Praseodymium (Pr): The NdPr Magnet Partner

Praseodymium is inseparable from neodymium in industrial practice. NdPr magnets typically contain 10-15% Pr and 85-90% Nd. While Pr is technically a light rare earth (LREE), it commands magnet REE pricing premiums due to NdFeB magnet demand. Supply constraints for Pr-bearing ores drive premium valuations alongside Nd.

Key Points

Supply Characteristics

• Global Pr production: ~6,000 tonnes/year
• Co-produced with Nd from bastnaesite ores (cannot separate selectively)
• Marketed as "NdPr" or "rare earth magnets"
• Price premium over La/Ce but lower than heavy REEs

Demand Drivers

• NdFeB magnets: ~95% of demand
• EV traction motors: 0.5-1.5kg magnets per vehicle
• Wind generators: 200-600kg magnets per MW
• Structural demand growth (+8-12% CAGR through 2030)

Investment Angle

• Track Pr alongside Nd; prices move together
• Supply deficits create premium pricing during EV upswings
• New separation capacity announcements boost Pr producer valuations

Pricing & Market

• Pr metal: $80-150/kg (higher than Nd on per-kg basis)
• Pr is 10-15% of NdPr blend; limited independent demand
• Price volatility mirrors Nd but with different magnitude

Key Takeaways

• Pr is a magnet REE despite LREE classification
• Supply is tightly linked to Nd production
• EV and wind demand create structural growth
• Invest alongside Nd exposure