Rare earths: 5 things to look for in 2024

The rare earths industry continues to evolve under the energy transition. Decarbonisation of key sectors such as transport and increasing renewable energy generation is driving demand for rare earth permanent magnets.

Global supply also remains strong with diversification high on the agenda for governments around the world.

Prices for neodymium-praseodymium oxide were comparatively low for much of 2023. This was caused by adequate supply and sustained market uncertainty amid challenging economic conditions, particularly within China. As we move into 2024, short term prices remain under pressure, though we expect market sentiment to improve.

So, what else might 2024 bring? We've drawn on insight from our Rare Earths Research Suite to pick out some key areas we will be watching closely in 2024. This includes:

• Growth in ionic adsorption clay (IAC) exploration and development activity in Southeast Asia
• Diversification of heavy rare earth supply
• Greater interest in sourcing monazite mineral sands as rare earth feedstock
• And more. 

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