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

Published: Jun 25, 2026 16:21

Save

[SMM Rare Earth Weekly Review: Rare Earth Prices Surge and Pull Back, News-Driven Volatility Cools Trading] Recently, supported by reports of production cuts at scrap recycling enterprises alongside recovering downstream demand, most suppliers sharply raised their quotations and market confidence strengthened notably. On Thursday, however, renewed bearish speculation rattled the market, triggering a sharp drop in futures prices. Spot market prices for Pr-Nd oxide followed suit and pulled back. As of today, Pr-Nd oxide prices have undergone volatile adjustments to 743,000-747,000 yuan/mt.

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.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.hoursAgo

Energy Fuels-VAC: The U.S. Blueprint for Rare Earth Security【SMM Analysis】

Using the Energy Fuels-VAC merger as a lens, this article analyzes the U.S. playbook of acquiring de-risked, international rare earth assets. Despite sovereign backing creating a $110/kg price floor for non-Chinese supply, structural bottlenecks in heavy rare earth refining and limited market share (~15%) mean China’s dominance remains unshaken in the near term.

Common.Time.hoursAgo

Energy Fuels' Acquisition of VAC and US International Mature Rare Earth Asset Acquisition Landscape [SMM Analysis]

Taking Energy Fuels' $1.9 billion acquisition of Germany-based VAC as a starting point, this article systematically reviews the US's recent acquisition trajectory for mature international rare earth assets. From taking a controlling stake in the Serra Verde heavy rare earth mine in Brazil and acquiring the UK's LCM alloy plant, to securing capacity from Australia's Lynas, the US is leveraging state capital to bypass lengthy certification cycles through cross-border acquisitions, building a non-China "mining-refining-magnet" supply chain. The article notes that although the $110/kg government price anchor has rewritten project IRR models, Western magnet capacity accounts for only 15% of the global total, and the heavy rare earth closed loop cannot be verified until after 2027, making it difficult to shake China's dominance in the short term.

Common.Time.hoursAgo

This week, rare earth prices outside China remained stable, while the US continued to acquire mature rare earth enterprises outside China [SMM Rare Earth Ex-China Weekly Review].

This week, the overseas rare earth market remained stable overall. Quotes for cerium oxide, lanthanum oxide, Pr-Nd oxide, dysprosium and terbium oxides, and corresponding metals on FOB/CIF terms were largely steady. The mild adjustments in China’s domestic prices had not yet been transmitted outside China, with sluggish trading and continued shrinkage in deliveries. On the project front, the focus was on building non-China supply chains in the West: Australia’s Iluka Eneabba refinery secured a A$1.65 billion federal non-recourse loan and signed a four-year, 1,200 mt magnetic material rare earth offtake agreement with an unnamed global automaker; US-based Energy Fuels planned to acquire German magnetic material producer VAC for $1.9 billion, complemented by a combined $1.45 billion dual-line loan from the US Strategic Capital Office and the Department of Defense to expand capacity at its White Mesa facility; Canada’s Ucore shipped NdPr oxide samples with 99.5% purity for downstream qualification; in South America, Aclara received environmental approval for its Penco project in Chile; local processing projects in Nigeria and South Africa also advanced simultaneously.

Common.Time.hoursAgo