Rare earth oxides. (Clockwise from top center) praseodymium, cerium, lanthanum, neodymium, samarium, gadolinium. (Photo provided to China Daily)

The China Rare Earth Price Index shrank 0.63 percent from the previous working day to 1,112.38 points Friday.

Compiled by the China Economic Information Service and Baotou Rare Earth Products Exchange, the index reflects the overall price trend in the rare earth market.

The index is a part of China's rare earth serial indices, which also include a prosperity index and a development index.