[SMM Rare Earth Morning Meeting Summary] Pr-Nd series remained stagnant all day with no drivers, dysprosium stable while terbium's decline paused temporarily, magnetic material scrap continued to see a wait-and-see stance.

Published: Sep 15, 2026 10:16

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[Pr-Nd series remains stagnant all day with no drivers, dysprosium stable while terbium's decline pauses, magnetic material scrap continues to wait and see] Currently, although the supply of rare earth ion-adsorption ore in Southeast Asia has slightly recovered, oxide prices remain generally stable, and overall transaction prices for rare earth ore are in a stalemate.

SMM, September 15:

Rare earth ore:

Prices:Medium-yttrium, europium-rich ore prices were around 247,500 yuan/mt, chlorinated rare earth flake prices were around 63,500 yuan/mt, and monazite was around 43,000 yuan/mt.

Supply and demand:Currently, although supply of ion-adsorption rare earth ore in Southeast Asia has recovered slightly, oxide prices remained broadly stable overall, and transaction prices for rare earth ore remained in a stalemate.

Rare earth oxides:

Prices:Pr-Nd oxide quotes saw no change; dysprosium oxide continued to consolidate, and the decline in terbium oxide paused temporarily.

Supply and demand:Yesterday, Pr-Nd oxide was locked in a standoff throughout the day, with no new drivers from either upstream or downstream. Magnetic material plants showed limited interest in entering the market, and shipments remained low all day. For dysprosium oxide, inquiries in the market were limited, and actual transaction volumes were thin. Terbium oxide paused its decline after earlier downward adjustments, but downstream resistance to high-priced quotes persisted, and transactions were mostly concluded at the lower end of the range.

Rare earth metals:

Prices:Pr-Nd alloy quotes remained stable, and market trading remained in a stalemate; dysprosium-iron alloy and terbium metal quotes held steady.

Supply and demand:Yesterday, Pr-Nd alloy prices remained stable, with metal producers making no notable adjustments to their quotes. Downstream inquiries were mainly need-based, with insufficient willingness to chase higher prices, making it difficult to see volume growth in high-priced transactions, and the trading stalemate remained unchanged. In the medium-heavy rare earth market, dysprosium-iron alloy and terbium metal moved sideways in tandem, with a strong wait-and-see sentiment prevailing and actual transactions remaining sluggish.

NdFeB blanks:

Prices:NdFeB blank N35 (Ce) closed at 207-217 yuan/kg, NdFeB blank 35M closed at 252-268 yuan/kg, and NdFeB 35UH closed at 352-372 yuan/kg.

Supply and demand:Yesterday, NdFeB blank quotes held steady for the time being, mainly because stable raw material prices kept NdFeB prices stable. In terms of trading, domestic demand was affected by the overall consumer environment, with limited growth in end-user production in September. Although operating rates at main drive motor plants increased somewhat, this was insufficient to offset the overall downward trend in industrial motors. Combined with limited export recovery, overall NdFeB activity was moderate.

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, scrap market prices remained stable, mainly due to relatively small fluctuations in oxide prices. Recycling enterprises made no notable adjustments to their external purchase quotes, while 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 performance 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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[SMM Rare Earth Morning Meeting Summary] Pr-Nd series stopped rising and shifted to a stable weak balance, dysprosium series temporarily stable while terbium continued to decline, magnetic material activity was average

[Pr-Nd series stops rising and turns stable with a weak balance, dysprosium series temporarily stable while terbium continues to decline, magnetic material activity remains moderate] Last week, Pr-Nd oxide consolidated within a narrow range, with upstream and downstream temporarily in a weak balance, while demand-side inquiries and purchases remained cautious; dysprosium oxide quotes were stable, market inquiries saw limited changes, and transactions were mainly small orders for immediate needs; terbium oxide continued to decline, with higher prices still struggling to gain acceptance, suppliers increasing shipments at lower prices, and transactions mostly settling at low levels.

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