[SMM Rare Earth Morning Briefing] Rare earth market trading is in a stalemate, but cost support remains, oxides diverge, and scrap follows with limited gains.

SMM July 17 News:

Rare Earth Ore:

• Price: Rare earth chloride prices were approximately 63,500 yuan/mt, monazite prices approximately 44,000 yuan/mt, and medium-yttrium, europium-rich ore prices approximately 256,500 yuan/mt.

• Supply and Demand: Currently, the overall circulation frequency of rare earth ores remained sluggish, with a stagnant market, but the rise in oxide prices led to an increase in actual transaction prices for rare earth ores.

Rare Earth Oxides:

• Price: Pr-Nd oxide prices were slightly in the doldrums, while medium-heavy rare earth prices remained firm.

• Supply and Demand: Yesterday, Pr-Nd oxide quotes were generally high, but downstream metal plants continued to see poor orders, actual inquiries were sluggish, and some suppliers slightly lowered their quotes; on the medium-heavy rare earth side, suppliers had tight shipments, with firm prices at high levels, but actual trading volume remained limited.

Rare Earth Metals:

• Price: Pr-Nd alloy prices were slightly raised, the market showed a stalemate, dysprosium-iron alloy remained stable, and terbium metal prices slightly declined.

• Supply and Demand: Yesterday, Pr-Nd alloy prices were slightly raised, supported by oxide costs, metal enterprises raised their quotes, and although large magnetic material manufacturers conducted tender purchases, inquiry prices were low, with a stalemate in trading. On the medium-heavy rare earth side, terbium metal suppliers lowered quotes due to trading stalemate, while dysprosium-iron alloy prices remained stable.

NdFeB Blanks:

• Price: NdFeB blank N35 (Ce) was reported at 215-225 yuan/kg, NdFeB blank 35M at 260-270 yuan/kg, and NdFeB 35UH at 360-380 yuan/kg.

• Supply and Demand: Yesterday, NdFeB blank quotes were temporarily stabilized, primarily because raw material prices also stabilized, keeping NdFeB quotes steady. In terms of trading, entering the off-season, the production pace of end-users and motor factories gradually slowed down, essential orders were released steadily, large-volume restocking orders were not effectively released, and overall NdFeB market trading volume was moderate.

NdFeB Scrap:

• Price: Pr-Nd recycled from NdFeB scrap prices were raised, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices remained stable.

• Supply and Demand: Yesterday, scrap market prices were slightly raised, influenced by higher oxide quotes, recycling enterprises slightly increased their external purchase quotes. However, the supply of compliant, duty-paid scrap remained tight, scrap suppliers were adopting a wait-and-see approach to shipments, and recycling enterprises faced difficulties in purchasing.