Shin-Etsu announces price increase for rare earth magnets
Shin-Etsu Chemical Co., Ltd. will increase the price domestically and overseas of rare earth magnets, one of its main products, effective for shipments made starting from October 1, 2006. The average amount of the price increase is 10%.
According to the company, the prices of such key raw materials for rare earth magnets as the elements neodymium and dysprosium have been continuing to rise steeply for the past two years. In particular, the price of neodymium has risen about three times compared to its price in 2004, moreover, most recently the pace of its rise is quickening. Because China, which is the main supply source of these raw materials, is restraining exports of rare earths, there seems to be no prospect of settling down upward trend of those prices hereafter.
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