China’s Energy Crisis Causes Rare Earth Prices to Soar

China’s energy crunch has affected rare-earth minerals as the prices keep rising. Supply crisis is another reason for the price hike, which reached their highest levels in over a decade.

Prices of praseodymium-neodymium oxide (NdPr) has climbed to $115,000 a metric ton, its highest level since 2011. Prices have almost doubled this year.

China, which accounts for 70% of global rare earth production, has been battling with energy shortages and supply problems. Along with energy crunch and supply issues, soaring commodity prices have also disrupted production.

The price hike has deterred some demand as magnet producers hesitate to make purchases.

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