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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":712,"relatedVideos":713},112468276515374,"5991bd6d-e4bb-4080-95e4-5f02590433b9","Low prices persist despite China’s incentive-led demand boost: Rare earths 2024 in  review","low-prices-persist-despite-chinas-incentive-led-demand-boost-rare-earth-2024-in-review","article/low-prices-persist-despite-chinas-incentive-led-demand-boost-rare-earth-2024-in-review",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":692,"featured":51,"reporter":693,"_editable":697,"component":698,"seo_title":543,"categories":699,"visibility":705,"author_company":49,"featured_image":706,"seo_description":692,"author_full_name":49,"author_job_title":49,"formattedDate":710,"formattedArticleDate":711},"9d5f8b35-bef4-4ac7-bfe0-1f1d569effcb","2024-12-31 00:00",[550,553,556],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"myanmar","Myanmar",{"slug":557,"name":558},"usa","USA",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"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":570,"content":571},"doc",[572,579,584,589,598,603,610,615,620,627,632,637,642,647,652,657,662,667,672,677,682,687],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"The rare earth industry faced challenges from historically low prices and robust supply-side growth in China in 2024. This was despite the rising deployment of rare earth permanent magnets (REPM) in electric vehicles (EVs) and other clean technology sectors.","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"“The rare earth market is fundamentally supply-side driven,” said Neha Mukherjee, senior rare earth analyst at Benchmark. “Despite a short term boost in demand due to EV and household incentives in China, supply disruptions in Myanmar and increasing capital investment announcements, prices have remained at ‘sub-rational’ levels.” ",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587],{"text":588,"type":578},"China continued to increase its annual rare earth production quotas, contributing to an oversupplied rare earth market and rising stockpiles of praseodymium-neodymium (PrNd) and dysprosium (Dy) in 2024. This had inflicted pain on producers outside of China, which reported a sharp downturn in profits, and challenged new project development globally. ",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592],{"type":593,"attrs":594},"image",{"id":49,"alt":595,"src":596,"title":49,"source":49,"copyright":49,"meta_data":597},"","https://lh7-rt.googleusercontent.com/docsz/AD_4nXebbC_4jGgeD36NSQpfh2zC_ZsgDOcoW3QuBOoytjOgABrmZoOW91zUk-dnQD4K75XluR6Qel05Mlx2arJZC7c4s8BBB3mYWtUgLUHedPce6NXMnJmfYkH98HlNbqLlI-fs3g5j?key=4Dz64UeDy3QBJ3leT__gMbGm",{},{"type":573,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":578},"Low prices even impacted more cost-efficient mines in China. But state-owned operations were largely insulated from the negative impacts, owing to the rare earths sector’s strategic importance to the Chinese government. ",{"type":604,"attrs":605,"content":607},"heading",{"level":606,"textAlign":49},4,[608],{"text":609,"type":578},"China’s trade-in scheme provides short-term demand uplift",{"type":573,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":578},"REPM deployment – the key end-use segment for rare earths – was underpinned by robust EV sales and home appliance production in China. From August onwards, both sectors provided a notable uptick in REPM demand following the implementation of China’s trade-in scheme. ",{"type":573,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":578},"The trade-in scheme helped fuel a rebound in PrNd prices in late 2024, after they had fallen to historic lows by mid-2024. But the upward momentum was constrained by REPM manufacturers primarily utilising sizeable stockpiles to meet OEM demands.",{"type":573,"attrs":621,"content":622},{"textAlign":49},[623],{"type":593,"attrs":624},{"id":49,"alt":595,"src":625,"title":49,"source":49,"copyright":49,"meta_data":626},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdsGDwDZzs4KjTt43-AcnaYA4AxyZmFftDJIziYRMIixgE-Q2MZmaOd7YBG2jLWD1xTu851apLyuiFd41iSreMO0uSgjzMXmUNRCUnvYxu7LM4e_F11BcHwCM_Z-vMp2gY7is2ptw?key=4Dz64UeDy3QBJ3leT__gMbGm",{},{"type":573,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":578},"“Throughout the year, prices for rare earths assessed by Benchmark remained relatively stable, but following demand stimulus in downstream markets by the Chinese government there was a slight uptick in Q3,” said George Ingall, rare earth price analyst at Benchmark.",{"type":573,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":578},"Outside of China, slower-than-expected EV sales in Europe and North America proved to be a drag on REPM demand growth in these markets.",{"type":604,"attrs":638,"content":639},{"level":606,"textAlign":49},[640],{"text":641,"type":578},"US steps up de-risking efforts",{"type":573,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":578},"The US has intensified efforts to develop an independent rare earths supply chain in 2024, providing significant financial support to bolster ‘on-shoring’ and ‘friend-shoring’ efforts. China’s recent ban on exports to the US of gallium, germanium and antimony underscored the need for supply chain diversity.",{"type":573,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":578},"To address challenges posed by China’s state-supported low-cost production, which has undermined investment in other regions, with the US government reported to be exploring market intervention measures. These strategies could aim to create a stable market environment and attract private capital into ex-China projects.",{"type":604,"attrs":653,"content":654},{"level":606,"textAlign":49},[655],{"text":656,"type":578},"Low price environment drives M&A activity",{"type":573,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":578},"Under pressure from the low-price environment, the ex-China rare earth sector witnessed a significant number of collaborations and strategic investments in 2024, aimed at securing capital required to progress project development.",{"type":573,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":578},"“We have seen significant capital announcements in the market this year. A total of US$3.1 billion in capital investment announcements were made globally in the rare earth market. These investments span across the entire supply chain, from mining, processing, magnet making to recycling,” said Mukherjee.",{"type":573,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":578},"Australia received the highest worth of upstream investment announcements, Europe led in recycling initiatives, and the United States secured the most announcements for magnet manufacturing facilities.",{"type":573,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":578},"These partnerships underscore the sector’s focus on fostering operational synergies to accelerate project timelines, streamline production processes, and secure assured material flow. ",{"type":604,"attrs":678,"content":679},{"level":606,"textAlign":49},[680],{"text":681,"type":578},"What’s the outlook?",{"type":573,"attrs":683,"content":684},{"textAlign":49},[685],{"text":686,"type":578},"In 2025, the rare earth market is projected to be well-supplied with prices fluctuating around current levels over the next few quarters.",{"type":573,"attrs":688,"content":689},{"textAlign":49},[690],{"text":691,"type":578},"“Our current stockpile analysis and market balance data indicates that the market is expected to remain in a low price environment for the next few years,” Mukherjee said.","The rare earth industry faced challenges from historically low prices and robust supply-side growth in China in 2024. This was despite the rising deployment of rare earth permanent magnets (REPM) in electric vehicles (EVs) and other clean technology sectors. “The rare earth market is fundamentally supply-side driven,” said Neha Mukherjee, senior rare earth analyst at […]",[694],{"slug":561,"name":562,"content":695},{"job_title":564,"image":696,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9d5f8b35-bef4-4ac7-bfe0-1f1d569effcb\", \"id\": \"\"}-->","article",[700,703],{"slug":701,"name":702},"critical-minerals","Critical Minerals",{"slug":704,"name":414},"rare-earths","private",{"id":49,"alt":595,"name":595,"focus":595,"title":595,"source":595,"filename":707,"copyright":595,"fieldtype":708,"meta_data":709,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7e3a21b6ce/bm-wint-turbine-aerial.jpg","asset",{"alt":595,"title":595,"source":595,"copyright":595},"Dec 31, 2024","31st December 2024",[],[],1781615390205]