[SMM Rare Earth Morning Meeting Summary] Pr-Nd Pulled Back, Transactions Stagnant; Medium-Heavy Rare Earth Stable; Magnetic Materials Followed Gains but Demand Recovery Uneven

Published: Aug 31, 2026 10:04

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[Pr-Nd Pulls Back amid Transaction Stalemate; Medium-Heavy Rare Earths Stable; Magnetic Materials Follow Gains but Demand Recovery Uneven] Last week, affected by the pullback in futures prices, spot suppliers’ offers for Pr-Nd oxide softened somewhat, with market trading sentiment relatively sluggish and prices revised down slightly; dysprosium oxide prices were stable overall, with no notable adjustments; terbium oxide prices held steady amid sluggish market inquiries and trading activity, with limited follow-through in actual transactions.

SMM News, August 31:

Rare earth ore:

Prices: Rare earth chloride flake prices were around 63,500 yuan/mt, monazite prices were around 43,000 yuan/mt, and rare earth carbonate prices were around 58,900 yuan/mt.

Supply and demand: At present, supply of rare earth ion-adsorption ore in Southeast Asia has edged down slightly from earlier levels, and with oxide prices beginning to rise, overall transaction prices for rare earth ore have started to edge up slightly.

Rare earth oxide:

Prices: Pr-Nd oxide quotes were lowered slightly last Friday; dysprosium oxide and terbium oxide prices remained stable.

Supply and demand: Last week, affected by the pullback in futures prices, spot suppliers' quotes for Pr-Nd oxide eased somewhat; market trading was sluggish and prices were lowered slightly. Dysprosium oxide prices were stable overall, with no notable adjustments. Terbium oxide prices held steady amid sluggish inquiries and trading activity, but actual transaction follow-through was limited.

Rare earth metal:

Prices: Pr-Nd alloy prices pulled back slightly; market inquiries were sluggish; dysprosium-iron alloy and terbium metal prices remained stable.

Supply and demand: Last week, Pr-Nd alloy prices pulled back slightly, mainly due to sluggish market inquiries and lower raw material prices. Some metal enterprises lowered their quotes, while actual market trading remained stagnant. In the medium-heavy rare earth market, dysprosium-iron alloy and terbium metal prices showed no notable fluctuations overall amid reduced inquiries and remained generally stable.

NdFeB blank:

Prices: NdFeB blank N35 (Ce) closed at 207-217 yuan/kg, NdFeB blank 35M closed at 252-262 yuan/kg, and NdFeB 35UH closed at 352-372 yuan/kg.

Supply and demand: Last week, NdFeB blank quotes were raised slightly, mainly because raw material prices pushed up NdFeB prices. On the trading side, summer breaks outside China gradually ended in the last week of August, inquiry frequency increased, operating rates at China's new energy vehicle plants recovered slightly, and the pace of stockpiling picked up somewhat. However, recovery in industrial motor segments such as air-conditioning compressors was only moderate, with no notable improvement yet.

NdFeB scrap:

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

Supply and demand: Last week, scrap market prices remained stable, mainly because oxide prices fluctuated relatively little. Recycling enterprises made no notable adjustments to their external purchase quotes. Scrap suppliers were relatively wait-and-see in their willingness to sell, the volume of compliant tax-inclusive scrap circulating in the market was relatively small, and market trading was moderate.

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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