Commodity Market Report
Global rare earths short-term outlook June 2024
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Report summary
Prices for key magnet rare earths remained rangebound in June. Sufficient spot supplies and a summer lull have put pressure on the price of magnet rare earths. Short-term prices are under pressure as bearish market sentiment persists. Neodymium will remain in surplus in 2024 and gradually transition to a period of market tightness in 2026, supporting prices at higher levels. Dysprosium demand will surpass supply in 2025 before entering a market surplus in 2026, supporting prices in the short term. Wood Mackenzie expects the overall market sentiment to improve in the fourth quarter of 2024, with an improved downstream magnet demand as the key driver.
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