SMM, September 8: Rare earth market prices diverged today. Specifically, in the oxide market, Pr-Nd oxide prices fell by 3,500 yuan/mt, dysprosium oxide prices fell by 5,000 yuan/mt, terbium oxide prices were flat, gadolinium oxide prices were flat, holmium oxide prices were flat, and erbium oxide prices were flat.
In the metals market, Pr-Nd alloy prices fell by 5,000 yuan/mt, dysprosium-iron alloy prices fell by 10,000 yuan/mt, terbium metal prices fell by 15,000 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 products continuing to pull back slightly and medium-heavy rare earths moving in mixed directions. Focusing on the Pr-Nd market, Pr-Nd oxide futures prices continued to consolidate on a subdued note, low-priced cargoes in the market increased from earlier levels, and suppliers slightly lowered their quotes. On the metal side, quotes were lowered slightly in tandem with weaker raw material prices, but downstream magnetic material enterprises remained cautious in procurement and showed limited acceptance of high-priced cargoes, resulting in insufficient actual transactions. Metal enterprises had limited willingness to concede on prices amid losses, leaving buyers and sellers in a stalemate with a strong wait-and-see sentiment in the market.
In the medium-heavy rare earth market, prices for dysprosium and terbium metal products continued to pull back, with dysprosium-iron alloy and terbium metal seeing relatively notable declines, mainly due to persistent resistance to high-priced transactions and insufficient downstream acceptance, prompting metal enterprises to sell at modest concessions. However, oxide raw material prices had not yet loosened significantly, and with cost support, the decline on the metal side was relatively contained, while dysprosium and terbium oxide prices remained stable for the time being.
Overall, the rare earth market has entered a phase of divergent adjustments, with price trends and trading activity diverging in tandem. Pr-Nd quotes pulled back but transaction volumes have yet to expand, with the buyer-seller stalemate persisting. Within medium-heavy rare earths, trading activity also diverged, with dysprosium and terbium metal sellers conceding on prices amid resistance to high-priced deals, while other varieties saw steady inquiries and stable quotes. In the short term, Pr-Nd product price trends will still need to be observed against market trading conditions, and prices may move sideways in a narrow range. Medium-heavy rare earths, caught between cost support and resistance to high-priced transactions, are likely to see the divergent pattern persist.
![[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide pulled back slightly with more low-priced supplies, medium-heavy rare earths remained stable, and magnetic material producers operated at low rates with limited orders.](https://imgqn.smm.cn/usercenter/THqPM20251217171743.jpeg)
![[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](https://imgqn.smm.cn/usercenter/UXEpx20251217171743.jpeg)
