[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide continued to decline in the afternoon, with terbium oxide leading the losses; metals followed the downtrend, and trading was sluggish.

SMM, September 17:

Rare earth ore:

Prices:Medium-yttrium, europium-rich ore prices were approximately 247,000 yuan/mt, chlorinated rare earth flake prices were approximately 63,500 yuan/mt, and rare earth carbonate was approximately 59,000 yuan/mt.

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

Rare earth oxides:

Prices:Pr-Nd oxide quotes continued to edge lower, with the decline persisting into the afternoon; dysprosium oxide prices remained stable, while terbium oxide continued to fall, leading the declines.

Supply and demand:Yesterday, Pr-Nd oxide was dragged down by weaker futures, with suppliers lowering quotes accordingly and still leaving room for concessions in the afternoon. Magnetic material enterprises showed low purchase willingness, with actual negotiations focused on low-priced cargoes and limited volume growth. Dysprosium oxide inquiries remained sluggish, with actual deals mainly small orders for rigid demand, and prices lacked upward momentum. Terbium oxide high-priced offers faced prolonged resistance, suppliers showed stronger willingness to sell at concessions, and actual transaction prices continued to test lower levels.

Rare earth metals:

Prices:Pr-Nd alloy quotes continued to pull back, with market trading sentiment sluggish; dysprosium-iron alloy quotes remained stable, while terbium metal quotes dropped significantly.

Supply and demand:Yesterday, Pr-Nd alloy continued to edge lower in the afternoon, following raw material prices, but downstream inquiries did not increase significantly. Actual negotiations still centered on low-priced cargoes, with transactions mainly small rigid-demand orders and overall trading sluggish. In medium-heavy rare earths, terbium metal dropped significantly, with high-priced transactions persistently blocked and suppliers increasingly selling at concessions; dysprosium-iron alloy quotes remained stable, with sluggish inquiries.

NdFeB blanks:

Prices:NdFeB blank N40 (Ce) closed at 217-227 yuan/kg, NdFeB blank 40M closed at 258-268 yuan/kg, and NdFeB 40UH closed at 362-382 yuan/kg.

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

NdFeB scrap:

Prices:Pr-Nd recycled from NdFeB scrap prices were in the doldrums, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices remained stable.

Supply and demand:Yesterday, the scrap market was in the doldrums, mainly affected by a slight decline in oxide prices. Recycling enterprises lowered their external purchase quotes accordingly, but scrap suppliers showed weak willingness to sell at low prices, with overall strong wait-and-see sentiment. The circulation of compliant, tax-inclusive scrap in the market was limited, and overall market trading was moderate.