Commodity Market Report

Global rare earths short-term outlook February 2023

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Prices for most rare earths, particularly those used in permanent magnets, declined in February as demand from downstream producers waned amid economic uncertainty. Despite a brief period of uplift following the spring festival closures, prices for neodymium, praseodymium and neodymium-praseodymium oxide fell by an average of 1.1% month-on-month. We expect order activity from downstream metal, alloy and magnet manufacturers to improve towards the end of Q1 and in to Q2 2023, facilitating an uptick in prices towards the end of the year. The ROW pipeline of developing projects at the mined and refined stage continues to expand as governments around the world look to improve supply chain security. Wood Mackenzie expects global mined supply to become increasingly diversified over the coming years; however, significant investment in downstream portions of the supply chain are required to achieve total security.

Table of contents

  • Lanthanum and cerium oxide
  • Neodymium, praseodymium and Nd-Pr oxide
  • Samarium, europium and gadolinium oxide
  • Terbium and dysprosium oxide
  • Other heavy rare earth oxides
  • Changes to GDP and macroeconomic drivers
  • China Northern resumes online auctions for NdPr metal – implications for magnet demand
  • Lynas LAMP receives operating licence renewal but import and processing restrictions upheld
  • Jiangxi Copper refinery relocation and expansion suggests increased quota for China Rare Earth Group
  • Energy Fuels completes its acquisition of the Bahia heavy mineral sand project
  • China updates list of technologies prohibited and restricted from export
  • Solvay and Cyclic Materials enter into agreement to expand recycled production
  • Iluka bolsters future rare earth production capabilities

Tables and charts

This report includes 18 images and tables including:

  • Historical lanthanum and cerium oxide prices
  • Forecast lanthanum and cerium oxide prices
  • Neodymium, praseodymium and Nd-Pr oxide prices
  • Forecast neodymium, praseodymium and Nd-Pr oxide prices
  • Samarium, europium and gadolinium oxide prices
  • Forecast samarium, europium and gadolinium oxide prices
  • Terbium and dysprosium oxide prices
  • Forecast terbium and dysprosium oxide prices
  • Holmium, erbium1, ytterbium, yttrium and lutetium oxide prices
  • Forecast ytterbium, erbium, yttrium oxide prices
  • Forecast holmium and lutetium oxide prices
  • Rare earth demand by application
  • Rare earth demand by element
  • Global mined supply by region
  • Global refined and recycled supply
  • Chinese exports of rare earth products
  • Imports of RE compounds (US, Japan and EU27)
  • Imports of RE metal (US, Japan, EU27)

What's included

This report contains:

  • Document

    Global rare earths short-term outlook February 2023

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