[SMM Rare Earth Morning Briefing] Metal prices hold firm supported by oxide cost, while just-in-time procurement dominates in the NdFeB off-season

Published: Jul 13, 2026 10:11

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[Under Oxide Cost Support, Metal Prices Remain Firm; NdFeB Off-Season Dominated by Just-in-Time Procurement] Last week, NdFeB blank quotations were slightly raised. The core reason was that the increase in raw material prices drove up NdFeB prices. In terms of trading, entering the off-season, the production pace of end-users and motor factories gradually slowed down, just-in-time procurement orders were released moderately, while large-scale restocking orders have not been effectively released yet. Overall, the NdFeB market trading volume was moderate.

SMM July 13:

Rare Earth Ore:

Prices:Rare earth chloride flake prices were around 63,500 yuan/mt, monazite prices around 44,000 yuan/mt, and rare earth carbonate prices around 62,200 yuan/mt.
Supply and Demand:Currently, the overall circulation frequency of rare earth ore remained sluggish, with market trading in a stalemate. However, the rise in oxide prices led to an increase in actual transaction prices of rare earth ore as well.

Rare Earth Oxide:

Prices:Pr-Nd oxide prices showed relatively small overall fluctuations, dysprosium oxide prices remained relatively stable, and the market trend for terbium oxide continued to be strong.
Supply and Demand:Last week, downstream inquiry activity was notably sluggish approaching the weekend. Actual transaction prices of Pr-Nd oxide pulled back slightly, while some factories maintained firm quotes and their willingness to sell at low prices remained low. In the medium-heavy rare earth sector, driven by purchases from some enterprises, low-priced sources of terbium oxide were hard to find.

Rare Earth Metal:

Prices:Pr-Nd alloy prices held steady, with sluggish market inquiries. Dysprosium-iron alloy held steady, while terbium metal prices continued to rise.
Supply and Demand:Last week, Pr-Nd alloy prices rose slightly, supported by Pr-Nd oxide costs. Metal plants were reluctant to sell at low prices, but downstream inquiries and procurement were relatively cautious, and actual trading was at a stalemate. In the medium-heavy rare earth sector, terbium metal prices were notably raised due to cost support from oxides, while dysprosium-iron alloy prices held steady.

NdFeB Blank:

Prices:NdFeB blank N40 (Ce) quoted 226-236 yuan/kg, NdFeB blank 38M quoted 267-277 yuan/kg, and NdFeB 40UH quoted 371-391 yuan/kg.
Supply and Demand:Last week, NdFeB blank offers were raised slightly, mainly because the increase in raw material prices drove up NdFeB prices. As for trading, entering the off-season, the production pace of end-user and motor plants gradually slowed down. Just-in-time procurement orders were released at a moderate level, and large-scale restocking orders were not effectively released for the time being. Overall, NdFeB market trading volume was moderate.

NdFeB Scrap:

Prices:Prices of Pr-Nd recycled from NdFeB scrap were raised, while those of dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap held steady.
Supply and Demand:Last week, scrap market prices were raised slightly. Influenced by the strength in oxide offers, recycling enterprises slightly raised their external purchase offers, but they mainly focused on just-in-time procurement. Scrap suppliers maintained a relatively wait-and-see attitude toward shipments, and actual market transactions were moderate.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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