Rare Earth Prices Surge Then Pull Back; News Disturbances Thin Trading [SMM Rare Earth Weekly Review]

Jun 25 news:

Rare Earth Ore:

Today, the price range for rare earth carbonate stood at 60,200-60,500 yuan/mt, monazite prices pulled back slightly to 41,000-44,000 yuan/mt, and medium-yttrium, europium-rich ore was priced around 247,000-249,000 yuan/mt. Currently, the circulation of rare earth ore in the market has yet to see significant improvement, with procurement volumes at separation plants remaining low, leaving market trading quite sluggish. However, rare earth oxide prices have recently shown strong momentum, and rare earth ore prices also posted an uptrend this week. Rare Earth Oxides:

Rare Earth Oxides:

Light rare earth: Lanthanum oxide prices saw no fluctuation this week, stabilizing at 5,200-5,800 yuan/mt. The cerium oxide market was also relatively stable, with prices steadying at 15,000-15,500 yuan/mt over the week, but according to some market participants, cerium oxide shipments increased slightly recently, and its actual transaction price center edged down slightly. Recently, driven by news of production cuts at scrap recycling enterprises together with recovering downstream demand, most suppliers raised their quotes sharply, boosting market confidence substantially. But on Thursday, a new bearish news speculation triggered a plunge in futures prices, which subsequently pulled back spot Pr-Nd oxide prices. As of today, Pr-Nd oxide prices fluctuated to 743,000-747,000 yuan/mt.

Medium-heavy rare earth: The inquiry and trading activity in the dysprosium oxide market declined compared to before, with some traders selling at relatively low prices. This week, dysprosium oxide prices adjusted slightly to the 1.4-1.42 million yuan/mt range. Supply of terbium oxide from suppliers remained tight, and low-priced cargoes were hard to find. Terbium oxide prices adjusted to 6.45-6.48 million yuan/mt over the week. Gadolinium oxide prices continued to rise this week alongside Pr-Nd prices; after low-priced supply tightened, higher-priced deals gradually followed, and its price was raised to 218,000-222,000 yuan/mt over the week. Holmium oxide prices continued to climb this week, with suppliers holding back shipments tight, moving up to the 565,000-570,000 yuan/mt range. Erbium oxide market quotes continued to be raised recently, with some suppliers quoting as high as 480,000-485,000 yuan/mt, but downstream buyers slowed their follow-through. As of today, erbium oxide prices rose to the 470,000-475,000 yuan/mt range. The yttrium oxide market remained sluggish in inquiry and procurement. This week, 5N yttrium oxide prices were in the doldrums, slipping to 51,000-53,000 yuan/mt.

Rare Earth Metals:

This week, cerium metal prices remained stable at 32,000-33,000 yuan/mt. Pr-Nd alloy prices showed an overall uptrend this week, adjusting to 910,000-915,000 yuan/mt as of today. Early in the week, driven by higher raw material prices and increased downstream inquiries and procurement, low-priced Pr-Nd alloy supply tightened and suppliers raised their quotes noticeably. Towards the weekend, as Pr-Nd product prices had risen significantly, downstream purchasing attitudes turned cautious, market inquiries decreased, and with raw material prices pulling back, Pr-Nd alloy prices began to weaken. In the medium-heavy rare earth market, dysprosium-iron alloy closed at 1.37–1.39 million yuan/mt. Prices remained largely stable this week, as steady raw material costs, coupled with moderate metal order inquiries, led to stable overall trading. Suppliers’ offer prices saw no notable adjustments, and prices moved sideways. Terbium metal prices rose to 8.00–8.05 million yuan/mt this week. Market order inquiries were more active, with some major leading enterprises issuing tenders to purchase terbium metal, tightening low-priced supply in the market and prompting suppliers to raise offer prices. Gadolinium-iron alloy prices also rose overall this week, mainly driven by higher oxide prices, together with an overall increase in Pr-Nd product prices. Supplier offer prices were raised to 210,000–213,000 yuan/mt. However, downstream magnetic material enterprises showed limited order inquiries, and gadolinium trading performance was sluggish.

Rare Earth Permanent Magnets:

Currently, NdFeB blank N38 (Ce) closed at 228–238 yuan/kg; NdFeB blank 40M closed at 274–284 yuan/kg; NdFeB blank 40H closed at 278–288 yuan/kg; NdFeB blank 45SH (Ce) closed at 328–348 yuan/kg.

In terms of pricing, NdFeB prices rose sharply this week, primarily because higher raw material costs drove up magnetic material offer prices. In trading, earlier this week, expectations of continued price increases led to small-scale restocking by motor and terminal end-users, boosting order activity for magnetic materials somewhat. In the latter half of the week, however, downstream buyers became more cautious amid high prices and suspended stockpiling, cooling trading activity.

Rare Earth Scrap:

This week, Pr-Nd recycled from NdFeB scrap closed at 760–770 yuan/kg; dysprosium recycled from NdFeB scrap closed at 1,230–1,250 yuan/kg; terbium recycled from NdFeB scrap closed at 5,600–5,800 yuan/kg.

This week, scrap market prices generally trended upward. At the start of the week, subdued trading activity kept Pr-Nd scrap prices largely steady. At the same time, XT tax issues restricted scrap circulation and made procurement more difficult for recyclers, leading to less-than-ideal actual transactions. From mid-week onward, Pr-Nd oxide futures continued to climb, driving spot Pr-Nd oxide prices sharply higher. In response, recyclers raised their scrap purchasing offers accordingly, and Pr-Nd scrap prices followed with sustained gains. However, scrap suppliers remained relatively cautious in selling and maintained a wait-and-see attitude, leaving overall trading sentiment fairly sluggish. Heading into the weekend, Pr-Nd oxide futures pulled back, and spot Pr-Nd prices edged lower accordingly, intensifying the wait-and-see sentiment in the scrap market, with recyclers’ order signing and purchasing offers stabilizing.