[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide rebounds slightly as suppliers hold prices firm, terbium oxide continues to weaken, metals follow the rise but transactions remain limited.

SMM, September 4:

Rare earth ore:

Prices: Monazite prices stood at approximately 43,000 yuan/mt, rare earth carbonate prices at approximately 59,200 yuan/mt, and rare earth chloride flakes at approximately 63,500 yuan/mt.

Supply and demand: Currently, the supply of ion-adsorption rare earth ore in Southeast Asia has declined slightly compared with the previous period, and oxide prices have begun to rise, driving overall rare earth ore transaction prices slightly higher.

Rare earth oxides:

Prices: Pr-Nd oxide prices rebounded slightly; dysprosium oxide prices remained flat, while terbium oxide prices continued to weaken.

Supply and demand: Yesterday, Pr-Nd oxide futures prices recovered, with suppliers holding prices firm and limiting sales, and low-priced spot cargo was scarce. Metal end quotes followed raw material prices slightly higher, but downstream magnetic material enterprises showed insufficient follow-through in inquiries, resulting in limited actual transactions. Dysprosium oxide continued to consolidate, with suppliers mainly keeping quotes stable. For terbium oxide, downstream buyers showed weak acceptance of high prices, and some suppliers lowered quotes and sold at concessions, resulting in sporadic actual transactions in the market.

Rare earth metals:

Prices: Pr-Nd alloy prices edged up, and market inquiry activity increased; dysprosium-iron alloy quotes and terbium metal quotes remained stable.

Supply and demand: Yesterday, Pr-Nd alloy prices edged up, mainly driven by increased inquiry activity from downstream magnetic material enterprises and higher raw material prices. Some suppliers raised quotes, but actual transactions saw limited follow-through. For medium-heavy rare earth metals, although market inquiry activity remained low, dysprosium-iron alloy and terbium metal quotes stayed relatively firm, with a clear tug-of-war between sellers and buyers and transactions in a stalemate.

NdFeB blanks:

Prices: NdFeB blank N38 (Ce) was quoted at 212-222 yuan/kg, NdFeB blank 38M at 250-270 yuan/kg, and NdFeB 38UH at 357-377 yuan/kg.

Supply and demand: Yesterday, NdFeB blank quotes remained stable for the time being, mainly because raw material price fluctuations have a lagging effect on magnetic material prices. As a result, blank prices showed no significant movement. In terms of trading, affected by limited end-use demand recovery in September, motor factory procurement volumes were average. Meanwhile, with quarterly locked-price long-term contract deliveries due, spot order procurement volumes pulled back noticeably, and overall market trading volume was average.

NdFeB scrap:

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

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