Praseodymium Price Trend and Forecast

Praseodymium Regional Price Overview

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

Praseodymium Price Trend for the First Half of 2024

In the first half of 2024, the price trend for praseodymium metal experienced stabilization after a period of continuous decline in the previous year. In early 2024, market sentiment overestimated consumer demand, briefly causing prices to rise. However, as orders failed to materialize at expected levels, prices fell once again. By mid-2024, praseodymium metal prices flattened as sellers resisted further reductions, citing production costs.
 

Praseodymium Price Chart

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While some sellers attempted to raise prices, weak demand, particularly from sectors like NdFeB magnets, made it difficult for buyers to accept increases. Despite this, the reluctance among producers to lower prices further contributed to a stable pricing environment, with no significant movement observed during this period. Western producers, such as Lynas and MP Materials, increasingly struggle to compete as prices in the latter phase got too low to support capacity investment. China, which is expected to supply 84% of global PrNd oxide in 2024, maintains a near-monopoly on REPM production, leaving Western governments reliant on a few home producers to reduce dependence on China.

Analyst Insight

According to Procurement Resource, not much change is expected in the Praseodymium prices going forward as well, the global supply chains will remain dominated by Chinese suppliers.
 

Praseodymium Price Trend for the Second Half of 2023

Praseodymium prices were observed to be wavering downwards for the majority of the said period of H2’23. Praseodymium is primarily used by the electronics and automobile industries as an alloying agent and to make high-power magnets, etc. So, the demands from these sectors determine the market’s performance a lot.

Such rare earth metals are majorly supplied from China in the global markets, so the price trend is greatly influenced by its performance in the Chinese market. In December 2023, the Chinese market showcased an approximate month-on-month decrease of about 8% and a year-on-year decrease of around 30%. The early months of the third quarter were noticed to be improving a little compared to H1’23. However, majorly, the market sentiments remained muted for praseodymium throughout the said period.

Analyst Insight

According to Procurement Resource, Praseodymium price trends are expected to fall further in the coming months as the inventories will likely dominate the demand patterns.
 

Praseodymium Price Trend for the First Half of 2023

Praseodymium is a light rare earth metal mainly found in the Asian region in metal ores in some oxide or other forms because of its hyperreactive nature. Praseodymium prices are usually dependent on its availability in the market and downstream demands as it has various important applications, such as manufacturing high-power magnets for smartphones, wind turbines, and electric motors.

Praseodymium prices observed a low swinging market behavior in the first half of the year 2023, as an approximate decline of about 30 – 34% was observed within the said period. It was mostly attributed to the normalization of upstream costs and transportation charges. But a dip in demand also pushed the prices down. Overall, muted market sentiments were observed.

Analyst Insight

According to Procurement Resource, the Praseodymium market is expected to expand in the future as new applications keep getting discovered. Overall, the predictions look positive for the price trend of Praseodymium.

Procurement Resource provides latest prices of Praseodymium. 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.