The recent rare earths price rises are a potentially good sign for at least one: Jean Claude Steinmetz, who was recently named the new chief operating officer (COO) of Lynas Corp. to be based in Malaysia.
He “will oversee the safe and efficient operations of the Lynas Advanced Materials Plant (LAMP) in Malaysia and the mining operations and concentration plant at Mount Weld in Western Australia,” according to the Daily Express.
Also, US-based Molycorp (NYSE: MCP) may be taking this as a good sign as well. Some say that Molycorp’s future is only as stable as the demand for electric vehicles; but as we wrote last week, Molycorp is still bullish on its rare earths demand forecast.
The biggest mover on the weekly Rare Earths MMI® was the price of praseodymium oxide, which saw a 8.1 percent increase.
This week marked the third in a row of rising prices for the metal. Praseodymium neodymium oxide closed last week, after a 7.4 percent rise in price. In the past week, the price of neodymium oxide shot up 4.5 percent.
Over the past week, europium oxide rose 4.3 percent. Following a 2.4 percent increase, terbium oxide finished the week higher. The price of dysprosium oxide rose 2.3 percent after falling 8.3 percent during the previous week.
The price of cerium oxide did not change since the previous week. Lanthanum oxide, rare earth carbonate, samarium oxide, yttria and yttrium prices held steady from the previous week.
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.