[SMM Rare Earth Morning Meeting Minutes] Pr-Nd oxide retreated after rapid rise, falling to below 720,000/mt; metals followed the decline with transactions in stalemate, and magnetic material orders saw limited recovery

Published: Aug 18, 2026 09:57

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[Pr-Nd Oxide Retreats After Rapid Rise, Falling Below 720,000/mt; Metal Prices Follow Suit With Stalemated Transactions; Limited Recovery in Magnetic Material Orders] Yesterday, Pr-Nd alloy prices pulled back slightly, mainly affected by the pullback in Pr-Nd oxide prices and sluggish downstream inquiries. Metal enterprises lowered their quoted prices, but their quotes remained firm, and actual transactions were stalemated. In the medium-heavy rare earth market, although inquiry activity was relatively low, terbium metal quotes and dysprosium-iron alloy prices saw no significant adjustments, and the overall market operated steadily.

SMM News, August 18:

Rare earth ore:

Prices:Monazite was priced at around 43,000 yuan/mt, medium-yttrium, europium-rich ore at around 243,000 yuan/mt, and rare earth chloride flakes at around 63,300 yuan/mt.

Supply and demand:At present, the overall circulation frequency of rare earth ore remained poor, and market trading was in stalemate. Weak oxide prices also led to a downward shift in the center of actual transaction prices for rare earth ore.

Rare earth oxides:

Prices:Market inquiry and quoting activity for Pr-Nd oxide was not high, and some traders sold small volumes at low prices; dysprosium oxide and terbium oxide prices were temporarily stable.

Supply and demand:Yesterday, Pr-Nd oxide quotes were firm in the morning, but as futures prices fluctuated, market quotes edged down after noon, with Pr-Nd oxide falling to within 720,000 yuan/mt; downstream purchase willingness remained low. For medium-heavy rare earth, there was little change in the dysprosium oxide and terbium oxide markets, and prices were temporarily firm.

Rare earth metals:

Prices:Pr-Nd alloy prices pulled back slightly, and actual transactions were in stalemate; dysprosium-iron alloy prices and terbium metal prices were unchanged.

Supply and demand:Yesterday, Pr-Nd alloy prices pulled back slightly, mainly affected by the pullback in Pr-Nd oxide prices and sluggish downstream inquiries. Metal enterprises lowered their quotes, but their quotes remained firm overall, and actual transactions were in stalemate. In the medium-heavy rare earth market, although inquiry activity was relatively limited, terbium metal quotes and dysprosium-iron alloy prices saw no significant adjustments, and the overall market operated steadily.

NdFeB blank:

Prices:NdFeB blank N35 (Ce) closed at 204-214 yuan/kg, NdFeB blank 35M closed at 249-259 yuan/kg, and NdFeB 35UH closed at 349-369 yuan/kg.

Supply and demand:Yesterday, NdFeB blank quotes remained temporarily stable, mainly due to stable raw material prices supporting stable blank quotes. In terms of trading, affected by China’s weather conditions in August, some permanent magnet motor plants shut down production lines for maintenance, and operating rates declined. Traditional industrial motor plants resumed production, but the recovery volume was limited. Overall, the downstream market showed no obvious improvement, which was transmitted to the magnetic material segment, resulting in average orders.

NdFeB scrap:

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

Supply and demand:Yesterday, scrap market prices saw no significant adjustments, mainly due to relatively small fluctuations in oxide prices. Recycling enterprises made no adjustments to their external purchase quotes, but scrap suppliers were relatively cautious about shipments. The circulation of compliant, tax-included scrap in the market remained relatively limited, and overall market trading performance was average.

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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