Global rare earths short-term outlook August 2024

In recent weeks, robust restocking efforts within the magnet manufacturing sector and a constrained spot supply of oxide products have invigorated market confidence and led to a price rebound for magnets and rare earths. The further decline in spot prices is limited due to the high cost of raw ore materials, although the import of feedstock from Myanmar may increase in September after the end of the rainy season. Moreover, the growth of China's rare earth quotas is slowing down. As the economy improves, we expect rare earth prices to continue their upward trend.