Commodity Market Report
Global rare earths short-term outlook June 2023
Report summary
Prices for key magnet rare earths remained steady in June. Despite showing a 4.4% improvement on May, prices for Nd-Pr oxide suffered further declines at the end of June, highlighting the persistent market uncertainty stemming from poor downstream purchasing. To combat uncertain economic conditions, China is likely to release a series of supportive policy measures; however, we don’t expect a significant improvement to downstream order placements until later this 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. Refined supply has been bolstered by the news that Lynas expects the first production of mixed rare earth carbonate from its Kalgoorlie refining facility in August.
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