Image source: Getty Images
Key points
- The Lynas share price has fallen 4.55% today to trade at $9.85
- Today's drop brings its losses for the last 5 session to 11%
- That makes the rare earths producer's stock the worst performing ASX 200 resource share of the last week
It's a mad Monday for the Lynas Rare Earths Ltd (ASX: LYC) share price despite the company's silence.
In fact, the rare earths producer's stock has tumbled 11% since the market last heard news from the company.
At the time of writing, the Lynas Rare Earths share price is $9.85, 4.55% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.31% while the All Ordinaries Index (ASX: XAO) has slumped 0.44%.
Let's take a look at what the company has been up to lately.
Lynas Rare Earths share price suffers on Monday
The Lynas Rare Earths share price is continuing its multi-day plunge on Monday.
The fall comes despite no news having been announced by the company since Wednesday last week. Then, Lynas released its report for the 3 months ended 31 December.
Over the period, the company saw a record $202.7 million of sales revenue. Additionally, the price of the company's product – neodymium and praseodymium (NdPr) – hit a 10-year high of US$100 per kilogram.
However, Lynas noted its supply chain had been restricted over the quarter, causing the time it takes to ship its products from Fremantle to Kuantan to more than double.
The Lynas share price slipped 1% on the day its quarterly update was released, before gaining 1.4% on Thursday.
However, it plunged 7.6% on Friday and is seemingly continuing that tumble today.
That's a similar performance to that of the S&P/ASX 200 Resources Index (ASX: XJR), albeit more dramatic, as can be seen in the chart below, which is tracking the pair's performance since Wednesday.
The sector plunged 3% on Friday and it's back in the red today, having fallen 1.59% at the time of writing.
The Lynas Rare Earths share price is the sector's biggest weight of the last week.
Though, that of BlueScope Steel Limited (ASX: BSL) is only just outperforming it, having fallen 10% over the last 5 sessions.
