[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide is in the doldrums and traders sell at low prices, dysprosium oxide continues to recover, and magnetic material scrap sees wait-and-see sentiment.

SMM, August 20:

Rare Earth Ore:

Prices: Rare earth carbonate prices were approximately 58,300 yuan/mt, medium-yttrium, europium-rich ore prices were approximately 243,000 yuan/mt, and monazite prices were approximately 43,000 yuan/mt.

Supply and Demand: Currently, the overall circulation frequency of rare earth ore remains poor, with the market mired in a transactional stalemate. The downtrend in oxide prices caused the center of actual transaction prices for rare earth ore to shift downward.

Rare Earth Oxides:

Prices: Pr-Nd oxide market prices remained in the doldrums; dysprosium oxide prices recovered slightly, and terbium oxide prices were temporarily stable.

Supply and Demand: Yesterday, actual transaction prices for Pr-Nd oxide edged down, with some traders continuing to sell at low prices, while demand from downstream metal plants showed no improvement; in the medium-heavy rare earth segment, procurement activity for dysprosium oxide inquiries was relatively high, making low-priced cargoes difficult to source, while the terbium oxide market remained stable for now.

Rare Earth Metals:

Prices: Pr-Nd alloy price fluctuations remained in the doldrums, with actual transactions stagnant, while dysprosium-iron alloy prices were raised, and terbium metal prices stabilized.

Supply and Demand: Yesterday, praseodymium-neodymium alloy prices remained in the doldrums, primarily due to persistently sluggish downstream inquiry activity. Some supplier quotes were slightly lowered, but metal enterprise quotations remained firm, limiting actual declines, resulting in stagnant transactions. In the medium-heavy rare earth market, driven by the raised dysprosium oxide prices, dysprosium-iron alloy suppliers raised their quotes correspondingly, but terbium metal prices held steady.

NdFeB Blanks:

Prices: NdFeB blank N40 (Ce) quotes were 214-224 yuan/kg, NdFeB blank 40M quotes were 255-265 yuan/kg, and NdFeB 40UH quotes were 359-379 yuan/kg.

Supply and Demand: Yesterday, NdFeB blank quotations stabilized temporarily, primarily due to the temporary stabilization of raw material prices leading to stabilized blank quotes. Transaction-wise, affected by domestic weather in August, some permanent magnet motor plants halted production lines for maintenance, lowering operating rates. Traditional industrial motor plants resumed production, but the recovery volume was limited. The overall downstream market did not show significant improvement, leading to general orders for the magnetic material sector.

NdFeB Scrap:

Prices: Prices for Pr-Nd recycled from NdFeB scrap stabilized, and prices for dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap stabilized.

Supply and Demand: Yesterday, scrap market prices showed no significant adjustments, mainly influenced by relatively small fluctuations in oxide prices. Recycling enterprises made no adjustments to their external purchase quotes, but scrap suppliers remained wait-and-see in their selling stance. The circulation volume of compliant, tax-inclusive scrap was small, resulting in generally mediocre overall market trading.