Rare Earth Prices Diverge; Upstream Holds Prices Firm, Downstream Waits and Sees [SMM Rare Earth Daily]

Published: Jul 15, 2026 13:43

Save

[SMM Rare Earth Daily Review: Rare Earth Prices Diverge as Upstream Holds Prices Firm and Downstream Waits and Sees] Overall, the Pr-Nd market saw a trading stalemate due to insufficient new orders from the downstream, while the upstream showed a strong willingness to hold prices firm; by contrast, the dysprosium and holmium markets witnessed suppliers raise quotations as low-priced supply dwindled. In the short term, influenced by the upstream's price-holding sentiment, Pr-Nd product prices are expected to drift higher.

SMM, July 15: Rare earth market prices showed divergence today. Specifically, in the oxide market, Pr-Nd oxide prices were flat, dysprosium oxide prices rose by 5,000 yuan/mt, terbium oxide prices fell by 25,000 yuan/mt, gadolinium oxide prices were flat, holmium oxide prices rose by 17,500 yuan/mt, and erbium oxide prices rose by 10,000 yuan/mt.

In the metal market, Pr-Nd alloy prices fell by 5,000 yuan/mt, dysprosium-iron alloy prices rose by 5,000 yuan/mt, terbium metal prices were flat, gadolinium-iron alloy prices were flat, holmium-iron market prices rose by 20,000 yuan/mt, and lanthanum-cerium metal (alloy grade) prices were flat.

In markets outside China, FOB prices for Pr-Nd oxide were flat this week, neodymium oxide FOB prices were flat this week, terbium oxide FOB prices rose by $30/kg this week, dysprosium oxide FOB prices were flat this week, praseodymium metal FOB prices were flat this week, neodymium metal FOB prices were flat this week, and terbium metal FOB prices rose by $40/kg this week.

Currently, rare earth market prices are showing a divergent trend: Pr-Nd prices are trending weak, while dysprosium and holmium prices have adjusted upward. Focusing on the Pr-Nd market, downstream magnetic material enterprises faced less-than-ideal new orders and adopted a cautious stance when purchasing Pr-Nd alloy, mostly restocking based on rigid demand. Although some metal suppliers lowered their offer prices, trading in the metal market remained stagnant. In contrast, prices held steady in the oxide market. As oxide suppliers expect supply may tighten, their willingness to sell at low prices is low, and offers are relatively firm. This has made low-priced cargoes hard to find in the Pr-Nd oxide market, with overall transactions also at a stalemate.

In the medium-heavy rare earth market, dysprosium and holmium product prices edged up. This was mainly because market inquiry activity improved, low-priced oxide cargoes were scarce, suppliers raised their offers accordingly, and metal enterprises followed suit. Terbium oxide prices, however, fell as suppliers lowered their offers due to difficulties in closing deals at high prices and relatively low inquiry prices. Gadolinium product prices remained relatively stable.

Overall, the Pr-Nd market remained stagnant in trading due to insufficient new downstream orders and strong price-holding intentions upstream; meanwhile, the dysprosium and holmium markets saw suppliers raise offer prices as low-priced cargoes decreased. In the short term, Pr-Nd product prices are expected to drift higher, influenced by upstream sentiment to hold prices firm.

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

[SMM Rare Earth Morning Briefing] Ore prices followed the increase in oxides, and trading activity in the magnetic material market was moderate.

[Ore Prices Follow Oxide Gains, Magnetic Material Market Sees Average Trading] Yesterday, Pr-Nd oxide market prices pulled back slightly following futures, but most suppliers held offer prices firm and low-priced supply remained hard to find. In the medium-heavy rare earth segment, dysprosium and terbium market prices continued to mainly hold up well, with some buyers making small purchases.

Common.Time.hoursAgo

[SMM Rare Earth Morning Briefing] Oxide prices diverge, metal trading is stagnant, and magnetic material demand slows down in the off-season

[Oxide Prices Diverge, Metal Trading Stalemate, Off-Season Magnetic Material Demand Slows] Yesterday, NdFeB blank quotations edged down slightly, mainly because lower raw material prices dragged down blank prices. In terms of trading, as the off-season set in, the production pace of end-users and motor factories gradually slowed, rigid demand orders were released moderately, while large-scale restocking orders have not yet been effectively released. Overall trading volume in the NdFeB market was modest.

Common.Time.hoursAgo

Hastings Tech Metals Updates DFS for Yangibana Rare Earth Project, Confirms Strong Economics

[SMM Rare Earth Flash] ASX-listed Hastings Technology Metals has released the results of the updated definitive feasibility study (DFS) for Stage 1 of the Yangibana rare earth and niobium project in Western Australia. The project is held by a joint venture, with Wyloo Gascoyne holding a 60% interest and Hastings holding 40%. The updated DFS confirms a pre-tax net present value (NPV) of AUD 649 million, an internal rate of return (IRR) of 34%, and a payback period of 2.4 years. Initial capital investment is AUD 333 million, with a mine life of 19 years and average annual concentrates production of 37,000 mt. The project is based on ore reserves of 20.93 million mt at a total rare earth oxide (TREO) grade of 0.90%. Neodymium-praseodymium (NdPr) accounts for 37% of TREO and is expected to contribute over 90% of project revenue. All environmental approvals have been obtained, and infrastructure and long-lead equipment have already been delivered to site.

Common.Time.hoursAgo