Rare earth prices remain in the doldrums, and the tug-of-war between sellers and buyers continues [SMM Rare Earth Daily Review]

Published: Aug 4, 2026 14:09

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[SMM Rare Earth Daily Review: Rare Earth Prices in the Doldrums, Tug-of-War Between Buyers and Sellers Continues] Overall, inquiry activity in the rare earth market is currently low, and combined with the decline in futures prices for Pr-Nd oxide, rare earth prices are in the doldrums. However, upstream producers' quotes remain relatively firm, with limited actual declines, and the tug-of-war between upstream and downstream is intense. In the short term, affected by the stalemate in market trading, Pr-Nd product prices are likely to move sideways within a narrow range.

SMM, August 4: Rare earth market prices were broadly in the doldrums today. Specifically, in the oxide market, Pr-Nd oxide prices fell by 2,500 yuan/mt, dysprosium oxide prices remained flat, terbium oxide prices fell by 5,000 yuan/mt, gadolinium oxide prices fell by 1,500 yuan/mt, holmium oxide prices fell by 2,500 yuan/mt, and erbium oxide prices remained flat.

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

In markets outside China, praseodymium oxide FOB prices remained flat this week, neodymium oxide FOB prices remained flat this week, terbium oxide FOB prices fell by $8/kg this week, dysprosium oxide FOB prices remained flat this week, praseodymium metal FOB prices remained flat this week, neodymium metal FOB prices fell by $5/kg this week, and terbium metal FOB prices fell by $8/kg this week.

Currently, rare earth market prices remain in the doldrums overall. Focusing on the Pr-Nd market, affected by the decline in Pr-Nd oxide futures prices, some spot oxide suppliers slightly lowered their quotes in response, but factories held prices firm, limiting the price decline, and actual transactions remained weak. In the metal market, under the dual pressure of falling oxide prices and low downstream inquiry prices, some metal suppliers lowered their quotes, yet inquiry activity remained scarce, trading was stagnant, and the tug-of-war between upstream and downstream was intense.

In the medium-heavy rare earth market, due to persistently sluggish inquiries, suppliers of terbium, gadolinium, holmium and other products slightly lowered their quotes. The overall trading atmosphere was subdued, and actual transactions were lackluster. Overall, inquiry activity in the rare earth market is currently low, and compounded by the downward trend in Pr-Nd oxide futures prices, rare earth prices are in the doldrums. However, upstream factories’ quotes remained relatively firm, limiting actual declines, and the tug-of-war between upstream and downstream was intense. In the short term, affected by the stalemate in market trading and competition, Pr-Nd product prices may continue to 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.

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