Neodymium magnets, sometimes called new magnets, are th […]
Neodymium magnets, sometimes called new magnets, are the Strong Neodymium Magnets on the market today, which makes them needed for a variety of industrial applications. Due to its excellent magnetism and reliability, neodymium is still a sought after manufacturer of cordless hand tools, compressor motors, electric power steering systems and speakers, to name a few. However, since almost all of the raw materials for these strong neodymium magnets are produced in China, the world's manufacturing companies that rely on them have recently increased their prices. The metal required for neodymium production is called rare earth, and China accounts for about 97% of the global supply. Some mining companies in the country have low output or even closed down, pushing up the supply cost of these minerals.
Modern equipment's demand for neodymium magnets
Remanence measures the strength of the magnetic field, which is strong for this type of magnet where it appears between 1 and 1.3. Another key feature that made them popular is their measurable coercivity, a term used to measure the ability of materials to resist demagnetization. In this respect, neodymium magnets are much superior to to cobalt magnets and can produce longer-lasting products. In addition, one of its characteristics is the overall durability of the new magnet. A typical magnet of this type will provide a bending strength of 250 Newtons per square millimeter and a compressive strength of 1100 Newtons per square millimeter.
All kinds of businesses rely on neodymium magnets with these durable characteristics, which can produce efficient equipment in a range of industrial fields. From mass production direct supply technology to the company's drilling equipment, to the drive motor found in hybrid vehicles, such as the drive motor first developed by Toyota, all rely on rare earths to manufacture the magnet technology used in products.
Although it is generally believed that China has about 99 million tons of rare earth ore reserves, despite the strong demand from companies in industrialized countries, production is still declining. In September 2017, it was widely reported that the price of neodymium had almost doubled in the twelve months before that. The price of original neodymium is US$95 per kilogram, and the price of another magnetic element, magnetic, is six times that price. The price of these important rare earth elements has never been higher.
Chinese mining companies pointed out that recent production costs have caused the prices of these minerals to rise. However, this problem is partly due to the closure or suspension of some mining operations by the Chinese authorities for environmental reasons. As major global manufacturers bring fewer materials into the market, the demand for neodymium has exceeded the supply, causing the asking price of the material to rise sharply. Unless production increases, the cost of minerals is likely to remain high, making it one of the most popular materials in the world.