RARE EARTHS
Rare earths are a group of 17 chemical elements of the periodic table considered strategic material for the production of permanent magnets used in many industrial sectors.
In particular, sintered neodymium magnets (NdFeB) are the most popular on the market.
The alternative magnetic materials available can be samarium-cobalt, compressed plasto-neodymium and injected plasto-neodymium (bonded and injection molding), also available on ferrite base, and magnetic materials in aluminum-nickel-cobalt (AlNiCo).
At the following link you can visit Garnet China website, our Chinese branch office based in Ningbo: Garnet China.
LATEST UPDATES
Neodymium and Iron prices are slowly and continuously decreasing, as opposed to Cobalt price which is increasing again after a slight decline.
Euro, which had already weakened strongly against the USD last month, fell again below the dollar with a value of 1 € = USD 0.99435
The reasons for this negative trend are the rising cost of energy and Europe’s dependence on Russian gas.
The tug-of-war over gas is expected to continue during winter and the European currency situation may remain unstable in winter months.
About transport, the situation in the port of Shanghai is slowly improving and waiting times are decreasing; in Ningbo, however, the port is still congested, causing repeated delays in good delivery. To alleviate these slowdowns, ships loaded with freight are on their way to other terminals.
About air transport front, due to limited fuel stocks, higher tariffs are expected for some commercial routes, with fluctuations in service levels persisting for a long period.
In consideration of probable increases in raw materials and persistence of transport situation, we recommend to buy magnets as early as the end of 2023 in order to reserve production and not risk sudden increases and delays in deliveries.
Our Sales Department remains at your complete disposal to help you plan your next magnet purchases, which can be contacted at info@garnetitalia.com
Below is showed the main raw materials update prices used for the production of rare earth magnets. The cost of permanent magnets as a finished product is inevitably influenced by the trend in the price of raw materials, indicated in RMB / Ton in the following graphs.
Praseodynium – Neodymium Alloy:
Dysprosium – Iron Alloy:
Cobalt:
