supply and demand basically form strong support in the face of rare earth prices. The CITIC Securities Research Report predicts that the price of rare earths may increase steadily in 2022, and the profits of companies related to the rare earth industry chain are expected to grow sustainably in the long term.



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