SMM, September 2: Rare earth market prices showed mixed performance today. Specifically, in the oxide market, Pr-Nd oxide prices fell by 2,000 yuan/mt, dysprosium oxide prices fell by 5,000 yuan/mt, terbium oxide prices fell by 25,000 yuan/mt, gadolinium oxide prices were flat, holmium oxide prices rose by 5,000 yuan/mt, and erbium oxide prices rose by 15,000 yuan/mt.
In the metals market, Pr-Nd alloy prices fell by 2,500 yuan/mt, dysprosium-iron alloy prices fell by 5,000 yuan/mt, terbium metal prices were flat, gadolinium-iron alloy prices were flat, holmium-iron prices rose by 9,000 yuan/mt, and lanthanum-cerium metal (alloy grade) prices were flat.
In markets outside China, FOB prices for praseodymium oxide held steady this week, FOB prices for neodymium oxide fell by $10/kg this week, FOB prices for terbium oxide rose by $3/kg this week, FOB prices for dysprosium oxide held steady this week, Pr-Nd oxide (FOB China) prices fell by $1/kg this week, FOB prices for praseodymium metal held steady this week, FOB prices for neodymium metal held steady this week, FOB prices for terbium metal rose by $3/kg this week, and Pr-Nd alloy (FOB China) prices fell by $1/kg this week.
Currently, rare earth market prices are mixed, showing an overall pattern of divergent adjustments. Focusing on the Pr-Nd market, weakened Pr-Nd oxide futures prices have fueled a wait-and-see sentiment, with suppliers' willingness to hold prices firm easing somewhat and quotes undergoing a slight correction. On the metal side, although quotes were lowered in tandem with weaker raw material prices, downstream magnetic material enterprises remained cautious in inquiries and purchases, with limited actual transaction follow-through and subdued trading activity.
In the medium-heavy rare earth market, dysprosium and terbium products entered a high-level adjustment phase after consecutive increases earlier, as downstream acceptance of high-priced cargo remained insufficient and inquiry activity pulled back. Suppliers showed greater willingness to sell at concessions, leading to price corrections. Holmium and erbium products continued to hold up well, with low-priced cargo still hard to find in the market. Coupled with increased inquiry and purchasing activity, suppliers continued to raise quotes, and holmium-iron followed suit.
Overall, the rare earth market has entered a divergent adjustment phase after the earlier rapid run-up, with dysprosium and terbium pulling back from highs, holmium and erbium continuing to play catch-up, and Pr-Nd consolidating. Downstream actual purchasing pace remained cautious overall, with transactions in a stalemate. In the short term, Pr-Nd products are expected to continue moving sideways amid the stalemate in market trading. Medium-heavy rare earth products are likely to diverge, with holmium and erbium holding up well on tight supply, while dysprosium and terbium consolidate at highs.
![[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide gains narrowed in the afternoon with a slight correction, metals remained stagnant with few transactions, and magnetic material long-term contract deliveries squeezed out spot orders.](https://imgqn.smm.cn/usercenter/rqOXm20251217171744.jpeg)
