Neodymium is the second most abundant rare earth element in the Earth’s crust, only after Cerium. Prior to the invention of Neodymium magnets, its applications were far less extensive than those of Cerium, primarily serving as additives in non-ferrous metals and as catalysts in petroleum refining, often in the form of mixed rare earth metals. The value of Neodymium has multiplied many times over since the advent of Neodymium magnets in 1982. Subsequently, Neodymium Oxide and Neodymium metal have become key drivers in the rapid development of the rare earth industry.
Praseodymium and Neodymium are adjacent elements in the periodic table, with atomic numbers 59 and 60, respectively. These two elements are chemically very similar and coexist in bastnaesite ores from which they are extracted. There are clear economic benefits to avoiding the separation of Praseodymium and Neodymium. Moreover, substituting Praseodymium for Neodymium up to a certain extent does not significantly affect the performance of Neodymium magnets produced from this Praseodymium Neodymium (PrNd) mischmetal. The typical composition of PrNd mischmetal is 75% Neodymium and 25% Praseodymium. Since PrNd mischmetal constitutes the vast majority of the raw material costs for Neodymium magnets, the price trend of PrNd mischmetal plays a decisive role in Neodymium magnets price movement.
