[SMM Rare Earth Morning Brief] Upstream and downstream stalemate continues, metal transactions are weak, magnetic materials enter the high-temperature off-season

SMM, July 31:

Rare Earth Ore:

Price: The price of medium-yttrium, europium-rich ore was around 249,500 yuan/mt, monazite around 44,000 yuan/mt, and rare earth carbonate around 60,400 yuan/mt.

Supply and Demand: Currently, the overall trading circulation of rare earth ores remains sluggish, market transactions are in a stalemate, and weaker oxide prices have also led to a downward adjustment in actual rare earth ore transaction prices.

Rare Earth Oxides:

Price: Pr-Nd oxide inquiries and quotes are very sluggish, but factory quotes remain firm; dysprosium oxide and terbium oxide prices fluctuate less noticeably.

Supply and Demand: Yesterday, affected by futures price fluctuations, some traders further lowered their quotes, but factories showed little willingness to continue quoting low prices. Under these circumstances, metal plants were weighed down by a heavy wait-and-see sentiment, and market inquiries were sluggish. On the medium-heavy rare earth front, inquiries for dysprosium oxide and terbium oxide remained low, factory quotes were firm, and their prices showed no significant changes for the time being.

Rare Earth Metals:

Price: Pr-Nd alloy prices continued to weaken, market transactions were in the doldrums, dysprosium-iron alloy prices remained flat, and terbium metal prices edged down slightly.

Supply and Demand: Yesterday, affected by oxide price fluctuations, metal suppliers continued to lower their quotes, but market inquiry activity did not improve significantly. The trading atmosphere was rather sluggish, and actual transactions were in the doldrums. In the medium-heavy rare earth market, inquiry activity remained limited, terbium metal prices edged down slightly, and dysprosium-iron prices remained relatively stable.

NdFeB Blanks:

Price: NdFeB blank N38 (Ce) was quoted at 214-224 yuan/kg, 38M at 252-272 yuan/kg, and 38UH at 359-379 yuan/kg.

Supply and Demand: Yesterday, NdFeB blank quotes edged down slightly, mainly because raw material prices drove down NdFeB prices. On the trading front, as July drew to a close, various regions in China experienced high-temperature weather, and motor factories and end-users gradually entered their high-temperature holidays. Operating rates at motor factories and end-users weakened significantly, reducing demand for rare earth permanent magnets, ultimately causing the NdFeB market's trading activity to remain sluggish.

NdFeB Scrap:

Price: Pr-Nd recycled from NdFeB scrap continued to pull back, dysprosium recycled from NdFeB scrap remained stable, and terbium recycled from NdFeB scrap prices edged down.

Supply and Demand: Yesterday, scrap market prices continued to pull back, mainly affected by further declines in oxide prices. Recycling companies continued to lower their external purchase quotes, but scrap suppliers showed weak willingness to sell at low prices. The circulation of compliant tax-included scrap in the market was limited, and market trading performance was poor.