Chinese rare earth magnet alloy makers are increasing operation rate recently. A major alloy maker said the operation rate was 35% since August 2011 when the buyers held the order with expectation for lower price. The buyers resumed the order since February when they now expect higher price. With the better order, the alloy makers’ operation reaches 85% level.
Neodymium and dysprosium price started to decrease from the peak of last summer level. The price decreased to almost half of the peak through March 2012. Lower demand for neodymium-iron-boron magnet pressured on the rare earth price due to slow demand for automobile under impact of worldwide electronics slump and Thai flood. Amid the downtrend, speculators liquidated the inventory and the move accelerated the price down. The buyers held the alloy purchase when the price was expected to decrease. Japanese buyers with rich inventory also reduced the purchase volume. Magnet alloy makers minimized the purchase of neodymium and dysprosium metals to avoid large inventory valuation loss. Chinese rare earth market is hitting bottom when the export license premium has increased especially for heavier rare earth. A major alloy maker said Chinese buyers show willingness to increase the purchase volume and the higher demand could lift alloy makers’ operation rate.Japan Steel Scrap Composite Prices (Sangyo Press)
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