Global rare earths short-term outlook January 2022 Report

Commodity Market Report 31 January 2022

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Report summary

The start of 2022 has seen continued increases in prices for key rare earths used in magnet applications, led by restocking and expectation of a continued tight feed stock market. The closure of the Myanmar-China border in December has further exacerbated feed stock concerns for heavy rare earths with limited alternatives available and inventories already at low levels. Continued strong growth in magnet demand has been supported by further growth in EV vehicle sales though wind turbine technologies have increase above expectations. Overall rare earth demand growth is expect to exceed 5% in 2022, though demand from magnet applications is forecast to increase at a significantly higher rate. Conversely, non-magnet applications will display subdued or negative growth in the short term outlook.

Lanthanum and cerium oxide
Neodymium, praseodymium and Nd-Pr oxide
Samarium, europium and gadolinium oxide
Terbium and dysprosium oxide
Other heavy rare earth oxides
Omicron shutdowns continue to limit recovery
Restocking bringing forward demand
Chinese exports of rare earth products
ROW trade movements
Neodymium market balance
Dysprosium market balance
Mined supply
- China responds to HREE supply tightness
- China bullish on LREE production despite higher feedstock cost
Refined supply
- Lynas avoids supply disruption
- ROW refined capacity developments
Recycled supply
- Regional developments in recycled supply