Rare earth elements:
Rare Earth elements largely unknown to the majority of the general public, called ingredients of industry, since almost used in every high-tech part. Recently, Praseodymium and Neodymium rocket to a high point today, as chart shows below,
Influencing on neodymium magnet
Since neodymium and Samarium cobalt magnet uses lots of rare earth elements, especially, neodymium magnet, 30% is PrNd, 2% is dysprosium, even though we signed a contract with our mine supplier in inner mongolia, but Praseodymium still increased today, so that cost of neodymium magnet increased by 3-5% as well, varies from different grade. As our magnetic consulting team’s experience, it will keep going up in following months. If you are an e-commerce seller like amazon or ebay, better start your inventory plan and save stock by increasing the selling price.
For industrial application, replacing materials like ceramic magnet might can be taken into consideration. We succeed in offering solution for a meter manufacturer with replacing magnetic materials recently, with production cost cut down by 20%, let us see how the market perform for this changing, will keep digging into this industry so we can know more about our customer’s business, and help them with better material science solution.