[SMM Rare Earth Morning Brief] Oxide Downturn Drags Down Metals, Medium-Heavy Rare Earths Firm but Transactions Stagnant

Published: Jul 20, 2026 09:45

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[Oxide downtrend drags metals lower, medium-heavy rare earths firm but transactions stagnant] Last week, nearing the weekend, downstream enterprises’ inquiry activity was low; some traders slightly lowered their quotes, but most factories held firm offers, resulting in few actual transactions; on the medium-heavy rare earth front, upstream supply was tight, market quotes remained firm, but metal plants’ purchase willingness was low.

SMM News, July 20:

Rare earth ore:

Prices:Rare earth chloride was priced at approximately 63,500 yuan/mt, rare earth carbonate at approximately 62,000 yuan/mt, and medium-yttrium, europium-rich ore at approximately 256,000 yuan/mt.
Supply and demand:Currently, the overall circulation frequency of rare earth ore remained weak, and market trading was at a stalemate; however, the rise in oxide prices led to a corresponding increase in actual transaction prices for rare earth ore.

Rare earth oxides:

Prices:Inquiries for Pr-Nd oxide were sluggish, with prices edging down slightly; medium-heavy rare earth prices remained firm.
Supply and demand:Last week, approaching the weekend, downstream enterprises showed low inquiry activity. Some traders slightly lowered their quotes, but most plants kept quotes firm, with limited actual transactions. For medium-heavy rare earth, upstream supply was tight and market quotes remained firm, but metal plants showed low purchase willingness.

Rare earth metals:

Prices:Pr-Nd alloy prices edged down slightly, with sluggish market inquiries; dysprosium-iron alloy and terbium metal prices also edged down slightly.
Supply and demand:Last week, Pr-Nd alloy prices edged down slightly. As downstream inquiry and purchasing momentum was weak, coupled with a decline in oxide prices, metal enterprises slightly lowered their quotes, but actual trading remained at a stalemate. For medium-heavy rare earth, amid the stalemate in market trading, quotes for dysprosium-iron alloy and terbium metal edged down slightly.

NdFeB blank:

Prices:NdFeB blank N38 (Ce) closed at 219-229 yuan/kg, NdFeB blank 38M closed at 262-272 yuan/kg, and NdFeB 38UH closed at 364-384 yuan/kg.
Supply and demand:Last week, NdFeB blank quotes edged down slightly. The key reason was that declining raw material prices drove down NdFeB magnetic material prices. In terms of transactions, as the market entered the off-season, the production pace of end-users and motor plants gradually slowed down. The release of rigid-demand orders was average, and large-volume restocking orders had yet to be effectively released, leaving overall NdFeB market trading volume average.

NdFeB scrap:

Prices:Pr-Nd recycled from NdFeB scrap prices declined, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices held steady.
Supply and demand:Last week, scrap market prices edged down slightly. Affected by the pullback in oxide quotes, recycling enterprises slightly lowered their external purchase quotes. However, the supply of compliant, tax-included scrap remained tight, scrap suppliers took a wait-and-see stance on shipments, low-priced scrap was still hard to find, and recycling enterprises faced losses in procurement.

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.

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