[SMM Rare Earth Morning Meeting Summary] Pr-Nd series raised by futures boost but transactions failed to follow, medium-heavy rare earth dysprosium and terbium stable with slight adjustments, magnetic material followed the rise but spot orders limited

SMM, September 7:

Rare earth ore:

Prices: Monazite prices were around 43,000 yuan/mt, rare earth carbonate prices were around 59,600 yuan/mt, and rare earth chloride flakes were around 63,500 yuan/mt.

Supply and demand: Currently, Southeast Asian rare earth ion-adsorption ore supply has declined slightly compared with the earlier period, and oxide prices have begun to rise, with overall rare earth ore transaction prices starting to edge up.

Rare earth oxides:

Prices: Pr-Nd oxide quotations were raised last week, with prices stabilizing after midday; dysprosium oxide and terbium oxide prices remained stable.

Supply and demand: Last week, Pr-Nd oxide quotations were broadly raised, boosted by stronger futures, and low-priced spot cargo in the market visibly decreased. Gains narrowed slightly toward the close, but downstream magnetic material enterprises remained cautious in purchasing and showed limited acceptance of high prices, with actual transactions falling short. Dysprosium oxide prices remained stable, with market inquiries maintaining a just-in-time pace; terbium oxide also held steady, with high-priced cargo transactions struggling to progress.

Rare earth metals:

Prices: Pr-Nd alloy prices edged up, but actual market transactions followed through only to a limited extent; dysprosium-iron alloy quotations and terbium metal quotations were slightly lowered.

Supply and demand: Last week, Pr-Nd alloy prices rose, mainly driven by higher raw material prices and increased inquiry activity from downstream magnetic material enterprises. Some suppliers raised their quotations accordingly, but actual transactions followed through only to a limited extent. For medium-heavy rare earth metals, dysprosium-iron alloy saw slight concessions amid resistance to high-priced transactions, while terbium metal quotations remained relatively firm, with an evident tug-of-war between buyers and sellers and stagnant transaction performance.

NdFeB blanks:

Prices: NdFeB blank N40 (Ce) was quoted at 218-228 yuan/kg, NdFeB blank 40M at 259-269 yuan/kg, and NdFeB 40UH at 363-383 yuan/kg.

Supply and demand: Last week, NdFeB blank quotations were raised slightly, mainly because higher raw material prices drove up NdFeB prices. In terms of trading, affected by limited end-use demand recovery in September, motor manufacturers' procurement volumes were moderate. Meanwhile, coinciding with quarterly fixed-price long-term contract deliveries, spot order procurement volumes pulled back noticeably, and overall market trading volumes were moderate.

NdFeB scrap:

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

Supply and demand: Last week, scrap market prices edged up, mainly driven by continued increases in oxide prices. Recycling enterprises raised their external purchase quotations accordingly, but scrap suppliers remained largely in a wait-and-see mood. Compliant tax-inclusive scrap market circulation was limited, and overall market trading activity was moderate.