Rare earths stocks in China climbed after China Minmetals Corp. received government approval to form a group of provincial producers as part of government moves to reform the industry.
China Minmetals Rare Earth Co., its rare earth unit, rose 4.3% to close at 27.80 yuan in Shanghai after gaining as much as 8.2%. The benchmark Shanghai Composite Index closed up 4.3%.
China, supplier of more than 90% of the world’s rare earths, aims to create fewer and bigger industry groups to help technology upgrade and crack down on illegal production.
The week’s biggest mover on the weekly Rare Earths MMI® was the price of terbium oxide, which saw a 3.5% increase to CNY 2,950 ($479.71) per kilogram. Last week marked the fourth in a row of rising prices for the metal. The price of dysprosium oxide rose 2.7% over the past week to CNY 1,540 ($250.43) per kilogram. This was the third week in a row of increasing prices. Terbium metal prices ticked up 2.6% over the past week to CNY 3,900 ($634.20) per kilogram.
The price of praseodymium oxide fell 2.3% over the past week to CNY 420,000 ($68,298) per metric ton. This was the fourth week in a row of declining prices. Cerium oxide remained essentially flat from the previous week at CNY 12,500 ($2,033) per metric ton. Following a steady week, prices for cerium oxide closed flat at CNY 12,500 ($2,033) per metric ton. Europium oxide prices held steady from the previous week at CNY 1,900 ($308.97) per kilogram.
Prices for neodymium remained constant, closing the week at CNY 345,000 ($56,102) per metric ton. Closing at CNY 266,000 ($43,256) per metric ton, neodymium oxide remained unchanged for the week. At CNY 276,000 ($44,882) per metric ton, the price of praseodymium neodymium oxide did not change since the previous week. At CNY 25,000 ($4,065) per metric ton, the week finished with no movement for rare earth carbonate.
Samarium oxide prices held steady from the previous week at CNY 17,000 ($2,764) per metric ton. Closing at CNY 34,000 ($5,529) per metric ton, yttria remained unchanged for the week. Yttrium remained essentially flat from the previous week at CNY 270.00 ($43.91) per kilogram.
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.