Rare Earth Prices in the Doldrums, Downstream Demand Weak, Transactions Under Pressure [SMM Rare Earth Daily Review]

Published: Jul 23, 2026 14:16

Save

[SMM Rare Earth Daily Review: Rare Earth Prices in the Doldrums, Downstream Demand Weak, Transactions Under Pressure] Overall, new orders from downstream were not ideal, and coupled with a pull back in Pr-Nd oxide futures prices, market inquiries remained persistently sluggish. As a result, rare earth market prices were broadly in the doldrums, with actual trading performance proving poor. In the short term, affected by weak supply-demand fundamentals, Pr-Nd product prices are expected to maintain a sideways trending pattern.

SMM, July 23: Rare earth market prices were in the doldrums today. Specifically, in the oxide market, Pr-Nd oxide prices dropped by 3,500 yuan/mt, dysprosium oxide prices dropped by 5,000 yuan/mt, terbium oxide prices dropped by 75,000 yuan/mt, gadolinium oxide prices dropped by 2,000 yuan/mt, holmium oxide prices held steady, and erbium oxide prices rose by 20,000 yuan/mt.

In the metal market, Pr-Nd alloy prices dropped by 5,000 yuan/mt, dysprosium-iron alloy prices held steady, terbium metal prices dropped by 50,000 yuan/mt, gadolinium-iron alloy prices dropped by 1,500 yuan/mt, holmium-iron prices held steady, and lanthanum-cerium metal (alloy grade) prices held steady.

Currently, the rare earth market is exhibiting a weak pricing trend overall. Focusing on the Pr-Nd market, Pr-Nd oxide futures prices pulled back, while spot market trading was stagnant. Affected by this dual impact, some oxide suppliers chose to slightly lower their offer prices; however, factory quotes remained firm, resulting in limited declines in actual transaction prices. In the metal market, quotes were lowered in tandem with the falling oxide prices. Due to a noticeable reduction in downstream inquiries, metal market transactions continued to be under pressure, making high-priced deals increasingly difficult and the phenomenon of losses more pronounced.

In the medium-heavy rare earth market, persistently sluggish inquiries led suppliers of products like dysprosium, terbium, and gadolinium to slightly lower their offer prices. Nevertheless, actual trading remained weak. In contrast, as low-priced spot sources gradually tightened for erbium oxide and yttrium oxide, suppliers continued to raise their offer prices; however, trading activity was mediocre.

Overall, downstream new orders performed poorly, which, combined with the pullback in Pr-Nd oxide futures prices, kept market inquiries sluggish. Rare earth market prices were broadly weak, with actual trading performance lacking. It is expected that in the short term, influenced by weak fundamentals on both the supply and demand sides, Pr-Nd product prices will likely move sideways.

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

2 hours ago

Trump's Executive Order Tightens Rare Earth Rules, But US Magnet Supply Gap Persists Until 2027【SMM Analysis】

2 hours ago

5 hours ago

Trump Orders Defense Dept to Stop Waivers for Critical Minerals from Non-Allied Nations by 2027

[SMM Rare Earth Express] US President Trump signed an executive order, requiring the Department of Defense to stop issuing most waivers by January 1, 2027, no longer allowing defense contractors to procure critical minerals and rare earth magnets such as samarium cobalt magnets, NdFeB magnets, tantalum, tungsten and molybdenum from "non-allied countries" including China, Russia, Iran and North Korea. Under the new rules, after 2027, only contractors who have submitted supply chain rectification plans approved by the Department of Defense, documented material sources, and a clear timetable for phasing out non-compliant materials may apply for waivers. Additionally, Trump required the Department of Defense to formulate a supply chain traceability policy within 180 days, pushing contractors to establish a full-chain traceability system from raw materials to end-use products, and to strengthen the certification of domestic critical minerals and materials, so as to enhance the security of the national defense supply chain.

5 hours ago

Cyclic Materials and ERI Partner to Recycle Rare Earth Minerals from US E-Waste

[SMM Rare Earth News] Canadian rare earth recycling company Cyclic Materials has reached a cooperation agreement with US electronic waste recycler ERI. Leveraging ERI’s nationwide recycling network and eight processing centers, the partnership will recover rare earth magnets and other critical minerals from electronic waste, building a circular supply chain for critical minerals in North America. Under the agreement, ERI is responsible for the collection and pre-processing of electronic waste, while Cyclic will recover high-purity rare earth oxides from NdFeB magnets and simultaneously extract key materials such as copper and aluminum at its plant in Arizona. The plant has an annual processing capacity of 25,000 mt. The two parties also plan to jointly bid on commercial and government recycling projects, expanding the layout of critical mineral circular utilization. Previously, Cyclic had signed a 10-year cooperation agreement with German magnetic material company VAC to recycle NdFeB scrap generated at its US plant, further strengthening the rare earth supply chain in North America.

5 hours ago