Prices for neodymium and praseodymium have almost doubled in the course of the year.
As the Bloomberg news agency reports, prices for rare earths in China have risen sharply. Especially the rare earths neodymium and praseodymium (NdPr), which are needed for the production of permanent magnets, have become significantly more expensive.
In the face of tight supply, the price reached its highest level since November 2011, Bloomberg reported, citing the Shanghai Steelhome E-Commerce information service. Over the year, the cost of these raw materials has nearly doubled.
China is the world’s largest exporter of NdPr magnets, so these are likely to become more expensive as a result. This is not good news for the energy transition, as the permanent magnets are needed for electric cars and wind turbines, among other things. Both are considered key technologies for achieving the climate targets.
