[SMM Rare Earth Morning Meeting Minutes] Pr-Nd oxide saw a slight correction in the afternoon; medium-heavy rare earth dysprosium and terbium continued to strengthen; metals followed the decline, with transactions at a stalemate

Published: Aug 28, 2026 09:59

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[Pr-Nd Oxide Saw a Slight Correction in the Afternoon; Medium-Heavy Rare Earth Dysprosium and Terbium Continued to Strengthen; Metals Fell in Tandem, with Transactions in Stalemate] At present, the supply of rare earth ion-adsorption ore in Southeast Asia has declined slightly compared with the earlier period, and oxide prices have begun to rise, while overall transaction prices for rare earth ore have started to edge up slightly.

SMM News, August 28:

Rare earth ores:

Prices:Medium-yttrium, europium-rich ore was priced at around 249,000 yuan/mt, monazite at around 43,000 yuan/mt, and rare earth carbonate at around 59,400 yuan/mt.

Supply and demand:Currently, the supply of rare earth ion-adsorption ore in Southeast Asia slipped slightly from the previous period, and oxide prices began to rise, with overall transaction prices for rare earth ores edging up slightly.

Rare earth oxides:

Prices:Pr-Nd oxide quotes saw a slight correction yesterday afternoon; dysprosium oxide prices were raised further, and terbium oxide also posted a relatively notable increase.

Supply and demand:Yesterday, affected by fluctuations in futures prices, some traders slightly lowered their quotes for Pr-Nd oxide, but most suppliers kept their quotes firm, and market trading sentiment remained in a stalemate; dysprosium oxide prices continued to climb, driven by procurement from major producers; terbium oxide prices were raised noticeably, supported by the difficulty in finding low-priced oxide supply and an increase in inquiry-based purchasing activity.

Rare earth metals:

Prices:Pr-Nd alloy prices pulled back slightly, market inquiries were sluggish, and dysprosium-iron alloy and terbium metal prices continued to be raised.

Supply and demand:Yesterday, Pr-Nd alloy prices pulled back slightly, mainly due to sluggish market inquiries and a pullback in raw material prices. Some metal enterprises lowered their quotes, but actual trading remained in a stalemate. In the medium-heavy rare earth market, affected by the continued tightening of low-priced oxide supply, dysprosium-iron alloy and terbium metal prices continued to be raised.

NdFeB blank:

Prices:NdFeB blank N40 (Ce) closed at 217-227 yuan/kg, NdFeB blank 40M closed at 258-268 yuan/kg, and NdFeB 40UH closed at 362-382 yuan/kg.

Supply and demand:Yesterday, NdFeB blank quotes were temporarily kept stable. The core reason was that stable raw material prices supported stable NdFeB prices. On the trading side, in the last week of August, most downstream motor plants and end-users resumed operations one after another, and the frequency of inquiries for export orders increased, but actual order volumes were limited, with overall market trading volume average.

NdFeB scrap:

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

Supply and demand:Yesterday, scrap market prices remained stable, mainly due to relatively small fluctuations in oxide prices. Recycling enterprises saw no significant adjustments in their quotes for external purchase, and scrap suppliers were relatively cautious about willingness to sell. Circulating volumes of compliant, tax-included scrap in the market decreased, and recycling enterprises still faced difficulties in procurement.

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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