The Price Increase
Our commitment to customer service means that we constantly review our practices and procedures to ensure we provide you with the best possible service. We also feel it is extremely important to make both our current and potential customers fully aware of any significant changes in manufacturing, lead times, currency markets and commodity prices that could have an impact on your business.
As you may be aware, the price of many rare earth metals has experienced an increase this year, with a rapid rise in prices from June. The price of neodymium rose to $65,000 per metric ton in mid-July, marking the first time it had passed the $60,000 price point in 2 years. As a result of increasing consumption, neodymium fell into supply deficit in 2016, which is set to continue increasing to 2021. This would make the continued requirement of neodymium magnets unsustainable, despite efforts by producers to increase supply. The predicted outcome is a continued rise in the price of neodymium, with some forecasts taking it to $100,000 per metric ton in 2017.
We will continue to provide all our customers with an updated quotation to supply before we proceed with new production orders, and at this stage can offer a 7-day validity period. Please be assured that we will work with you where possible to meet your requirements.
Please do not hesitate to contact us on +44 (0) 2890 271 001 or at firstname.lastname@example.org to discuss any concerns you may have. At the same time, any enquiries regarding our other products and services are always welcomed.