Neodymium is the most prominent element in the whole rare earth family nowadays. The abundance of Neodymium in the Earth’s crust is second only to Cerium. Applications of Neodymium are nowhere near as Cerium before Neodymium magnets came out, and it mainly served to non-ferrous metals, petroleum refinery, and catalyzer in the form of mixed light rare earth metals at that time, then the value of Neodymium has been doubled since the advent of Neodymium magnets in 1983. Neodymium oxide and Neodymium have become a powerful motivator to drive and stimulate the violent development of rare earth industry. Praseodymium and Neodymium have similar properties and extremely hard to separate from each other. PrNd price is cheaper than the single element, then PrNd has become an independent product and widely applied in permanent magnetic material. It should be noted that PrNd price has the decisive role on the price of Neodymium magnets.
