BEIJING, May 24 (Xinhua) – China's rare earth prices extended upward trend despite investors' recently cooling enthusiasm towards rare earth stocks on the country's A-share market, reported Shanghai Securities News Friday.
Latest data from www.baiinfo.com showed prices of praseodymium-Neodymium oxide and neodymium metal surged 35,000 yuan per tonne and 60,000 per tonne over the previous day to 330,000-340,000 yuan per tonne and 440,000-460,000 yuan per tonne on May 23.
Prices of relevant dysprosium and terbium products hiked 50,000 yuan per tonne from a day prior on Monday 23.
As analysts with www.baiinfo.com introduced, prices of praseodymium-Neodymium oxide rose so fast that mainstream quotes generally stood at 350,000 yuan per tonne at present, with downstream demand proving relatively active. As regarding dysprosium and terbium products, turnover was encouraging.
Under such circumstances, downstream merchants saw difficulties in procurement for inventory preparation and widely believed prices of the four rare earth products were likely to continue to rise in the following days.
Wu Chenhui, an independent sector analyst, noted that as Chinese regulators did not loosen their efforts to crank down illegal activities, there was still room for prices of heavy rare earth elements to go up in short term.
Recently, China’s Ministry of Industry and Information Technology (MIIT), the sector regulator, held a meeting on rare earth industry, on which officials of MIIT's department of raw materials proposed to solidly push for stable running of the rare earth sector. (Edited by Duan Jing, duanjing@xinhua.org)
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