Praseodymium Neodymium Alloy Price Trend and Forecast

Praseodymium Neodymium Alloy Regional Price Overview

Get the latest insights on price movement and trend analysis of Praseodymium Neodymium Alloy in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Praseodymium Neodymium Alloy Price Trend for the Year 2024

Praseodymium Neodymium Alloy (PrNd) is a critical material used in high-performance magnets, essential for applications like electric vehicles (EVs), wind turbines, and consumer electronics. It is also used in military and aerospace technologies. As industries increasingly shifted towards renewable energy and electric mobility in 2024, the demand for these magnets, and consequently for PrNd alloy, remained strong.
 

Praseodymium Neodymium Alloy Price Chart

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In the first half of 2024, the price of PrNd alloy remained relatively stable, staying within a narrow range as demand was steady and supply chains functioned without significant disruptions. However, in the second quarter, prices increased noticeably, largely driven by logistical challenges, including higher freight rates and disruptions in key supply regions like Myanmar, which impacted the flow of rare earth materials. These challenges created uncertainty, and as a result, prices rose as buyers sought to secure their supplies amid the disruption.

By the third quarter, the market began to stabilize. The supply chain issues were somewhat resolved, and prices leveled off, returning to a more normal range as the pressure eased. But in the last quarter of the year, the market took another turn. Prices started to decline, driven by weaker demand and a slowdown in the broader market. The reduction in demand, coupled with an oversupply of PrNd materials, led to the downward trend, ending the year on a lower note compared to the earlier increase.

Analyst Insight

According to Procurement Resource, the Praseodymium Neodymium Alloy prices are likely to slight improvements in the upcoming quarter as the demand for the commodity is likely to pick up. However, mining challenges and availability of the feedstocks cause fluctuations in the prices.
 

Praseodymium Neodymium Alloy Price Trend for the Second Half of 2023

The Praseodymium Neodymium Alloy market was found to be weakening consistently throughout the given span of the second half of the year 2023. The Chinese rare earth metal industries struggled to sustain their momentum for the entire year as the demands plummeted in both the domestic and international markets.

The feedstock Praseodymium Neodymium oxide prices in December of 2023 exhibited an approximate 9% month-on-month and 26% year-on-year decline. This fall in market prices reflects the poor consumption situation. The economic struggles in the European and American regions kept the market riddled in the first half of the year, while adverse geopolitical and geoeconomic situations of the fourth quarter hammered the Praseodymium Neodymium Alloy price graph down in the latter phase. Overall, a sluggish market performance was witnessed.

Analyst Insight

According to Procurement Resource, Praseodymium Neodymium Alloy prices are likely to falter more moving forward. The demand trajectories are not likely to improve anytime soon.
 

Praseodymium Neodymium Alloy Price Trend for the First Half of 2023

Praseodymium Neodymium Alloy is a nonferrous metal alloy represented as Nd-Pr and is primarily used for making permanent magnets with high magnetism, ceramics, and glass.

In the Chinese domestic market, the Praseodymium Neodymium Alloy prices showed oscillations throughout the said period. The Chinese market trend greatly determine the global market trend for Praseodymium Neodymium Alloy, as China is the biggest exporter of such rare nonferrous earth metals. Depending on various factors, the highs in price trend were attributed to a rise in demand, while the lows were attributed to the excess supply amidst bearish market queries. Overall, the Praseodymium Neodymium Alloy market remained afloat.

Analyst Insight

According to Procurement Resource, given the moderate market behavior, the Praseodymium Neodymium Alloy prices are likely to oscillate within a narrow price range.

Procurement Resource provides latest prices of Praseodymium Neodymium Alloy. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.