Rare Earth Prices Fall Under Pressure, Tug-of-War Between Upstream and Downstream in Stalemate [SMM Rare Earth Daily Review]

SMM, July 28 – Rare earth market prices weakened overall today. Specifically, in the oxide market, Pr-Nd oxide fell 10,000 yuan/mt, dysprosium oxide and terbium oxide remained unchanged, gadolinium oxide fell 4,000 yuan/mt, holmium oxide fell 7,500 yuan/mt, and erbium oxide remained unchanged.

In the metal market, Pr-Nd alloy fell 10,000 yuan/mt, dysprosium-iron alloy remained unchanged, terbium metal remained unchanged, gadolinium-iron alloy fell 4,000 yuan/mt, holmium-iron alloy fell 5,000 yuan/mt, and lanthanum-cerium metal (alloy grade) remained unchanged.

Currently, the rare earth market as a whole exhibited a weakening price trend. Focusing on the Pr-Nd market, the futures price of Pr-Nd oxide edged down, while inquiry prices were low. Affected by this, some spot suppliers opted to slightly lower their offers, but factory quotations remained firm, causing trading to fall into a stalemate. In the metal market, prices also declined somewhat, but inquiry activity remained sluggish. Downstream magnetic material enterprises remained cautious in procurement, wait-and-see sentiment was thick, and the tug-of-war between upstream and downstream remained in a stalemate.

In the medium-heavy rare earth market, due to scarce inquiry activity, suppliers of products such as gadolinium and holmium slightly lowered their offers, yet the trading atmosphere remained sluggish. In contrast, prices of dysprosium and terbium products were relatively stable, with suppliers’ offers showing no significant change. Overall, rare earth market prices were generally in the doldrums, mainly affected by the dual impact of reduced downstream inquiry activity and the decline in the futures price of Pr-Nd oxide. Under such circumstances, suppliers showed low enthusiasm for active quoting, the stalemate between upstream and downstream persisted, and market trading performance was poor. In the short term, affected by the stalemate between upstream and downstream, Pr-Nd product prices may consolidate within a narrow range.