Ferrite Magnet Price Trends
By Paul Fears | 21 July 2021
Updated 8th July 2024
The Strontium Ferrite (SrFe12O19) permanent magnet (also known as a ceramic magnet) is the most commonly used magnet material. Each Ferrite Magnet consists of approximately 90% iron oxide and 10% strontium carbonate.
In June 2021, the price of Strontium Carbonate rose sharply, peaking at 22,250 CNY/MT in July 2021. By February 2024, the price fell to 7,100 CNY/MT, but has since recovered to 7,600.
Ferrite Oxide prices are far less volatile, peaking in May 2022 at 4,050 CNY/MT. Prices reached a low of 3,520 in September 2022 and remained stable at around 3,715 until mid June 2024. At the beginning of July 2024, the price stood at 3,875, the highest since August 2022. Further price increases would not be surprising, with the high current demand.
Strontium Ferrite Magnet Pricing
The Strontium Ferrite (SrFe12O19) magnet features in a diverse range of applications including switches, electric motors, telecommunications, and electronics. Strontium hexaferrite’s hard magnet material has a high coercivity due to its magnetocrystalline anisotropy. The material’s resistance to corrosion and demagnetisation, and the ability to operate in temperatures up to 300°C, makes it ideal for a diverse range of applications.
Strontium is derived from Celestitie with 50% [data relates to 2014] of the global supply originating in China. Production issues have restricted the mining of the ore, resulting in a global shortage. Other producers in countries such as Spain (26%) and Mexico (20%) have also experienced production issues due to the COVID-19 pandemic.
Ferric Oxide, used in the manufacture of Ferrite Magnets, is sourced from iron scale peeling off steel during the manufacturing process. Such iron scale is reprocessed to meet the right specification for ferrite magnets. As China is both the largest global source of ferrite oxide and ferrite magnets (60% of global production), changes in policy such as reduced steel manufacturing impact the availability and thus price of the ferrite oxide.
