SMM, September 17: Rare earth market prices were broadly in the doldrums today. 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 fell by 5,000 yuan/mt, and erbium oxide prices fell by 2,500 yuan/mt.
In the metal market, Pr-Nd alloy prices fell by 1,000 yuan/mt, dysprosium-iron alloy prices were flat, terbium metal prices were flat, gadolinium-iron alloy prices were flat, holmium-iron prices fell by 2,500 yuan/mt, 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 broadly subdued this week: terbium oxide FOB and terbium metal FOB prices each fell by $12/kg; praseodymium oxide FOB, neodymium oxide FOB, dysprosium oxide FOB, Pr-Nd oxide (FOB China), Pr-Nd alloy (FOB China), praseodymium metal FOB, and neodymium metal FOB prices held steady.
Currently, rare earth market prices are broadly in the doldrums. In the Pr-Nd market, the downtrend slowed significantly, with oxides stopping falling and stabilizing while metal prices eased only slightly: raw material Pr-Nd oxide quotations did not move lower, and although metal producers followed suit in lowering their offers, losses limited further room for price cuts. On the demand side, magnetic material enterprises continued to focus on price comparisons in their inquiries and purchases, with limited willingness to place actual orders. Actual transaction levels were near the lower end of quotation ranges, with deals limited to sporadic restocking and market activity showing no signs of recovery.
In the medium-heavy rare earth market, terbium products stopped falling and stabilized, with terbium oxide and terbium metal quotations both holding at previous levels as suppliers became less willing to concede further after yesterday's sharp decline. Dysprosium products remained stable, with dysprosium oxide and dysprosium-iron alloy quotations both unchanged. Gadolinium products also held steady. Holmium products saw the main downward adjustment today, with holmium oxide and holmium-iron moving lower in tandem. Erbium products pulled back slightly, with quotation centers shifting lower accordingly.
Overall, the scope of declines narrowed significantly from yesterday. Pr-Nd oxides were the first to stop falling, with metal prices easing only slightly, while terbium, dysprosium, and gadolinium products that had previously seen larger declines moved into consolidation. Transactions showed no clear recovery, with buyers and sellers still locked in a standoff at low levels and actual transaction centers edging lower. The market was dominated by sporadic restocking and delivery of earlier orders. In the short term, whether Pr-Nd prices can stabilize and rebound hinges on whether restocking by magnetic material enterprises ahead of the holiday can shift from inquiries to actual orders. If orders remain elusive, Pr-Nd product prices may consolidate on a subdued note in a narrow range.
![[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.](https://imgqn.smm.cn/usercenter/QLmfa20251217171745.jpg)
