August 27 SMM Rare Earth Afternoon Transaction Comment

[SMM Rare Earth Weekly Review: Rare earth prices overall hold up well, while downstream high-price transactions remain stagnant] Rare earth carbonate prices were at 59,300-59,500 yuan/mt, edging up this week; monazite prices were at 41,000-45,000 yuan/mt, flat this week; medium-yttrium, europium-rich ore prices were at 248,000-250,000 yuan/mt, rising significantly this week, the variety leading gains among ores, with low-priced supplies hard to find.

[SMM Rare Earth Daily Review: Rare Earth Prices Continue to Hold Up Well, but Market Trading Stays Stagnant] Overall, the rare earth market held up well supported by tightening supply of low-priced goods, but downstream follow-up was cautious, high-price transactions were difficult to advance, and actual trading was stagnant. In the short term, due to the persistent difficulty in sourcing low-priced supplies, prices for medium-heavy rare earth products may continue to hold up well; for Pr-Nd products, attention should be paid to the downstream demand situation, and prices may maintain narrow consolidation on a strong note.

Due to rising rare earth prices, Australian rare earth mining company and refiner Lynas increased production and sales of total rare earth oxide (REO) from its operations in Australia and Malaysia in the fiscal year ended June 30, 2026. Lynas said on August 26 that, as the average selling price of total REO rose to $80.7/kg in fiscal 2025-26 from $55/kg in fiscal 2024-25, its total REO sales volume rose 11% YoY to 12.122 mt. The rise in REO prices was driven by higher Pr-Nd prices outside China, which accounts for the largest share of Lynas’ sales by weight, and sharp price increases for the heavy rare earths terbium and dysprosium, which are making up a growing share of sales.