Lynas Corp., reports Mining.com via the Australian, wants its customers to hop on a long-term contract bandwagon.
The rare earth metals and minerals mining company recently said that it will try to persuade its customer base to lock in long-term contracts because it “would guarantee supply and minimum prices would grow the market potential,” according to the article.
Current spot prices of rare earths are 25% below the mark needed for Lynas Corporation’s production to be sustainable. That’s why the company wants to institute a price schedule beginning July 1, as well as cutbacks of “production to 11,000 tonnes per year at its Mt. Weld mine.”
You know what that means?
Since Lynas and Molycorp are big enough players in the REE market now, MetalMiner’s August Rare Earths MMI® may show some movement as a reflection of such decisions.
Perhaps production cutbacks and other moves have already affected pricing, based on this week’s rare earth metals price report:
Current Rare Earths Prices
Neodymium finished as the week’s biggest mover on the weekly Rare Earths MMI® after dropping 21.2 percent. The price of yttrium rose 18.6 percent after falling 20.4 percent during the previous week. Dysprosium oxide rose 4.3 percent over the past week.
In the past week, terbium oxide saw its price shift up 2.1 percent. The price of cerium oxide did not change since the previous week. Europium oxide remained unchanged for the week.
The week finished with no movement for neodymium oxide, praseodymium neodymium oxide, rare earth carbonate, and samarium oxide prices, among others.
The Rare Earths MMI® collects and weights 14 global rare earth metal price points to provide a unique view into rare earth metal price trends. For more information on the Rare Earths MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.