Pr-Nd prices surge, while medium-heavy rare earth market prices remain relatively stable [SMM Rare Earth Weekly Review]

July 2 news:

Rare Earth Ore:

Currently, trading activity in the rare earth ore market has remained stable recently. Meanwhile, rare earth oxide prices have shown a strong upward trend, which has driven rare earth ore prices higher this week. As of today, the price range for rare earth carbonate stood at 60,800-61,200 yuan/mt, monazite prices slightly adjusted to 41,000-44,000 yuan/mt, and medium-yttrium, europium-rich ore prices were around 249,000-251,000 yuan/mt.

Rare Earth Oxides:

Light rare earth side, lanthanum oxide prices showed no fluctuations this week, remaining stable at 5,200-5,800 yuan/mt. The cerium oxide market was also relatively stable, with prices holding steady at 15,000-15,500 yuan/mt during the week, but actual transaction performance was sluggish, with a slight weakening trend expected later. This week, Pr-Nd oxide prices held up well overall. Boosted by major factory procurement and the approaching peak season, market bullish sentiment strengthened noticeably, and downstream inquiry and purchasing activity also increased. Suppliers raised their offer prices. As of today, Pr-Nd oxide prices were raised to 750,000-755,000 yuan/mt.

Medium-heavy rare earth side, the dysprosium oxide market was active, with frequent trader inquiries and trading, but actual factory purchase willingness was flat. This week, dysprosium oxide prices adjusted slightly to the 1.41-1.42 million yuan/mt range. Terbium oxide market prices remained firm, with suppliers holding prices firm at the bottom line and unwilling to sell at low prices, leading to a firm trend for terbium oxide prices during the week. Terbium oxide prices held up well this week to 6.45-6.5 million yuan/mt. Gadolinium oxide prices fluctuated little this week, with actual transaction prices only slightly adjusted to 216,000-220,000 yuan/mt. Holmium oxide market downstream inquiry enthusiasm was low, but supplier offer prices remained firm, with prices adjusting slightly to the 560,000-565,000 yuan/mt range during the week. Erbium oxide market trading was not active this week, shipments remained tight, and low-priced sources were hard to find. As of today, erbium oxide prices remained stable within the 470,000-475,000 yuan/mt range. Yttrium oxide market inquiry and purchasing sentiment stayed sluggish, with 5N yttrium oxide prices holding steady at 51,000-53,000 yuan/mt this week.

Rare Earth Metals:

This week, cerium metal prices operated smoothly, remaining stable at 32,000-33,000 yuan/mt. Pr-Nd alloy prices showed an overall uptrend this week, adjusting to 910,000-920,000 yuan/mt as of today. Early in the week, driven by rising raw material prices, metal enterprises raised their quotes in line with higher costs, but downstream magnetic material enterprises adopted a relatively cautious inquiry approach, resulting in fewer actual transactions and an overall strong wait-and-see sentiment in the market. Mid-week, several large magnetic material enterprises issued tenders for Pr-Nd alloy, boosting market inquiry activity and tightening the supply of low-priced goods, with Pr-Nd alloy prices continuing to rise. In the medium-heavy rare earth market, dysprosium-iron alloy closed at 1.37-1.39 million yuan/mt, with prices holding steady this week. This was mainly due to stable raw material prices, coupled with moderate inquiry performance for the metal, resulting in stable overall trading. Suppliers made no significant adjustments to their quotes, and prices moved steadily. Terbium metal prices rose to 8.05-8.1 million yuan/mt this week, as market inquiry activity picked up, actual transactions followed gradually, and large magnetic material enterprises issued tenders for terbium metal. The supply of low-priced goods tightened, and suppliers raised their quotes. Gadolinium-iron alloy prices edged up overall this week, driven by higher oxide prices and tenders for gadolinium-iron from large magnetic material enterprises, which boosted market trading activity. Supplier quotes were raised to 210,000-215,000 yuan/mt.

Rare Earth Permanent Magnets:

Currently, NdFeB blank N38 (Ce) closed at 218-228 yuan/kg; NdFeB blank 40M closed at 264-274 yuan/kg; NdFeB blank 40H closed at 268-278 yuan/kg; NdFeB blank 45SH (Ce) closed at 318-338 yuan/kg.

In terms of pricing, NdFeB blank prices stabilized temporarily this week. The core reason was a slight rise in raw material prices, but the increase was relatively small and insufficient to impact NdFeB prices. On the trading front, downstream motor and end-user clients made purchases this week but maintained just-in-time procurement overall, with no large-scale restocking occurring in the short term. Trading volumes were moderate for the week.

Rare Earth Scrap:

Currently, Pr-Nd recycled from NdFeB scrap was quoted at 765-775 yuan/kg; dysprosium recycled from NdFeB scrap at 1,230-1,250 yuan/kg; terbium recycled from NdFeB scrap at 5,600-5,800 yuan/kg.

This week, scrap market prices edged up overall, largely supported by persistently rising oxide prices. Early in the week, with oxide prices showing limited fluctuations, recycling enterprises maintained relatively stable scrap purchasing quotes with no noticeable changes, and overall market trading sentiment was sluggish. Mid-week, as oxide prices climbed further, recycling enterprises raised their scrap purchasing quotes accordingly. Meanwhile, with the official implementation of the national standard, "Classification and Comprehensive Utilization Technical Specification for Recyclable Rare Earth Secondary Resources," on July 1, scrap suppliers widely anticipated price increases and became less willing to sell at low prices. This reduced the circulation of tax-inclusive scrap in the market, increasing procurement difficulty for recycling enterprises.