Markets sluggish with weak demand
BEIJING 03.05/2013/XNUMX. The rare earth market was quiet this week as market participants were inactive during the three-day May holiday. Due to the sluggish and falling demand, little business activity was recorded in the past two days.
Most market participants are cautious on the rare earths market in the short term as there has been no improvement in the market and rare earth prices have been weakened by the shortage of buyers.
Meanwhile, Guangdong Rising Nonferrous Metals Group Co. has announced that it will set up a company for NdFeB magnets together with the Japanese TDK Corporation and the Japan Tokai Trade Corporation: the Guangdong Rising TDK Rare Earth Advanced Material Co.
Guangdong Rising Nonferrous will invest 12,21 million USD, which represents 37% of the registered capital of the new company. TDK is investing 33 million USD, which represents 59%, and the remaining 4% or 1,32 million USD will be invested by Tokai Trade.
The new company will achieve a production capacity of 1.500 tons per year for NdFeB high performance magnets.
