Magnet is Never Simple, It’s Full of Opportunity on Your Product.

Super strong neodymium magnet is ideal accessories when it comes to product development. Neodymium magnets can help product to fill a niche to improve the existing products or create a new unique product, and thus help many companies find new growth in performance or even make a new company.

For example, magnetic lacing solution of ZUBITS, magnetic wall mounted bottle opener of DropCatch, magnetic spice jars of Gneiss Spice are all products we can often use in our daily lives. They all use powerful NdFeB magnets. And small neo magnets give them more value: simplicity, convenience, beauty, etc.

You can also easily find some new winning product opportunities on neodymium magnets, right? If yes, you need to know neodymium magnet price now.

Neodymium Magnet Price Increase in 2022 Not Stopping Using Them in Consumer Goods!

But, Do You Know How Expensive Ndfeb Magnets Are Now?

Magnet prices have been rising for more than 15 consecutive months since November 2021. Magnets are now much more expensive than they used to be. For example, a magnet that cost $1 in the first half of 2020 may now cost $2.50 to buy. Many loyal customers who have been using magnets for a long time are complaining that they can no longer afford to use magnets.

This is indeed the current price increase dilemma to face. But this can’t stop people from loving magnetic products. This is because:

  1. Inflation is a worldwide problem. This price increase is universal and not just for magnets. People can accept the price increase of other non-magnetic products, of course, can also accept the price increase of magnetic products
  2. Magnets can really provide better value for products. As the saying goes, “There are always people who want the right things at the right price, and things of high value are scarce.”

Read more:

China Suppliers Need To Raising Prices and Why?

Magnet Price Affected by China Rare Earth Pr-Nd Metal in 2020

Rare Earth Material Cost of Neodymium Magnets  in 2021

Then, How To Control Neodymium Magnet Cost In Product Development?

When you have a unique magnet design in product development, it’s easy to get swept up in the excitement. However, before you dive right into developing your product, it’s important to take a step back and think about how much it will actually cost to bring your magnetic concept to life. Neodymium magnet cost may get out of control if you’re not careful.

This simple guide to neodymium magnet cost will help you make more informed design choices that won’t eat away at your bottom line. By keeping product development overhead costs as low as possible without compromising the quality of your overall design, you’ll end up with a product you can be proud of and one that could potentially turn a healthy profit.

What Factors Determine Neodymium Magnet Price?

According to the data of China neodymium magnet manufacturing industry, direct material, direct labor and production cost are the three main factors that determine the price of NEO magnets. The approximate percentages are as shown in the figure below. The exact percentage of the three elements will vary from company to company depending on their individual circumstances. Generally speaking, large magnet companies have higher management labor costs. At the same time, these magnet manufacturers have more financial strength, and the proportion of material costs is relatively small.

NdFeB cost composition, Neodymium Magnet Price

Raw material: Neodymium magnets are relatively high-cost magnets. The high price is mainly due to the high price of raw materials, namely, Praseodymium neodymium metal (Pr-Nd) and dysprosium-iron alloy (Dy-Fe), both of these materials are rare earth metals. The rare earth metal materials are fluctuating at high levelfrequently, so the price of NdFeB magnets is not low.

Labor: Labor costs are determined by the general environment and are generally more stable.

Production: Production costs are affected by a number of factors. Such as production equipment, processing technology, processing quantity, material properties, product shape, size and precision, etc.

How to Keep Neodymium Magnet Cost Low?

Sintered NdFeB magnets are the strongest magnets available in the world. A very small piece of magnet can hold objects several times than its own weight. The raw material neodymium is the key factor for neodymium magnets in terms of costs. The sharp price increase for neodymium and other rare earth metals needed for the manufacture of neodymium magnets therefore changes the prices of your magnetic product a lot suddenly.

  • When designing products, keep magnet simple and small.

NdFeB magnets are brittle and difficult to machine. The simpler the shape, the easier the magnet is to process, the lower the scrap rate, and the cheaper the processing cost.

If you are new to magnet, you may need to seek the advice of a magnet expert. China Magnets Source is happy to help you with any question of your magnet design, from magnet material selection, magnetic circuit design, simulation calculations to prototype production.

halbach array

  • Try more samples.

There are many grades of NdFeB magnets according to different magnetic properties and working temperature. Choosing a magnet is not simply a matter of choosing a high grade with a high magnetic force. Excess magnetism can lead to waste of rare earths and increased costs.

You need to work through a variety of neodymium magnets to find a balance between size and pull strength. N42 grade offers a high performance at an economical price. It is the most commonly used neodymium magnets among N rating. For even higher temperatures, N50M, N48H and N42SH are popular for industrial application.

Please produce for us the 5 pcs of Samples in NdFeN N42 according to magnet technical specification in below picture.

Neodymium Magnet Price, Countersunk pot magnet Ø 16 mm, holds approx. 6,9 kg

Mike, Purchase Department of a German Company

Okay, we will send you the sample of countersunk pot magnet as soon as it is ready.

China Magnets Source, Custom Industrial Magnet Supplier

We have tested the magnets. But it lacks 50% of the power which is needed of us.

Can you make new sample, that the magnet in the same size, but has more power?

We want to test these magnets: with magnet material N50, 5 PCS with H = 4,5 mm & 5 PCS with H = 5 mm,

cost these samples like the last time?

Mike, Purchase Department of a German Company

Okay, we will send you countersunk pot magnet samples as soon as they are ready.

China Magnets Source, Custom Industrial Magnet Supplier

Today we have checked the two variants of the magnet samples you send us. I am sorry but both variants we can not use, because the power of both is not enough.

I send you a sample with enough power we want, but with size D20mm.

We need the power of the D20 sample and the size of D16 sample. Because we have to build in around the magnet is not enough space.

Please make us new samples.

Mike, Purchase Department of a German Company

We received your sample and finished the pull force test, the vertical pull force is about 16kg. It’s very high. We have some question for you as below:

What is the grade of magnet for sample D20x6mm you sent us?
Can you accept changing d2 from 7.22 to 5.22mm or 6.22mm?
There will be no gap between magnet and steel cover, is this okay?

China Magnets Source, Custom Industrial Magnet Supplier

We do not know the magnet grade sorry. Please work with our sample and do not changing d2.

To eliminate the gap between the steel cover and the magnet is okay for us.

Mike, Purchase Department of a German Company

Our engineering department revised the design of pot magnet D16x4.5 mm according to your sample D20x6 mm to reach the magnetic force 16kg. The interior design of pot magnet will be different and we change magnet grade as well. 5pcs new samples production is arranged for you.

D20 & D16 countersunk pot magnets

China Magnets Source, Custom Industrial Magnet Supplier

The sample arrived us. Thank you very much. It looks like good and the improved design and stronger force are okay for us. Is it possible to make a little radius on the outer ring of the magnets. We have marked the point on the attached picture. It would be useful for us to have a radius 1.0 mm (chamfer) . Please speak with your people.

Neodymium Magnet Price, Pot magnet chamfer

Neodymium Magnet Price, Countersunk pot magnet price

Mike, Purchase Department of a German Company

R1 will reduce some magnetic force. We think small chamfer ((0.3-0.5)x45°) can minimize impact on magnetic force as much as possible.

China Magnets Source, Custom Industrial Magnet Supplier

Can your magnet technician estimate in percent how many minimized force?

Mike, Purchase Department of a German Company

Kindly find the impact data of chamfer on magnetic force (analog computation) in attachment. It’s okay between 0.3 – 0.5×45°. Please confirm this.

Simulation of the effect of chamfering on magnetic force

China Magnets Source, Custom Industrial Magnet Supplier

We choose Item Number 3, like you suggest us: 0.5 x 45°. Thank you for your effort in this case.

Mike, Purchase Department of a German Company

Thank you.

China Magnets Source, Custom Industrial Magnet Supplier

The magnets arrived us and we had proofed magnets during the incoming goods inspection.

They are good. The Quality of the magnets which you delivered us is perfect.

Next Time I will send you a new order about the magnets.

Mike, Purchase Department of a German Company
  • Choose other cheap magnet materials.

If you need magnet for a low value product, there is no restriction on the size of the product, and the magnetic force of the magnet is not high, you can consider using cheaper material to replace NdFeB, such as ferrite magnet. China Magnets Source not only provides NdFeB, but we also provide high temperature samarium cobalt and alnico, as well as ferrite magnets.

  • Find the right magnet supplier.

An experienced magnet supplier should not only provide support in magnet price, but also provide a full set of support in all aspects such as magnet selection, sample, transportation and after-sales service, improve communication efficiency and save customers’ time. As the saying goes, time is money.

How Do You Know Whether You’re Getting a Good Deal?

Although price comparison is the most important basis for understanding whether magnet procurement is cost-effective, we also need to understand our specifics situation. In addition to magnet price, we also need to focus on whether there is an advantage in total cost. When a product needs to be available as soon as possible to capture the market, we need to choose a supplier based on the speed of delivery. In addition, whether the end product can afford the fluctuation of NdFeB magnet price is also a very important issue.

China Magnets Source is committed to providing each customer with the highest standard of magnet and customer service. To make sure your enquiry or order has been taken care of, please feel free to contact us by email. We are available 24/7.

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