Yet a further 60% HRE deletion by China, page-5

HRE deletion has gone way past Grain Boundary Diffusion invented by the Japanese in 2006 but really only employed once DyO broke sharply above its LT pricing ~$90kg.

Post spike the Govt's of Jap, US & EU committed $100M's firstly to RE substitution which wasn't very successful and HRE deletion which was.

Until fairly recently it wasn't wildly know that the Chinese Govt also provided funds to its mag makers 2011 - 2014 to also delete HRE from NdFeB.

Beyond basic GBD several other process have been developed,low oxygen & vacuum process, fine particle & grain alignment, and GBD has been refined basically to nano scale.

Also now being employed in lower end mags to substitute NdPr with Ce.

Point everyone misses is it is not about cost of process but the resulting cost efficiency of the magnet, more competitive at mkt, the more HRE you delete the "stronger" the magnet becomes and the input costs reduced.

A "stronger" magnet results reduced mass, lighter, smaller "package" in auto speak.

Significant advantage which has prompted all the major makers Chinese & Japanese to continue the race to the bottom with DyO, understand the leading companies are headed towards just applying tiny quantities of Tb, the "stronger" of the pair.

Ultimately may result some imbalance in the mkt but currently RES in the US are looking to supply Japan 1-2t of Tb monthly sourced from recycled lamp phosphors, which should pretty much take care of Jap demand.

Basically HRE demand over Chinese ionic production is never likely to substantiate stand alone Dy/Tb production, that fantasy pure fiction created in a bubble, and continually pumped by shrinking number.

Mkt's catching on, finally.

Pics most likely milling machines, point was level of automation.