JLMAG Shares Plunge Over 9% as Domestic Rare Earth Prices Retreat from Highs

Stock News03-03 15:18

JLMAG (06680) fell more than 9% in Hong Kong trading. As of the time of writing, the stock was down 8.92%, trading at HK$22.88, with a turnover of HK$301 million. On the news front, quotes from the Baotou Rare Earth Products Exchange showed that on March 2, the average price of praseodymium-neodymium oxide was 860,600 yuan per ton, a decrease of 19,200 yuan per ton. The average price of praseodymium-neodymium metal was 1,054,500 yuan per ton, down 16,300 yuan per ton. According to China Tungsten Online, industry insiders widely view this price decline as a normal cyclical market adjustment. This is primarily attributed to the rapid price increase of mainstream products in a short period previously, while downstream demand has been slow to catch up. Earlier, factors such as tightening supply of praseodymium-neodymium raw materials, the heightened strategic value of rare earths, and strong market expectations for future prices led to widespread bullish sentiment among suppliers, who subsequently raised their product quotes.

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