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rare earth prices hit producers as Lynas stockpiles","falling-rare-earth-prices-hit-producers-as-lynas-stockpiles","article/falling-rare-earth-prices-hit-producers-as-lynas-stockpiles",{"_uid":557,"date":558,"tags":559,"editor":578,"content":588,"excerpt":790,"featured":51,"reporter":791,"_editable":795,"component":796,"seo_title":553,"categories":797,"visibility":806,"author_company":624,"featured_image":807,"seo_description":812,"author_full_name":624,"author_job_title":624,"formattedDate":813,"formattedArticleDate":814},"38b193bf-86dd-4641-b6e5-e72243c1998d","2023-08-11 00:00",[560,563,566,569,572,575],{"slug":561,"name":562},"australia","Australia",{"slug":564,"name":565},"lynas","Lynas",{"slug":567,"name":568},"mp-materials","MP Materials",{"slug":570,"name":571},"rare-earth-prices","rare earth prices",{"slug":573,"name":574},"usa","USA",{"slug":576,"name":577},"wind","Wind",[579],{"slug":580,"name":581,"content":582},"matthew-bird","Matthew Bird",{"job_title":583,"image":584,"bio":586,"linkedin":587},"Senior Editor - Supply Chains & Data Visualisation",{"filename":585},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":589,"content":590},"doc",[591,608,613,618,627,632,643,650,655,668,673,678,683,688,693,698,703,708,713,718,723,728,733,738,743,748,753,758,765,770,775,780,785],{"type":592,"attrs":593,"content":594},"paragraph",{"textAlign":49},[595,598,606],{"text":596,"type":597},"Falling ","text",{"text":599,"type":597,"marks":600},"rare earth",[601],{"type":602,"attrs":603},"link",{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://www.benchmarkminerals.com/forecasts/rare-earths/reports/","url",{"text":607,"type":597}," prices are putting pressure on mining operations outside of China, as Australia’s Lynas Rare Earths said it would stockpile some material this year.",{"type":592,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":597},"Lynas said sales for the quarter ending in June fell 47% year-on-year to A$157.5 million ($103 million) as weak demand combined with oversupply from China continue to lower rare earth prices.",{"type":592,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":597},"The company said its average selling price fell 51% to A$38.9/kg ($25.38) for the quarter, according to the company. US company MP Materials, another of the few non-Chinese rare earths producers, said its realised prices for rare earth oxides in concentrate fell by 55% in the quarter ending June from a year earlier. ",{"type":592,"attrs":619,"content":620},{"textAlign":49},[621],{"type":622,"attrs":623},"image",{"id":49,"alt":624,"src":625,"title":49,"source":49,"copyright":49,"meta_data":626},"","https://a.storyblok.com/f/287943243085208/59f6f096c9/bm-chart-screenshot-27.png",{},{"type":592,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":597},"Lynas attributed its weak performance to softer Japanese demand for NdFeB magnets, a rare earth permanent magnet containing praseodymium (Pr) and neodymium (Nr) oxide. It also pointed to Chinese oversupply of LaCe, an alloy of lanthanum and cerium, rare earths with lower market value than PrNd.",{"type":592,"attrs":633,"content":634},{"textAlign":49},[635,641],{"text":636,"type":597,"marks":637},"Slowing economic growth in China",[638],{"type":602,"attrs":639},{"href":640,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/china-slowdown-dampens-2023-ev-demand-outlook",{"text":642,"type":597}," and high supply are likely to sustain these price drops in the short term, with Benchmark expecting a surplus of PrNd oxide this year. China is forecast to produce 74% of the global PrNd oxide supply in 2023. ",{"type":644,"attrs":645,"content":647},"heading",{"level":646,"textAlign":49},4,[648],{"text":649,"type":597},"Deterring investment ",{"type":592,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":597},"According to Benchmark analyst Daan de Jonge, the low price environment could deter further investments into Australia’s rare earths capacity, weakening the EU and US’ ability to reduce their dependence on rare earth materials from China.",{"type":592,"attrs":656,"content":657},{"textAlign":49},[658,660,666],{"text":659,"type":597},"Australia is one of the few Western-allied free trade agreement countries with large, economically viable rare earths deposits, making capacity expansions there essential for Western markets to obtain ",{"text":661,"type":597,"marks":662},"enough ex-China feedstock",[663],{"type":602,"attrs":664},{"href":665,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/australia-set-for-rare-earths-expansion-as-it-deepens-ties-with-us-to-build-ex-china-supply-chains",{"text":667,"type":597}," for its growing renewable industries. ",{"type":592,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":597},"Lynas is currently developing two rare earth refineries: one in Kalgoorlie, Western Australia and another in Seadrift, Texas for the US Department of Defence. It is also trying to increase PrNd output at its Mount Weld rare earths mine in Western Australia from 5,500 tonnes, in 2022 to 12,000 tonnes from 2026.",{"type":592,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":597},"MP Materials, which owns the Mountain Pass mine in California, said it would also start producing separated rare earth products this quarter, including PrNd oxide, following the building of a processing plant. It currently sells its rare earth concentrate to China’s Shenghe. ",{"type":644,"attrs":679,"content":680},{"level":646,"textAlign":49},[681],{"text":682,"type":597},"Sluggish wind and EV demand",{"type":592,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":597},"PrNd prices are heavily dependent on demand from the renewables sector. A total of 96% of PrNd oxide demand in 2023 is expected to come from manufacturers of rare earth permanent magnets (REPMs), which enhance the efficiency of wind turbines and e-mobility vehicles. These two end uses will make up 30% and 7% of REPM demand in 2023 respectively, according to Benchmark.  ",{"type":592,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":597},"Although rare earth prices have been declining since 2022, recent weak demand from both wind and EVs have exacerbated the trend. Within the wind turbine sector, a new hybrid generator technology that uses less PrND and dysprosium is gaining market share. Hybrid turbines need only around 10% of the magnet weight per megawatt hour that would be needed for an ordinary low-speed direct drive turbine.  ",{"type":592,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":597},"James Litinsky, chief executive of MP Materials, said on the company’s earnings call this month that “industrial applications, wind turbines, hard disk drives, speakers for PCs and smartphones and other consumer electronics applications” have been weak throughout 2023.",{"type":592,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":597},"Alongside this, Chinese consumer demand for EVs has grown at a much slower pace over the first half of 2023 than was expected at the beginning of the year, tracking a weak post-pandemic recovery for the Chinese economy overall.",{"type":592,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":597},"This slowdown in REPM demand has coincided with strong rare earths supply from China that Benchmark expects will put the market into surplus for the majority of 2023.",{"type":644,"attrs":709,"content":710},{"level":646,"textAlign":49},[711],{"text":712,"type":597},"Rare earth market is normalising",{"type":592,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":597},"At the same time, Benchmark analyst Daan De Jonge says the ongoing price decline must be put into a longer perspective. ",{"type":592,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":597},"“Prices are returning to pre-2020 levels,” he said.",{"type":592,"attrs":724,"content":725},{"textAlign":49},[726],{"text":727,"type":597},"Between 2012 until 2020, rare earths prices were relatively stable. Then, in 2020, the Chinese government imposed export control laws on rare earths and other strategic goods.",{"type":592,"attrs":729,"content":730},{"textAlign":49},[731],{"text":732,"type":597},"The resulting price rises boosted Lynas’ revenue, which grew 66% quarter-on-quarter between October and December 2021 and again at 61% between January and March 2022. ",{"type":592,"attrs":734,"content":735},{"textAlign":49},[736],{"text":737,"type":597},"PrNd prices peaked in late February 2022, almost reaching the record highs of 2011 when China imposed drastic rare earths export quotas. ",{"type":592,"attrs":739,"content":740},{"textAlign":49},[741],{"text":742,"type":597},"By early March 2022, the Chinese government moved to contain prices by instructing its rare earths producers to increase output and prevent market speculation or hoarding. ",{"type":592,"attrs":744,"content":745},{"textAlign":49},[746],{"text":747,"type":597},"Lynas’ revenue fell 10% over the quarter April to June 2022 and 44% over July to September 2022. ",{"type":592,"attrs":749,"content":750},{"textAlign":49},[751],{"text":752,"type":597},"Chinese prices for NdPr oxide, excluding VAT, have fallen by more than half from last year to around $60 a kilogram, according to Lynas. ",{"type":644,"attrs":754,"content":755},{"level":646,"textAlign":49},[756],{"text":757,"type":597},"Short-term surplus, long-term deficits",{"type":592,"attrs":759,"content":760},{"textAlign":49},[761],{"type":622,"attrs":762},{"id":49,"alt":624,"src":763,"title":49,"source":49,"copyright":49,"meta_data":764},"https://lh5.googleusercontent.com/G6Oo2CGL7ivxanY6PNivXvoUAebMzcRTNEDU7FUPAnepkZ4JMDqCTK-BceI685rGZ1G7mOle-BhDivhhnmWEMtthhCdILnhEhZOac0OnUHDec7hdTB6yi2_LLnN1U4RjLnVffMGGhIhZvrq3lqCwCvw",{},{"type":592,"attrs":766,"content":767},{"textAlign":49},[768],{"text":769,"type":597},"Current low prices are also in line with Benchmark forecasts, which indicate that the PrNd oxide market will mostly remain in surplus before 2028.",{"type":592,"attrs":771,"content":772},{"textAlign":49},[773],{"text":774,"type":597},"Part of the reason for this is that the rare earths market has an in-built tendency towards oversupply. This is due to the geochemistry of the elements. ",{"type":592,"attrs":776,"content":777},{"textAlign":49},[778],{"text":779,"type":597},"Only several rare earths have high market value but all seventeen tend to cluster in the earth crust, forcing producers to extract and separate them together regardless of relative market value. ",{"type":592,"attrs":781,"content":782},{"textAlign":49},[783],{"text":784,"type":597},"Despite this, Benchmark expects a global PrNd deficit will begin in 2028, widening to 43 kilotonnes by 2035. This will be driven by rising REPM demand from the renewable transition sectors. ",{"type":592,"attrs":786,"content":787},{"textAlign":49},[788],{"text":789,"type":597},"Between 2023 and 2032, magnet demand for PrNd is expected to double, according to Benchmark data, while EV share of REPM demand could go up from 30% to 49% in the same period. ","Falling rare earth prices are putting pressure on mining operations outside of China, as Australia’s Lynas Rare Earths said it would stockpile some material this year. Lynas said sales for the quarter ending in June fell 47% year-on-year to A$157.5 million ($103 million) as weak demand combined with oversupply from China continue to lower rare […]",[792],{"slug":580,"name":581,"content":793},{"job_title":583,"image":794,"bio":586,"linkedin":587},{"filename":585},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"38b193bf-86dd-4641-b6e5-e72243c1998d\", \"id\": \"\"}-->","article",[798,801,804],{"slug":799,"name":800},"ev","EV",{"slug":802,"name":803},"new-energy","New Energy",{"slug":805,"name":420},"rare-earths","private",{"id":49,"alt":808,"name":624,"focus":624,"title":808,"source":624,"filename":809,"copyright":624,"fieldtype":810,"meta_data":811,"is_external_url":51},"Rare earth elements and minerals loaded on cargo ship in China","https://a.storyblok.com/f/287943243085208/c4990e09ed/bm-shutterstock-1589940898.jpg","asset",{"alt":808,"title":808,"source":624,"copyright":624},"Falling rare earth prices are putting pressure on mining operations outside of China, as Australia’s Lynas Rare Earths said it would stockpile some material this year. Lynas said sales for the quarter ending in June fell 47% year-on-year ...","Aug 11, 2023","11th August 2023",[],[],1792688580774]