[SMM Rare Earth Morning Meeting Summary] Pr-Nd and Dy-Tb fell across the board, metals followed the decline with stagnant transactions, and long-term contracts for magnetic materials squeezed out spot order demand.

Published: Sep 3, 2026 10:02

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[Pr-Nd and Dysprosium-Terbium Pull Back Across the Board, Metals Follow Lower with Stagnant Deals, Magnetic Material Long-Term Contracts Crowd Out Spot Orders] Yesterday, Pr-Nd oxide was pressured by weaker futures prices, with market wait-and-see sentiment rising. Suppliers' willingness to hold prices firm showed signs of easing, and quotes saw a slight correction. Downstream inquiries and purchases remained cautious, with actual transactions limited. Dysprosium oxide prices pulled back from highs, as downstream acceptance of high-priced supply was insufficient and inquiry activity declined, while suppliers showed a stronger willingness to sell at concessions. Terbium oxide prices also pulled back, with downstream purchasing cautious and overall market trading sentiment subdued.

SMM, September 3:

Rare earth ore:

Prices: Monazite prices stood at approximately 43,000 yuan/mt, rare earth carbonate prices at approximately 59,100 yuan/mt, and medium-yttrium, europium-rich ore prices at approximately 247,500 yuan/mt.

Supply and demand: Currently, Southeast Asian rare earth ion-adsorption ore supply has edged down from earlier levels, while oxide prices have begun to rise, pushing overall rare earth ore transaction prices slightly higher.

Rare earth oxides:

Prices: Pr-Nd oxide prices saw a slight correction; dysprosium oxide and terbium oxide prices also pulled back.

Supply and demand: Yesterday, Pr-Nd oxide was pressured by weaker futures prices, with market wait-and-see sentiment building. Suppliers' resolve to hold prices firm softened somewhat, and quotes saw a slight correction. Downstream procurement inquiries remained cautious, limiting actual transaction follow-through. Dysprosium oxide prices pulled back from highs as downstream acceptance of high-priced cargo remained insufficient, and inquiry activity cooled. Suppliers showed greater willingness to sell at concessions. Terbium oxide prices fell in tandem, with downstream purchasing cautious and overall trading activity subdued.

Rare earth metals:

Prices: Pr-Nd alloy quotes were revised down alongside weaker raw material prices; dysprosium-iron alloy quotes saw a slight correction, while terbium metal quotes remained stable.

Supply and demand: Yesterday, Pr-Nd alloy prices edged down, mainly due to cautious procurement inquiries from downstream magnetic material enterprises and the pullback in raw material prices. Some suppliers lowered quotes slightly, and actual transactions remained stagnant. For medium-heavy rare earth metals, dysprosium-iron alloy quotes were revised down slightly as downstream acceptance of high-priced cargo remained insufficient and inquiry activity cooled. Terbium metal quotes stayed relatively firm, with a clear tug-of-war between sellers and buyers and stagnant transaction activity.

NdFeB blanks:

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

Supply and demand: Yesterday, NdFeB blank quotes remained stable for the time being, mainly because raw material prices held steady, keeping magnetic material quotes unchanged. In terms of trading, motor factory procurement volumes were moderate due to limited end-use demand recovery in September. Meanwhile, with quarterly locked-price long-term contract deliveries underway, spot order procurement volumes pulled back noticeably, leaving overall market trading volumes moderate.

NdFeB scrap:

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

Supply and demand: Yesterday, the scrap market was stable, mainly due to relatively small fluctuations in oxide prices. Recycling enterprises made no notable adjustments to external procurement quotes, and market wait-and-see sentiment remained relatively strong. Compliant tax-paid scrap supply stayed tight, and overall market trading activity 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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