Neodymium magnets, sometimes called SmCo Magnet, are the strongest type of permanent magnet to be commercially available these days, which makes them desirable for all sorts of industrial applications. Thanks to its excellent magnetic properties and reliability, neodymium remains sought-after by makers of cordless hand tools, compressor motors, electrical power steering systems and loudspeakers, to name but a few applications. However, because the source material for these magnets is almost entirely produced in China, the world’s manufacturing businesses that rely on them have seen increases in prices in recent times. The metals needed for neodymium production are called rare earths, with China accounting for around 97 per cent of global supply. Some mining companies in that country have low output or even gone out of business, thereby pushing up supply costs of these minerals.
The Demand for Neodymium Magnets in Modern Equipment
Remanence, which measures the strength of a magnetic field, is strong for this class of magnet coming in at anywhere between 1 and 1.3. Another key feature that makes them popular is their measurable coercivity, the term that is used to gauge a material’s resistance to becoming demagnetised. A neodymium magnet is vastly superior to something like a samarium-cobalt magnet in this regard, allowing for products that will be much longer lasting to be produced. Furthermore, one of its characteristics is a neo magnet’s overall durability. A typical magnet of this type will offer a flexural strength of 250 Newtons per square mm and a compressive strength 1,100 Newtons per square mm.
All sorts of businesses rely on neodymium magnets with these durable properties to be able to produce efficient equipment in a range of industrial sectors. Anything from mass production through-feed technology and drilling equipment from firms to the drive motors found in hybrid cars, like those pioneered by Toyota, depend upon rare earths to make the magnet technologies used in their products.
Although it is widely reckoned that China possesses some 99 million tonnes of rare earth mineral reserve deposits, production has slowed despite the demand from businesses all over the industrialised world. In September 2017, it was widely reported that neodymium prices had almost doubled over the course of the twelve months leading up to that point. With raw neodymium being priced at $95 per kilogram and terbium, another magnetic element, costing sixfold that price, the cost of these important rare earths has never been higher.
Chinese mining companies have pointed out that production costs have led to augmented prices of these minerals in recent times. However, the issue is also partly down to the fact that the Chinese authorities have closed or suspended some mining operations due to environmental considerations. With less material being brought onto the market by the world’s leading producer, the demand for neodymium has outstripped supply leading to massive hikes in the material’s asking price. Unless production picks up, the cost of the mineral is likely to remain in its lofty position, making it one of the globe’s most sought-after materials.
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