Pr-Nd oxide price pulls back slightly, rare earth market overall in the doldrums [SMM Rare Earth Weekly Review]

July 23:

Rare Earth Ore:

Recently, the overall trading sentiment for rare earth ore was sluggish, with low operating rates at separation plants and reduced purchase willingness, causing rare earth ore prices to pull back slightly overall. As of today, rare earth carbonate prices stood in the range of 61,000-61,400 yuan/mt; monazite prices were relatively stable this week at 42,000-46,000 yuan/mt; and medium-yttrium, europium-rich ore prices were approximately 251,000-253,000 yuan/mt.

Rare Earth Oxides:

Light rare earths, lanthanum oxide prices showed no fluctuations this week, stabilizing at 5,200-5,800 yuan/mt. The cerium oxide market was also relatively stable, with prices temporarily steady within the week at 15,000-15,500 yuan/mt. This week, Pr-Nd oxide prices were generally in the doldrums, mainly weighed by the pullback in futures prices and sustained sluggishness in buyer inquiries and purchase willingness. Some suppliers followed suit and lowered prices, but factory quotations remained firm, low-priced goods were hard to find, and the tug-of-war between upstream and downstream was intense. As of today, Pr-Nd oxide prices were lowered to 753,000-758,000 yuan/mt.

Medium-heavy rare earths, the overall trading situation for dysprosium oxide remained poor, with some traders slightly lowering their quotations. This week, dysprosium oxide prices pulled back slightly to the range of 1.4-1.42 million yuan/mt. In the terbium oxide market, amid persistently weak downstream demand, some suppliers sold small quantities at low prices, and as of today, terbium oxide market prices were lowered to 6.7-6.8 million yuan/mt. Gadolinium oxide prices edged down with the market, purchase willingness downstream remained low, and its price edged down to 216,000-220,000 yuan/mt. Affected by reduced operating rates at upstream separation enterprises, holmium oxide market shipments were tight, with most suppliers maintaining firm high quotations; its price was further adjusted upward within the week to the range of 625,000-630,000 yuan/mt. The erbium oxide market still saw low shipments, with some suppliers sharply raising their quotations and low-priced goods rapidly tightening; as of today, erbium oxide prices were quickly adjusted upward to the range of 635,000-655,000 yuan/mt. Inquiry activity in the yttrium oxide market slightly increased, low-priced goods were hard to source, and 5N yttrium oxide prices were sharply adjusted upward this week to 60,000-62,000 yuan/mt.

Rare Earth Metals:

Light rare earths, this week, cerium metal prices saw no significant adjustment, with supplier quotations stable at 31,500-32,500 yuan/mt. Pr-Nd alloy prices were in the doldrums this week, as downstream magnetic material enterprises saw poor new orders, leading to low inquiry and purchase enthusiasm for Pr-Nd alloy. Compounded by the price reduction of oxides, some metal suppliers lowered their quotations, but market trading remained stagnant, and metal-side transactions continued to be under pressure. As of today, supplier quotations were adjusted to 910,000-920,000 yuan/mt. For medium-heavy rare earths, dysprosium-iron alloy closed at 1.36-1.38 million yuan/mt, with a slight correction in price this week, mainly due to reduced market inquiries and lower inquiry prices, prompting metal enterprises to slightly lower their quotations; overall market trading was moderate. Terbium metal prices pulled back to 8.35-8.45 million yuan/mt this week, primarily affected by a pullback in oxide prices and reduced downstream inquiry activity, leading metal enterprises to lower their quotations, but actual transactions did not follow through well. Gadolinium-iron alloy prices trended downward this week. As overall market inquiries were sluggish and raw material prices pulled back, suppliers lowered their quotations accordingly to 205,000-212,000 yuan/mt, with overall trading performance proving lackluster.

Rare Earth Permanent Magnets:

Currently, NdFeB blank N38 (Ce) closed at 217~227 yuan/kg; NdFeB blank 40M closed at 263~273 yuan/kg; NdFeB blank 40H closed at 267~277 yuan/kg; NdFeB blank 45SH (Ce) closed at 317~337 yuan/kg. NdFeB prices saw a slight downward adjustment this week, driven primarily by a slight drop in raw material prices that pushed NdFeB quotations lower. Trading volumes in the NdFeB market were moderate this week. The core reason: as late July approached, production in mainstream end-use consumer markets entered an off-season, and continued low NdFeB demand coupled with sideways raw material prices upstream prompted major motor plants to significantly slow their restocking pace, leading to moderate stockpiling sentiment and generally average trading volumes in the NdFeB market.

Rare Earth Scrap:

This week, Pr-Nd recycled from NdFeB scrap closed at 775-780 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 scrap market was in the doldrums this week, mainly affected by a continued correction in the oxide market. Early in the week, Pr-Nd oxide prices declined, and recyclers' purchasing quotations dropped accordingly; however, compliant tax-inclusive scrap supply remained tight, suppliers were reluctant to sell, and low-priced scrap was hard to find. Mid-week, oxide prices weakened further, with dysprosium oxide and terbium oxide falling simultaneously, but dysprosium and terbium prices in the scrap market held steady; limited by tight supply, Pr-Nd scrap saw limited declines, while recyclers maintained a cautious stance on high-price purchases, leaving market trading stagnant. Approaching the weekend, oxide prices remained weak, downstream demand was sluggish, and a strong wait-and-see sentiment pervaded the scrap market, with overall transactions sluggish.