Reuters reported that China's prices for neodymium and praseodymium edged up after top producer Inner Mongolia Baotou Steel Rare Earth Hi Tech Company Limited said it will build up stocks.

The company said that it plans to buy praseodymium-neodymium oxide at up to CNY 900,000 per tonne in an apparent effort to help stem a price decline for rare earths in China, the world top producer and exporters.

Prices of praseodymium neodymium oxide rose more than CNY 900,000 per tonne this week from CNY 850,000 to CNY 900,000 last week. Prices of neodymium oxide and praseodymium oxide, the materials for the manufacturing of praseodymium neodymium oxide also inched up.

Rare earths are a group of 17 metals used in a range of new technologies from hybrid cars and wind turbines to catalytic converters permanent magnets and battery cells.

(Sourced from Reuters)