Pr-Nd Consolidates in Rare Earth Market, Prices Remain Stable Overall [SMM Rare Earth Daily Review]

SMM, September 15: Rare earth market prices were generally stable today. Specifically, in the oxide market, Pr-Nd oxide prices were flat, dysprosium oxide prices were flat, 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 were flat, dysprosium-iron alloy prices were flat, terbium metal prices were lowered by 5,000 yuan/mt, gadolinium-iron alloy prices were flat, holmium-iron prices were lowered by 7,500 yuan/mt, and lanthanum-cerium metal (alloy grade) prices were flat.

Currently, rare earth market prices are generally stable. Focusing on the Pr-Nd market, the Pr-Nd series continued to consolidate: on the raw material side, there was a lack of directional guidance, and metal producers, facing losses, found it difficult to raise offers and were unwilling to actively cut prices, leaving upstream and downstream quotes in a stalemate; on the demand side, magnetic material enterprises remained cautious in inquiries and purchases, with actual negotiations mainly centered on low-priced cargoes, limited willingness to build inventories proactively, and limited follow-through in transactions.

In the medium-heavy rare earth market, the terbium series weakened slightly, with terbium metal edging lower while terbium oxide held steady, mainly because high-priced transactions remained blocked and suppliers made small concessions to facilitate shipments; the dysprosium series stayed stable, with both dysprosium oxide and dysprosium-iron alloy quotes unchanged; the gadolinium series remained steady, with both gadolinium oxide and gadolinium-iron flat; holmium-iron edged lower while holmium oxide held steady, and erbium products remained stable.

Overall, the market today continued the pattern of "unchanged quotes and thin trading": on the cost side, there was a lack of directional guidance, and the market moved sideways for a second consecutive day, with both upstream and downstream in a wait-and-see mode; on the transaction side, the Pr-Nd series was dominated by small rigid-demand orders, with actual negotiations centered on low-priced cargoes, the terbium series saw limited concessions and transactions at the low end, and inquiries for other products were stable. In the short term, pre-holiday stockpiling expectations and cost support together formed the lower bound for Pr-Nd prices, but an upward breakout still requires actual downstream order fulfillment and acceptance of high-priced cargoes, and Pr-Nd prices are likely to drift higher in a narrow range.