[SMM Rare Earth Morning Briefing] Oxy-Oxide Stalemate Drags Down Ore Price Center, Metal Undergoes Slight Correction, and Wait-and-See Sentiment for Magnetic Material Scrap Persists.

SMM, August 4:

Rare Earth Ore:

• Prices: Rare earth chloride flake prices were about 63,500 yuan/mt, monazite ore prices were about 44,000 yuan/mt, and rare earth carbonate prices were about 60,600 yuan/mt.

• Supply and Demand: Currently, the overall transaction frequency of rare earth ores remained sluggish, with market trading in a stalemate. The weakness in oxide prices caused the actual transaction price center of rare earth ores to shift downwards.

Rare Earth Oxides:

• Prices: Quotations and inquiries for Pr-Nd oxide were both very sluggish, but factory quotes remained firm; price fluctuations for dysprosium oxide and terbium oxide were less noticeable.

• Supply and Demand: Yesterday, some traders made a small volume of low-price sales, but most factories maintained their offers at around 750,000 yuan/mt. Metal plants exhibited a strong wait-and-see sentiment early in the week, and market inquiries and trading remained persistently sluggish. In the medium-heavy rare earths market, downstream procurement activity for dysprosium oxide and terbium oxide remained relatively low, factory quotations stayed firm, and price fluctuations were temporarily limited.

Rare Earth Metals:

• Prices: Pr-Nd alloy prices saw a slight correction, with market trading performance stagnant. Prices for dysprosium-iron alloy and terbium metal remained flat.

• Supply and Demand: Yesterday, influenced by the lack of significant fluctuations in oxide prices and the relatively low inquiry prices in the metal market, some metal suppliers slightly lowered their quotations. However, market inquiry activity remained scarce, and actual trading performance was stagnant. In the medium-heavy rare earth market, due to limited inquiry activity, prices for terbium metal and dysprosium-iron alloy showed no significant fluctuations, operating stably overall.

NdFeB Blanks:

• Prices: NdFeB blank N40 (Ce) was reported at 219-229 yuan/kg, NdFeB blank 40M was reported at 260-270 yuan/kg, and NdFeB blank 40UH was reported at 364-384 yuan/kg.

• Supply and Demand: Yesterday, quotations for NdFeB blanks were temporarily stable, primarily because raw material prices stabilized, which supported NdFeB quotations. Regarding trading, from the end of July to the beginning of August, mainstream motor plants entered their summer maintenance phase, significantly reducing operating rates and driving down the demand for NdFeB. Overall market trading was mediocre.

NdFeB Scrap:

• Prices: Prices for Pr-Nd recycled from NdFeB scrap remained stable, as did prices for dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap.

• Supply and Demand: Yesterday, the scrap market prices remained stable overall, mainly affected by the lack of significant fluctuations in oxide prices. Recycling enterprises maintained relatively stable external procurement quotations, but scrap suppliers remained in a wait-and-see mode regarding shipments. The overall market sentiment was heavily characterized by a wait-and-see approach, with actual transaction performance being weak.