[SMM Rare Earth Morning Briefing] Pr-Nd oxide offers stall, low-price shipments continue; metal prices follow the decline and transactions are in stalemate; magnetic material orders recover with the resumption of work.

SMM, August 10:

Rare Earth Ore:

Prices: Rare earth chloride sheets were about 63,500 yuan/mt, rare earth carbonate was about 59,600 yuan/mt, and medium-yttrium, europium-rich ore was about 247,000 yuan/mt.

Supply and Demand: Currently, the overall circulation frequency of rare earth ore remains poor, with market trading in a stalemate. Weak oxide prices have led to a downward shift in the center of actual transaction prices for rare earth ore.

Rare Earth Oxides:

Prices: Quotations for Pr-Nd oxide stalled near the weekend, with some traders indicating they could sell at lower prices; dysprosium oxide and terbium oxide prices remained temporarily stable.

Supply and Demand: Last week, influenced by fluctuations in futures prices, bearish sentiment spread in the market, and the wait-and-see sentiment among downstream metal plants intensified. Most upstream suppliers stopped offering quotes, but some traders said they could continue selling at lower prices. In the medium-heavy rare earth segment, the dysprosium oxide and terbium oxide markets saw relatively small changes, with prices temporarily stable.

Rare Earth Metals:

Prices: Pr-Nd alloy prices ran steady, downstream procurement remained cautious, and dysprosium-iron alloy and terbium metal prices were flat.

Supply and Demand: Last week, affected by the continued weakening of Pr-Nd oxide prices and low market inquiry activity, the overall trading atmosphere was sluggish. Metal enterprises kept lowering their offer prices, but downstream inquiry prices were relatively low, resulting in a stalemate in actual transactions. In the medium-heavy rare earth market, as market inquiry activity did not improve, suppliers kept their quotations unchanged, operating stably overall.

NdFeB Blanks:

Prices: NdFeB blank N35 (Ce) was quoted at 206-216 yuan/kg, NdFeB blank 35M at 251-261 yuan/kg, and NdFeB 35UH at 351-371 yuan/kg.

Supply and Demand: Last week, NdFeB blank offer prices declined, primarily due to lower raw material prices dragging down NdFeB prices. On the transaction side, entering August, some downstream motor producers gradually resumed production, and a higher operating rate drove a modest recovery in NdFeB orders.

NdFeB Scrap:

Prices: Pr-Nd recycled from NdFeB scrap prices fell, while dysprosium and terbium recycled from NdFeB scrap prices held steady.

Supply and Demand: Last week, scrap market prices declined, mainly influenced by continued weakness in oxide prices. Recycling enterprises correspondingly lowered their external purchase offer prices, but scrap suppliers showed weak willingness to sell at low prices, resulting in low circulation of tax-included scrap and a tug-of-war stalemate between upstream and downstream.