Pr-Nd Prices Raised in the Rare Earth Market, Trading in Stalemate with Strong Wait-and-See Sentiment [SMM Rare Earth Daily Review]

Published: Sep 4, 2026 13:32

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[SMM Rare Earth Daily Review: Pr-Nd Quotations Raised in the Rare Earth Market, Trading at a Stalemate with Strong Wait-and-See Sentiment] Overall, the rare earth market has entered a phase of differentiated adjustments, with price trends and market trading activity diverging in tandem. Pr-Nd quotations were raised, but downstream inquiries and purchases remained cautious, with limited actual transaction volume, leaving the buy-sell stalemate unbroken. Within medium-heavy rare earths, trading also showed divergence, as dysprosium and terbium metals saw slight price concessions to facilitate shipments amid resistance to high-priced deals, with an overall strong wait-and-see atmosphere in the market. In the short term, the price trend of Pr-Nd products still needs to be observed in light of market trading conditions, but with upstream willingness to hold prices firm strengthening, prices may drift higher.

SMM, September 4: Rare earth market prices diverged today. Specifically, in the oxide market, Pr-Nd oxide prices rose by 6,000 yuan/mt, dysprosium oxide prices were flat, terbium oxide prices were flat, gadolinium oxide prices rose by 500 yuan/mt, holmium oxide prices fell by 2,500 yuan/mt, and erbium oxide prices were flat.

In the metals market, Pr-Nd alloy prices rose by 7,500 yuan/mt, dysprosium-iron alloy prices fell by 10,000 yuan/mt, terbium metal prices fell by 10,000 yuan/mt, gadolinium-iron alloy prices were flat, holmium-iron prices were flat, 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 were relatively stable this week: terbium oxide FOB and terbium metal FOB rose by $3/kg each, dysprosium oxide FOB held steady, Pr-Nd oxide (FOB China) and Pr-Nd alloy (FOB China) fell by $1/kg each, and neodymium oxide FOB fell by $10/kg.

Currently, rare earth market prices are showing an overall pattern of divergent adjustments, with Pr-Nd series quotes rising notably and medium-heavy rare earth trends diverging. Focusing on the Pr-Nd market, Pr-Nd oxide spot suppliers generally raised quotes amid stronger futures, and low-priced cargoes in the market tightened noticeably; on the metal side, quotes followed higher on rising raw material costs, but downstream magnetic material enterprises remained cautious in purchasing, with limited acceptance of high-priced cargoes and insufficient actual transaction follow-through. Buyers and sellers showed strong wait-and-see sentiment, and market trading remained in a stalemate. In the medium-heavy rare earth market, dysprosium and terbium oxide prices held steady for now, while on the metal side, dysprosium-iron alloy and terbium metal quotes saw slight declines amid persistent resistance to high-priced transactions; however, oxide raw material prices had not yet loosened, and with cost support limiting room for concessions on the metal side, the overall pullback was relatively limited. Overall, the rare earth market has entered a phase of divergent adjustments, with price trends and trading activity diverging in tandem. Pr-Nd series quotes rose, but downstream inquiries and purchases remained cautious, with limited actual transaction volume, and the buyer-seller stalemate remained unbroken; within medium-heavy rare earths, trading also diverged, with dysprosium and terbium metals seeing slight concessions to move cargoes amid blocked high-priced transactions, and the overall market wait-and-see atmosphere remained relatively strong. In the short term, Pr-Nd product price trends still need to be observed against market trading conditions, but with strengthening willingness among upstream suppliers to hold prices firm, prices may drift higher.

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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