Neodymium ranks as the second most abundant rare earth element in the Earth’s crust, surpassed only by Cerium. Before the development of Neodymium magnets, its applications were limited, primarily serving as non-ferrous metal additives and petroleum refinery catalysts within mixed rare earth metals. The introduction of Neodymium magnets in 1982 dramatically increased Neodymium’s value, spurring rapid growth in the rare earth industry, with Neodymium oxide and Neodymium becoming key drivers.
Praseodymium and Neodymium, with atomic numbers 59 and 60, are adjacent in the periodic table and share similar chemical properties. Extracted together from bastnaesite ores, separating them is costly. Fortunately, using Praseodymium Neodymium mischmetal in Neodymium magnets up to a certain level does not significantly affect performance, offering clear economic benefits. Typically, PrNd mischmetal consists of 75% Neodymium and 25% Praseodymium. As the primary raw material cost for Neodymium magnets, the PrNd price heavily influences their overall cost. Fluctuations in the PrNd price directly impact the market, making the PrNd price trend a critical factor in determining Neodymium magnet price movements.
