Pr-Nd oxide consolidates and strengthens, while quotes for medium-heavy rare earths are broadly raised, and permanent magnet demand is under pressure in the off-season [SMM Rare Earth Weekly Review]

July 16 news:

Rare Earth Ore:

Recently, rare earth oxide prices have shown a strong upward trend, driving rare earth ore prices further higher this week. As of today, rare earth carbonate prices stood at 62,100-62,400 yuan/mt; monazite prices were relatively stable this week at 42,000-46,000 yuan/mt; medium-yttrium, europium-rich ore prices were around 256,000-257,000 yuan/mt.

Rare Earth Oxides:

Light rare earth side, lanthanum oxide prices saw no fluctuations this week, stabilizing 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, though actual transactions remained sluggish. This week, Pr-Nd oxide prices drifted higher overall. During the week, affected by production cuts and suspensions at some separation enterprises and accelerated market consolidation, upstream suppliers held firm on quotes and were unwilling to sell at low prices. Meanwhile, downstream metal enterprises were reluctant to purchase at high prices amid weak demand, resulting in an intense tug-of-war between upstream and downstream. As of today, Pr-Nd oxide prices consolidated upward to 767,000-770,000 yuan/mt. Medium-heavy rare earth side, dysprosium oxide market trading remained sluggish overall, but with suppliers increasingly holding back from selling, dysprosium oxide prices edged up this week to the 1.42-1.43 million yuan/mt range. The terbium oxide market, driven by purchases from top-tier players, saw most market participants remain fairly confident in the outlook, pushing offers further higher. As of today, terbium oxide market prices adjusted to 6.85-6.95 million yuan/mt. Gadolinium oxide quotes were relatively firm, but metal plants showed low purchase willingness, and some traders sold small volumes at lower prices, leading to a slight price adjustment to 220,000-223,000 yuan/mt. Holmium oxide upstream inventory remained tight. According to some market participants, overseas inquiries for holmium oxide showed a marked increase in activity, and suppliers raised their selling offers further, with prices adjusting upward to the 620,000-625,000 yuan/mt range during the week. Erbium oxide suppliers remained largely unwilling to sell, making low-priced sources hard to find. As of today, erbium oxide prices adjusted further upward to the 520,000-525,000 yuan/mt range. Yttrium oxide market inquiry and procurement sentiment remained sluggish, with 5N yttrium oxide prices holding steady at 51,000-53,000 yuan/mt this week.

Rare Earth Metals:

Light rare earth side, this week, cerium metal prices saw suppliers slightly lower their offers to 31,500-32,500 yuan/mt due to sluggish downstream inquiries. Pr-Nd alloy prices overall consolidated with a steady bias this week. During the week, as downstream magnetic material enterprises saw weak new orders, their inquiry and procurement enthusiasm for Pr-Nd alloy was low, while metal enterprises, supported by oxide costs, showed limited willingness to sell at low prices. Actual market trading remained stagnant, with supplier offers adjusting to 925,000-935,000 yuan/mt as of today. For medium-heavy rare earths, dysprosium-iron alloy closed at 1.38-1.39 million yuan/mt, with prices slightly raised this week, primarily driven by modest increases in raw material costs, prompting metal producers to adjust their quotes upward accordingly. However, downstream buyers adopted a cautious stance, resulting in generally moderate transactions. Terbium metal was raised to 8.5-8.6 million yuan/mt this week, mainly supported by sustained increases in oxide prices, with metal enterprises raising quotes in line with costs. Nonetheless, fewer downstream inquiries and difficulty in closing high-priced deals emerged. Toward the weekend, terbium metal quotes pulled back. Gadolinium-iron alloy prices remained stable this week. Overall inquiry activity was sluggish, and with support from raw material costs, suppliers held quotes steady at 210,000-215,000 yuan/mt, while overall market trading was lackluster.

Rare Earth Permanent Magnets:

 Currently, NdFeB blank N38 (Ce) closed at 220-230 yuan/kg; NdFeB blank 40M closed at 266-276 yuan/kg; NdFeB blank 40H closed at 270-280 yuan/kg; NdFeB blank 45SH (Ce) closed at 320-340 yuan/kg. This week, NdFeB prices edged lower, largely due to a slight decline in raw material costs that pulled NdFeB quotes down. Trading volumes were moderate, mainly because July marks the seasonal production off-season for mainstream end-use consumer markets, leading to persistently lower NdFeB demand. Meanwhile, influenced by the broader end-user environment, motor and terminal enterprises remained bearish on future consumption, showing low stockpiling enthusiasm and maintaining only a small-scale, just-in-time restocking pace.

Rare Earth Scrap:

This week, Pr-Nd recycled from NdFeB scrap closed at 780-790 yuan/kg; dysprosium recycled from NdFeB scrap closed at 1,230-1,250 yuan/kg; terbium recycled from NdFeB scrap closed at 5,700-5,900 yuan/kg. The overall scrap market held steady this week, with a slight uptick near the weekend. Early in the week, Pr-Nd scrap prices were steady at 780 yuan/kg, with recyclers making just-in-time procurement and scrap suppliers maintaining a wait-and-see approach, resulting in moderate market trading. Mid-week, as Pr-Nd oxide prices showed relatively small fluctuations, recyclers' purchase offers remained largely unchanged, keeping the scrap market broadly stable. Toward the weekend, Pr-Nd scrap edged up to 785 yuan/kg, driven by higher Pr-Nd oxide prices, though suppliers remained cautious on selling. Dysprosium and terbium scrap prices held stable throughout the week with little fluctuation.