The global supply and demand gap of neodymium is expanding at a rate of more than 3,000 tons per year, and China dominates the rare earth metal market-宁波铄腾新材料有限公司

You may not have heard of neodymium, but you may be carrying some neodymium right now. This rare metal is used in the manufacture of mobile phones, earphones and even cars.

Neodymium is called a rare earth element, and the global demand for this metal is increasing. Roderick Eggert, deputy director of the Key Materials Institute of the Colorado School of Mines in the United States, said that neodymium is currently the main factor driving the growth of demand for rare earth metals.

IPhones, AirPods, wind turbines, and motors for Toyota Prius or Tesla Model 3 all require neodymium, a rare metal. If neodymium is used in combination with iron and boron, a neodymium iron boron magnet can be made, which is by far the most powerful permanent magnet.

Applying neodymium magnets to mobile phones and other devices can not only reduce the size, but also enhance its performance. For motors, the use of permanent magnets means more power and fewer motor components.

Magnets may seem trivial, but according to market research group IMARC, the market value of neodymium iron boron magnets in 2017 was 11.3 billion US dollars. In addition, Import Genius CEO Michael Kanko said that for decades, it is estimated that there will be 1 million electric vehicles in the United States, which means that the demand for neodymium will surge.

Earlier this year, Tesla became one of several electric car manufacturers using neodymium magnet motors, and it is planning to install neodymium magnet motors in Tesla Model 3. Kanko said that Tesla imported more than four million pounds of auto parts from China and Taiwan, most of which are neodymium magnet motors. In addition, Julie Klinger, author of "Frontiers of Rare Earths", said that the global supply and demand gap of neodymium is expanding at a rate of more than 3,000 tons per year, and demand for neodymium is currently in short supply.

The supply of neodymium is mainly from China, and more than 80% of neodymium in the world is produced in China. In 2017 alone, China mined 105,000 tons of rare earth metals, while the United States produced only about 43,000 tons of rare earth metals in the past 20 years.

A miner from a Mountain Pass mine in southern California near Nevada pointed out that the United States was once the most important country that produces rare earths. In the 1960s and 1970s, this mine was the dominant rare earth mine in the world. However, as Chinese mines were developed in the 1980s and 1990s, the Mountain Pass mine gradually declined.

At about the same time, China was making intensive investments in its own rare earth metal mining and production and was successful. Kanko pointed out that from the late 1990s to 2010, China became the dominant player in the rare earth metal market.

Klinger said that the 2010 trade dispute illustrates the risks posed by a single source of this value commodity. The price of neodymium per ton has soared from USD 50,000 in 2010 to USD 250,000 in 2011. Although the price has fallen, the world is still worried about the supply of this metal. For example, Toyota recently developed a new neodymium-reducing magnet, which was developed to cope with the shortage of neodymium supply.

The Mountain Pass mine was recently rescued from bankruptcy by two American investment companies and named it MP Materials. The company said it hopes to rebuild the rare earth industry in the United States. This means that the United States will start producing rare earths again.

Although MP Materials still needs to export materials to China for further refinement, a person familiar with the company said that the company plans to become fully self-sufficient within 18 months. In fact, the extraction and processing of these materials can cause damage to the environment.

Klinger said that if you want to mine a neodymium ore, a lot of other elements will accompany it, such as uranium. Without destroying the original ecological environment, it is very difficult to mine in a specific place. However, as the demand for neodymium continues to grow, miners will implement better mining processes. Klinger believes that one of the benefits of the expected increase in neodymium demand is the diversification of global neodymium supplies, and there will be increasing international cooperation around the recycling of waste electronic motors and the recycling of neodymium.

Source of this article Qianzhan

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The global supply and demand gap of neodymium is expanding at a rate of more than 3,000 tons per year, and China dominates the rare earth metal market

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The global supply and demand gap of neodymium is expanding at a rate of more than 3,000 tons per year, and China dominates the rare earth metal market

China Electronics Technology's rare earth permanent magnet materials help rail transit enter the "permanent magnet era"

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To help carbon peak and carbon neutrality, the two departments issued documents to promote the grid integration and consumption of renewable energy power generation capacity

The Ministry of Industry and Information Technology’s important new energy document: by 2025, carbon emission intensity will continue to decline, and carbon dioxide emissions per unit of industrial added value will be reduced by 18% (multiple integration)

Xi Jinping: ​China will gradually and orderly reduce traditional energy sources in the process of promoting reliable alternatives to new energy sources! (excerpt)

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State-owned Assets Supervision and Administration Commission: The development of new energy in central enterprises must form a "game of chess"

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