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policy boosts rare earths spending, but effect could be short-lived","chinese-policy-boosts-rare-earths-spending-but-effect-could-be-short-lived","article/chinese-policy-boosts-rare-earths-spending-but-effect-could-be-short-lived",{"_uid":557,"date":558,"tags":559,"editor":568,"content":578,"excerpt":700,"featured":51,"reporter":701,"_editable":705,"component":706,"seo_title":553,"categories":707,"visibility":716,"author_company":49,"featured_image":717,"seo_description":700,"author_full_name":49,"author_job_title":49,"formattedDate":722,"formattedArticleDate":723},"3054104d-aa9e-4355-a34c-6f305ec4cfe1","2024-09-10 00:00",[560,563,565],{"slug":561,"name":562},"china","China",{"slug":564,"name":564},"prices",{"slug":566,"name":567},"policy","Policy",[569],{"slug":570,"name":571,"content":572},"didi-bostock","Didi Bostock",{"job_title":573,"image":574,"bio":576,"linkedin":577},"Editor - Energy Transition & Economics",{"filename":575},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":579,"content":580},"doc",[581,588,603,608,613,618,623,628,635,640,645,650,655,660,665,670,675,680,685,690,695],{"type":582,"attrs":583,"content":584},"paragraph",{"textAlign":49},[585],{"text":586,"type":587},"Prices for light and heavy rare earths increased over August 2024 as demand-bolstering Chinese policies for consumer goods took effect.  ","text",{"type":582,"attrs":589,"content":590},{"textAlign":49},[591,593,601],{"text":592,"type":587},"PrNd rose 9% to RMB 392,500/tonne ($55,343) over August, according to ",{"text":594,"type":587,"marks":595},"Benchmark’s Rare Earths Price Assessment",[596],{"type":597,"attrs":598},"link",{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/rare-earths/rare-earths-prices/table/","url",{"text":602,"type":587},", building on July’s uptick of 1.5%,",{"type":582,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":587},"Heavy rare earths prices rose at a slower pace of 5.7% and 1.7% for terbium (Tb) and dysprosium (Dy) oxides respectively, reflecting lower liquidity in these markets. ",{"type":582,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":587},"Driving this was a bump in downstream demand for rare earth-containing goods, prompting rare earth permanent magnet (REPM) producers to buy heavily from the spot market to fill depleted oxide stockpiles.",{"type":582,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":587},"Chinese government policies on both the supply and demand sides were responsible for the unseasonal rise in downstream demand. ",{"type":582,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":587},"The price recovery may prove fragile, however, as structural features of the rare earth market remain unchanged and the recovery has relied heavily on short-term stimulus.",{"type":582,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":587},"“We do not anticipate a sustained increase in prices in the near future as the market continues to be severely oversupplied. It is expected that prices will remain around current levels through to the end of 2024.” commented George Ingall, price and data analyst at Benchmark. ",{"type":629,"attrs":630,"content":632},"heading",{"level":631,"textAlign":49},4,[633],{"text":634,"type":587},"A temporary policy boost",{"type":582,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":587},"The third quarter is typically when REPM producers see a rise in OEM orders and begin manufacturing for next year’s tranche of seasonal consumer goods, like air conditioners.",{"type":582,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":587},"This year, however, the market saw slightly earlier demand improvement over August, primarily thanks to several new Chinese stimulus policies.  ",{"type":582,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":587},"The first was announced in April, when several government departments announced a scheme where citizens could trade in used consumer goods in exchange for subsidised low-carbon goods.",{"type":582,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":587},"In late July, China doubled the subsidy for old-vehicle trade-ins for new energy vehicles (NEVs) to RMB 20,000 ($2,800) from RMB 10,000 ($1,400).",{"type":582,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":587},"China announced in late August that consumers would receive a 15% trade-in subsidy off a product’s final sales price covering eight types of household appliances.",{"type":582,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":587},"The scheme includes washing machines, televisions, air conditioners, computers, water heaters, household stoves, and range hoods, all of which contribute to downstream demand for rare earths.",{"type":582,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":587},"These policies were designed to boost key industries by shoring up consumer confidence but the effect is likely to be short-lived without more concerted reforms. ",{"type":582,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":587},"“Most people don’t buy new air con units, cars, and houses every year so trade-ins will encourage buyers to bring forward their spending plans. What this means is, today’s sales growth likely comes at the expense of later quarters and years,” said Jonathan Humphrey, economist at Benchmark.",{"type":629,"attrs":676,"content":677},{"level":631,"textAlign":49},[678],{"text":679,"type":587},"Quota cooldown supports market sentiment",{"type":582,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":587},"Another contributor to unseasonal demand improvement through August was a supply-side policy shift. ",{"type":582,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":587},"China’s second and final rare earth production quota of 2024 in August raised full year production at a slower rate than in recent years, indicating a tighter market going forwards. ",{"type":582,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":587},"The second and final rare earths quota of 2024, released in August, raised China’s full year production ceiling by just 5% compared to a 21.4% year-on-year rare earths quota increase in 2023 or and a 25% increase in 2022.",{"type":582,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":587},"This marks a shift in Chinese rare earths policy, which has pursued continual production ramp up since 2022, yet the market should remain oversupplied for some time.","Prices for light and heavy rare earths increased over August 2024 as demand-bolstering Chinese policies for consumer goods took effect. PrNd rose 9% to RMB 392,500/tonne ($55,343) over August, according to Benchmark’s Rare Earths Price Assessment, building on July’s uptick of 1.5%, Heavy rare earths prices rose at a slower pace of 5.7% and 1.7% […]",[702],{"slug":570,"name":571,"content":703},{"job_title":573,"image":704,"bio":576,"linkedin":577},{"filename":575},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3054104d-aa9e-4355-a34c-6f305ec4cfe1\", \"id\": \"\"}-->","article",[708,711,714],{"slug":709,"name":710},"critical-minerals","Critical Minerals",{"slug":712,"name":713},"new-energy","New Energy",{"slug":715,"name":420},"rare-earths","private",{"id":49,"alt":718,"name":718,"focus":718,"title":718,"source":718,"filename":719,"copyright":718,"fieldtype":720,"meta_data":721,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/a2a6274298/bm-air-conditioners-sold-in-shopping-mallsaugust-5-2019-beijing-china.jpg","asset",{"alt":718,"title":718,"source":718,"copyright":718},"Sep 10, 2024","10th September 2024",[],[],1789982573605]