[SMM Rare Earth Morning Meeting Minutes] Major Producers’ Purchasing Drove a Recovery in Pr-Nd Oxide; Metals Stopped Falling and Rose in Tandem; Dysprosium Oxide Continued to Rise; Magnetic Material Scrap Stayed on the Sidelines

SMM News on August 21:

Rare earth ore:

Prices:Rare earth carbonate was priced at around 58,200 yuan/mt, rare earth chloride flakes at around 63,300 yuan/mt, and monazite at around 43,000 yuan/mt.

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

Rare earth oxides:

Prices:The market price of Pr-Nd oxide began to recover; dysprosium oxide prices continued to edge up slightly, while terbium oxide prices showed relatively small changes for the time being.

Supply and demand:Yesterday, driven by purchases from major producers, the Pr-Nd oxide market saw a marked increase in downstream inquiry activity. Suppliers raised their quotations across the board, and low-priced supply tightened rapidly. Meanwhile, dysprosium oxide prices were further raised, and most market participants held relatively optimistic expectations for the outlook. The terbium oxide market was relatively sluggish, with no significant price changes for now.

Rare earth metals:

Prices:Pr-Nd alloy prices stopped falling and recovered, with higher inquiry activity in the market; dysprosium-iron alloy prices were flat, and terbium metal prices were raised.

Supply and demand:Yesterday afternoon, Pr-Nd alloy prices stopped falling and recovered, mainly due to the difficulty in sourcing low-priced oxide material and the increase in downstream inquiry activity. Metal enterprises raised their quotations accordingly, and actual transactions followed up successively. In the medium-heavy rare earth market, affected by the tightening of low-priced terbium oxide supply, terbium metal prices were raised, while dysprosium-iron prices were relatively flat.

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 quotations were temporarily kept stable. The core reason was that stable raw material prices led to stable blank quotations. In terms of transactions, affected by weather in China in August, some permanent magnet motor plants suspended production lines for maintenance, and the operating rate declined. Traditional industrial motor plants resumed production, but the recovery volume was limited. The overall downstream market did not show a clear improvement, which was transmitted to the magnetic material segment, resulting in average orders.

NdFeB scrap:

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

Supply and demand:Yesterday, scrap market prices edged up slightly, mainly due to oxide prices stopping falling and recovering. Recycling enterprises raised their external purchase quotations, but scrap suppliers remained cautious about shipments. The circulation volume of compliant, tax-included scrap in the market did not increase significantly, and overall market trading performance was average.