How Much Do Neodymium Magnets Cost?
The most powerful permanent magnets that are commercially available are made of neodymium. Neodymium is not the only element utilized to create neodymium magnets; boron, iron, and occasionally other elements are combined with neodymium to create super-strength magnets. Because neodymium is a member of the rare-earth family of elements, neodymium magnets are also known as rare-earth magnets.
Since November 2021, neodymium magnet prices have increased for more than fifteen months. Nowadays, neodymium magnets are far more expensive than they formerly were. A neodymium magnet that was $2 in the first half of 2020, for instance, might now cost $3.50. Many long-time users of neodymium magnets who have been devoted consumers grumble that they can no longer purchase them. And here are some of the reasons why:
Factors That Determine Neodymium Magnets Price
Neodymium magnets, sometimes known as “super magnets,” have a very high cost compared to other types of neodymium magnets.
This is because practically all of the raw materials needed for this, including neodymium, are mined in China. Therefore, the nation has the power to establish the price and limit the supply. But it doesn’t stand and end with this statement.
Rare-earth producers were not at total capacity in the first half of 2020, resulting in a relatively low inventory of neodymium magnet producers, especially during the summer. In addition, the spread of the Covid-19 virus has dramatically reduced demand.
In the year’s second half, demand from new markets for electronic components such as mobile phones, high-capacity batteries, fuel cells, displays, and permanent neodymium magnets increased unexpectedly by about twenty percent.
The rules introduced by the Chinese government to curb illegal mining have slowed the growth of rare-earth supplies. Another reason is that, unlike in the past, most of China’s illegal mines, which occupied half of the monopoly and affected list prices, were closed. The market is now fully controlled by six government groups.
However, machines and systems manufactured in the Far East contain these parts. As a result, the number of companies mining these valuable commodities has steadily declined. Therefore, it was only a matter of time before another wave of price increases occurred. The factors that affect the price of neodymium magnets are:
- Neodymium magnets are relatively expensive magnets. The high prices are mainly due to the high prices of the raw materials for praseodymium-neodymium metal (Pr-Nd) and dysprosium-iron alloy (Dy-Fe), both of which are rare earth metals. Rare-earth metal materials often fluctuate at high levels, so the price of neodymium magnets is not low.
- Labor costs are determined by the general environment and are generally more stable.
- Production costs are affected by many factors – equipment, processing technology, processing amount, material properties, product shape, size, accuracy, and so much more.
How to Control the Cost of Manufacturing Neodymium Magnet?
In product development, adopting a unique neodymium magnet design can get you excited. However, before you start developing your product, it’s essential to take a step back and think about how much it costs to realize the concept of magnetism. If you are not careful, you may lose control of the cost of the required neodymium magnets. By keeping product development overhead as low as possible without sacrificing overall design quality, you can be proud of your product and potentially generate healthy profits. Keep neodymium magnets simple and small when designing products. Neodymium magnets are fragile and complex to a machine. The simpler the shape, the easier it is to process the neodymium magnet. The lower the scrap rate and the lower the processing cost.
If you are new to neodymium magnets, you may need advice from a neodymium magnet expert like ROBO magnetic. This company will help you with questions related to neodymium magnet design, from neodymium magnet material selection, magnetic circuit design, and simulation calculations to prototype manufacturing, as they are concerned with their customers’ joy and content.
Choosing a neodymium magnet is not just about choosing a high-quality variety with high magnetic power. Many grades of neodymium magnets depend on different magnetic properties and operating temperatures. Excessive magnetism can lead to wasted rare piles of earth and increased costs. To find the balance between size and tensile force, the N42 grade is the most used N rating neodymium magnet; it offers outstanding performance at a reasonable cost. N50M, N48H, and N42SH are usually applied in industrial production.
If a low-value product requires a neodymium magnet, the size of the product is not limited, and the magnetic force of the neodymium magnet is not high, check out NdFeB with cheaper material, just like a ferrite magnet.
Find a reliable supplier. Experienced neodymium magnet suppliers provide not only neodymium magnets for your course and sample and transport them in the designated time or less and at an affordable rate for neodymium magnets.
Why are Neodymium Magnets Important?
Neodymium iron boron (NIB) magnets are among the most powerful. They cost more per kilogram than most other magnetic materials, but because of the strong magnetic field, they are small and inexpensive for many applications.
Considering the electric field strength, the current cheapest permanent magnets are ceramic magnets, making them one of the weakest types. Ferrite magnets are also low-cost because they are made of iron oxide and cheap raw strontium or iron carbonate materials. However, a new low-cost neodymium magnet, the Mn-Al alloy, was developed and now dominates the low-cost magnetic field market with a saturation magnetization higher than that of ferrite magnets. It can also be thermally unstable but has a more favorable temperature coefficient.
Nevertheless, neodymium magnets are still the best in the market; they are so crucial that it is impossible to have a fully furnished house without at least a single appliance with a neodymium magnet. Our smartphones are proud bearers of this technological genius.
Neodymium is the best element to build the type of motors needed for wind turbines – robust, effective, inexpensive, and lightweight. Neodymium magnets are robust and have a wide range of applications. They are utilized for both industrial and commercial products. The demand for neodymium is rising from every corner of the globe due to the fast global growth in wind farms.
Additionally, a lot of neodymium magnets are employed in the creation of hybrid car motors. You can also find them in clamps, mounting tools, geocaches, and oil filters.
The use of neodymium is required in almost every fast-growing technological field and the demand being less than its supply is one of the reasons why the price may seem absurd. This is why ROBO magnetic, a well-established firm in this industry, has made it a point to supply you with the most affordable price these neodymium magnets can go for, with excellent customer service and custom products tailored to your use.
Neodymium Magnet Price Chart
Since it was discovered that neodymium was a crucial component of permanent magnets, it gained popularity. Given how quickly this technology field is developing, the metal’s demand is only anticipated to increase. The requirement for neodymium will always exist due to the metal’s beneficial properties in various industries.
Due to the rising demand in the technology industry, the price of neodymium-containing rare earth neodymium magnets is increasing. Depending on the manufacturer, these neodymium magnets might range in price, but the asking price has been rising consistently. Over the past ten years, the price of neodymium has significantly fluctuated, ranging from about USD 50,000 per tonne ($50/kg) to almost USD 140,000 per tonne ($140/kg).
From the chart, we can tell that there was an increase in the price of neodymium magnets after the year 2020, and this is because there was little to no mining done this year due to the global lockdown of the Covid-19 pandemic. As China is the mother country for mining this rare-earth metal, it was impossible to meet the demands of consumers, and this triggered the inflation in the price of consumers. We returned to a world where the old customers are starved of neodymium, and new customers are trooping in for more of this rare-earth marvel.
The neodymium magnet market is still growing and will probably keep climbing for the next few years as the demand is beyond what miners can currently deliver. Nevertheless, you will get your neodymium magnets expensive at Walmart. ROBO magnetic is an everyday choice for old and new customers in need of affordable cuts, custom cuts(N35-N52, 35M-50M, 33H-48H, 33SH-45SH, 30UH-28UH, 28EH-35EH, etc.), and coatings (Ni, Ni+Cu+Ni, Ni+Cu+Semi-Bright Ni, Ni+Cu+Epoxy, Ni+Cu+Ni+Au, Ni+Cu+Ni+Sn, Ni+Cu+Zn, Ni+Sn, Black Ni, Bright Ni, Epoxy, Zn, Dark Zn, Color Zn, Trivalent Zinc, and Passivation); and experienced advice pitch on what will suit your project the best. You will also receive your orders on time and have an array of ranges and cuts to pick from as ROBO magnetic makes it a point to save the orders of previous clients to serve the needs of new clients.
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