[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide futures edge up, low-priced supply tightens; dysprosium turns down, terbium stabilizes; magnetic material activity remains moderate

Published: Sep 11, 2026 10:02

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[Pr-Nd oxide futures edge up with low-priced supply tightening, dysprosium turns down while terbium stabilizes, magnetic material activity remains moderate] Yesterday, Pr-Nd oxide futures edged up slightly. Suppliers raised their offer centers and low-priced supply decreased accordingly. Buyers showed limited willingness to rush to buy amid continuous price rise, and actual transactions did not expand significantly. Dysprosium oxide continued to decline, with downstream inquiries sluggish and high-priced supply struggling to close deals, keeping shipment pressure on suppliers unabated. Terbium oxide halted its decline after consecutive pullbacks, as market participants shifted to a wait-and-see stance.

SMM, September 11:

Rare earth ore:

Prices:Rare earth carbonate prices were about 59,200 yuan/mt, medium-yttrium, europium-rich ore prices were about 247,500 yuan/mt, and monazite was about 43,000 yuan/mt.

Supply and demand:Currently, although supply of ion-adsorption rare earth ore in Southeast Asia has recovered slightly, oxide prices overall continue to consolidate at highs, and overall transaction prices for rare earth ore remain in a stalemate.

Rare earth oxides:

Prices:Pr-Nd oxide quotes edged up yesterday; dysprosium oxide quotes turned lower, while terbium oxide quotes remained unchanged.

Supply and demand:Yesterday, Pr-Nd oxide futures edged up slightly, suppliers raised offer levels, and low-priced cargoes decreased accordingly. Buyers showed limited willingness to rush to buy amid continuous price rises, and actual transactions did not expand significantly. Dysprosium oxide continued to decline, downstream inquiries were sluggish, high-priced cargoes traded poorly, and suppliers remained under shipment pressure. Terbium oxide, after consecutive pullbacks earlier, stopped falling for the time being, and market participants turned to a wait-and-see stance.

Rare earth metals:

Prices:Pr-Nd alloy quotes were raised, with market inquiries performing moderately; dysprosium-iron alloy quotes edged down slightly, while terbium metal quotes remained stable.

Supply and demand:Yesterday, Pr-Nd alloy prices rose, mainly driven by raw material prices stopping falling and recovering. However, downstream magnetic material buyers showed limited willingness to chase higher prices, and actual negotiations mostly centered on low-priced cargoes, with few high-priced transactions and a stagnant standoff. For medium-heavy rare earths, dysprosium-related inquiries were sluggish, enterprises continued to sell at concessions, and dysprosium-iron alloy kept declining. Terbium-related products remained stable for the time being, with buyers and sellers on the sidelines and thin trading.

NdFeB blanks:

Prices:NdFeB blank N35 (Ce) was quoted at 207-217 yuan/kg, NdFeB blank 35M at 252-262 yuan/kg, and NdFeB 35UH at 352-372 yuan/kg.

Supply and demand:Yesterday, NdFeB blank quotes remained stable for the time being, mainly because overall raw material prices held steady, which in turn kept magnetic material prices stable. In terms of trading, domestic demand was affected by the broader consumption environment, with limited growth in end-user production in September. Although operating rates at main drive motor plants increased somewhat, this could not offset the overall downward trend in industrial motors. Coupled with limited export recovery, overall NdFeB activity was moderate.

NdFeB scrap:

Prices:Pr-Nd recycled from NdFeB scrap prices continued to run steadily, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices held stable.

Supply and demand:Yesterday, scrap market prices continued to run steadily, mainly influenced by relatively small fluctuations in oxide prices. Recycling enterprises did not make notable adjustments to external purchase quotes, scrap suppliers showed weak willingness to sell at low prices, the circulation of compliant tax-inclusive scrap in the market remained relatively limited, and overall market trading was moderate.

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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