Pr-Nd Stabilizes and Rebounds in Rare Earth Market, Medium-Heavy Rare Earth Trends Diverge [SMM Rare Earth Daily Review]

Published: Sep 3, 2026 13:43

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[SMM Rare Earth Daily Review: Pr-Nd Stabilizes and Rebounds in the Rare Earth Market, While Medium-Heavy Rare Earth Trends Diverge] Overall, the rare earth market has entered a phase of differentiated adjustment, with the Pr-Nd series stabilizing but trading volume yet to expand, while the divergence in medium-heavy rare earth trends persists. In the short term, the price trend of Pr-Nd products still needs to be observed based on market trading activity, and prices may continue to move sideways.

SMM, September 3: Rare earth market prices diverged today. Specifically, in the oxide market, Pr-Nd oxide prices rose by 1,000 yuan/mt, dysprosium oxide prices were flat, terbium oxide prices fell by 25,000 yuan/mt, gadolinium oxide prices were flat, holmium oxide prices rose by 15,000 yuan/mt, and erbium oxide prices rose by 5,000 yuan/mt.

In the metals market, Pr-Nd alloy prices rose by 2,500 yuan/mt, dysprosium-iron alloy prices were flat, terbium metal prices were flat, gadolinium-iron alloy prices were flat, holmium-iron prices rose by 12,500 yuan/mt, and lanthanum-cerium metal (alloy grade) prices were flat.

In markets outside China, FOB prices for Pr-Nd oxide and medium-heavy rare earth products showed relatively small fluctuations this week: terbium oxide FOB and terbium metal FOB prices each rose by $3/kg, dysprosium oxide FOB held steady, Pr-Nd oxide (FOB China) and Pr-Nd alloy (FOB China) each fell by $1/kg, and neodymium oxide FOB fell by $10/kg.

Currently, rare earth market prices are in a phase of divergent adjustment, with Pr-Nd products stabilizing and rebounding while medium-heavy rare earths show mixed trends. Focusing on the Pr-Nd market, Pr-Nd oxide futures prices recovered today, suppliers showed stronger willingness to hold prices firm, and quotes were raised. On the metal side, quotes were raised slightly in line with raw material costs, but downstream magnetic material enterprises showed no significant improvement in inquiries and purchases, and actual transactions remained limited. Metal price gains were capped amid losses, and the stalemate in trading remained unbroken.

In the medium-heavy rare earth market, terbium products continued to pull back, as downstream buyers showed insufficient acceptance of high prices and strong wait-and-see sentiment, prompting suppliers to lower quotes. In contrast, dysprosium-series quotes remained stable, with no further adjustment in dysprosium-iron alloy. Holmium and erbium products continued to hold up well, low-priced cargoes remained hard to find, suppliers continued to raise quotes, and holmium-iron followed suit.

Overall, the rare earth market has entered a phase of divergent adjustment, with Pr-Nd products stabilizing but transactions yet to pick up, and medium-heavy rare earths continuing to show mixed trends. In the short term, Pr-Nd product price movements still need to be observed in light of market trading conditions, and prices are likely to consolidate in a narrow range.

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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