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Commodity Market Report 03 July 2024

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Report summary

In Q2 2024, our global automotive and EV demand forecasts have been scaled back slightly for the forecast period out to 2050. This has lowered demand for rare earths, mainly in magnet materials, and created a little more slack in the otherwise tight markets of magnet raw materials. Even so, the rare earths industry remains a story of robust growth, with neodymium remaining in tight demand in the coming years thanks to its use in magnets for energy transition technologies such as EVs and wind turbines. Meanwhile, new projects have been reported in Asia and Africa that could help to create a more diverse supply chain in the long term.