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.
BUT DO YOU KNOW WHAT THE CURRENT PRICE OF NEODYMIUM MAGNETS IS?
Magnet prices have been rising for more than 15 consecutive months since November 2020. 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.
Although the price of magnet materials has risen a lot, this still can’t stop people’s love for strong neodymium magnets. This is because:
- 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
- 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.”
Update March 2023: The good news is that, compared to the wild price hike at the beginning of 2022, material prices have now come back down a bit and are slowly returning to rationality, although they are still far from the levels of early 2020.
Learn more about the historical price of neodymium magnets.
China Suppliers Need To Raising Prices and Why?
Rare Earth Material Cost of Neodymium Magnets in 2021
Magnet Price Affected by China Rare Earth Pr-Nd Metal in 2020
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.
WHAT FACTORS CAUSE THE PRICE FLUCTUATION OF NEODYMIUM MAGNETS?
The main raw materials used to produce neodymium magnets are rare earth metals. Magnet prices are therefore largely influenced by the price of the materials. And the factors that lead to significant fluctuations in material prices include:
- Supply and demand: The supply of rare earth metals is relatively low, while demand is increasing. Any event that affects the supply of rare earths, such as production disruptions, export restrictions, policy adjustments, etc., will affect the price of rare earth metals.
- Exchange rate fluctuations: Rare earth metals are commodities in international trade and as such their prices are affected by exchange rate fluctuations. If the local currency depreciates, domestic rare earth metal prices may rise; if the local currency appreciates, rare earth metal prices may fall.
- Environmental restrictions: The extraction and processing of rare earth metals involves a range of environmental issues, such as waste water, waste gas and soil pollution. If the government tightens control over environmental issues, rare earth metal producers may have to bear higher costs, which may affect the price of rare earth metals.
- Technological advances: As technology advances, people may discover alternative materials or technologies to rare earth metals, thereby reducing the demand for rare earth metals. This may lead to a decrease in the price of rare earth metals.
- Geopolitics: The sources of rare earth metals are concentrated in a few countries such as China. If political or security issues arise in a particular country, this may affect the production and export of rare earth metals from that country, which in turn may affect the price of rare earth metals.
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.
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.
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?
When making a purchase, it’s important to evaluate whether you’re getting a good deal to ensure that you’re spending your money wisely. Here are some factors to consider when determining whether you’re getting a good deal:
- Professional ability: Expertise in the magnetic industry can be highly beneficial when it comes to selecting the appropriate magnet for different applications, as the right magnet can help to conserve the use of rare earths and minimize expenses.
- Delivery speed: If you require a product quickly to capture the market, selecting a supplier based on delivery speed is crucial.
- Quality: Another crucial factor to consider is the quality of the magnet. A low price does not always guarantee high-quality magnets.
- Reputation: It’s essential to consider the reputation of the supplier before making a purchase. Look for reviews from other customers to determine whether the supplier is trustworthy.
- Price comparison: One of the essential factors to consider is the price of the magnet. In addition, the price of rare earth materials fluctuates frequently, and whether your product can withstand the fluctuation of the price of NdFeB magnets is also a very important issue.
- Total cost: Besides the magnet price, you should also factor in other costs, such as shipping, taxes, and additional fees. By considering the total cost, you can determine whether the purchase is cost-effective.
By evaluating these factors, you can determine whether you’re getting a good deal and make an informed purchasing decision.
At China Magnets Source, we are dedicated to providing each customer with the highest quality of magnets and customer service. To ensure that your inquiry or order is handled efficiently, please feel free to contact us by email. We are available 24/7.