Rare earth market in the doldrums, Pr-Nd and medium-heavy rare earth both pull back [SMM Rare Earth Weekly Review]

Sep 17 news:

Rare earth ore:

This week, the rare earth ore market saw subdued trading activity, with prices adjusting slightly in line with the oxide side, and no significant growth drivers were evident overall. Rare earth carbonate prices were quoted at 59,000-59,100 yuan/mt, with the center of the price range pulling back slightly during the week. As oxide prices weakened and downstream inquiries and purchases remained cautious, actual transactions were mainly small rigid-demand orders. Medium-yttrium, europium-rich ore prices were quoted at 246,000-248,000 yuan/mt, edging down during the week. The tightness in supply eased compared with the previous period, downstream acceptance of high prices was limited, and transactions at the mine end were sluggish. Monazite prices were quoted at 41,000-45,000 yuan/mt, with quotes unchanged during the week and market transactions still sparse.

Rare earth oxides:

This week, lanthanum oxide prices were quoted at 5,200-5,800 yuan/mt and cerium oxide prices at 14,000-14,500 yuan/mt, maintaining a stable trend during the week with no new changes on either the supply or demand side. Pr-Nd oxide prices were quoted at 728,000-730,000 yuan/mt, initially stable before weakening during the week. From mid-week, supplier quotes on the supply side began to follow the downward trend, with more low-priced offers emerging. Factory quotes remained relatively firm, with only some suppliers selling at concessions. On the demand side, downstream order growth was limited, and purchases were mainly made on dips, with actual negotiations favoring low-priced spot cargo, limiting transaction volumes.

This week, dysprosium oxide prices were quoted at 1.43-1.46 million yuan/mt, with quotes remaining unchanged throughout the week. High-priced transactions continued to face resistance, some suppliers sold at concessions, and market inquiries were mainly for rigid demand. Terbium oxide prices were quoted at 6.6-6.65 million yuan/mt, initially stable before falling during the week, with the decline ranking among the largest in the medium-heavy rare earth category. Downstream acceptance of high prices was insufficient, and actual negotiated prices continued to move toward lower levels. Gadolinium oxide prices were quoted at 191,000-193,000 yuan/mt, falling in tandem with Pr-Nd during the week. Holmium oxide prices were quoted at 635,000-645,000 yuan/mt, declining continuously during the week, with the largest drop among all products. Erbium oxide prices were quoted at 670,000-675,000 yuan/mt, pulling back slightly during the week, failing to extend the previous week's gains. Yttrium oxide (5N) prices were quoted at 58,000-60,000 yuan/mt and yttrium oxide (3N) prices at 28,000-30,000 yuan/mt, both stable during the week, with downstream demand mediocre and limited follow-through in actual transactions.

Rare earth metals:

In the light rare earth segment, cerium metal market prices showed no significant fluctuations this week, with supplier quotes stable at 29,000-30,000 yuan/mt. Pr-Nd alloy prices weakened slightly overall this week. At the start of the week, as Pr-Nd oxide prices continued to pull back, low-priced supply in the market increased, and metal producers lowered their quotes accordingly. Toward the weekend, Pr-Nd oxide prices stopped falling, stabilized, and rebounded slightly, with metal prices edging up in line with raw material costs. As of today, supplier quotes have been adjusted to 880,000-888,000 yuan/mt. However, downstream magnetic material enterprises remained cautious in procurement, with limited acceptance of high-priced supply, resulting in insufficient actual transactions. Metal enterprises were reluctant to lower prices amid losses, leaving market trading in a stalemate.

In the medium-heavy rare earth market, dysprosium-iron alloy closed at 1.38-1.4 million yuan/mt, with prices continuing to decline this week, mainly due to sluggish downstream inquiries and resistance to high-priced deals. Metal enterprises increased shipments at lower prices, with quotations adjusted downward accordingly. Terbium metal prices fell initially before stabilizing this week. In the early period, quotations continued to pull back under sustained resistance to high-priced deals and insufficient downstream acceptance. Subsequently, the decline slowed as oxide raw material prices stabilized and cost support emerged. As of today, prices closed at 8.28-8.32 million yuan/mt, with actual transactions remaining scarce. Gadolinium-iron alloy prices weakened slightly this week, with supplier quotations lowered to 185,000-188,000 yuan/mt. Market inquiries were limited, and trading activity was mediocre. Holmium-iron alloy prices edged up this week to 650,000-660,000 yuan/mt. Supported by tightening supply of low-priced oxide raw materials, suppliers held quotations firm, but downstream procurement remained wait-and-see, with limited actual transactions.

NdFeB blank:

Currently, NdFeB blank N38 (Ce) closed at 212~222 yuan/kg; NdFeB blank 40M closed at 258~268 yuan/kg; NdFeB blank 40H closed at 262~272 yuan/kg; NdFeB blank 45SH (Ce) closed at 312~332 yuan/kg.

This week, NdFeB prices remained unchanged, mainly because stable raw material prices kept NdFeB prices steady. Trading volume in the NdFeB market was mediocre this week. On one hand, domestic demand remained sluggish under the influence of the macro consumption environment, with little growth. On the other hand, although inquiry volumes in markets outside China were affected by international market conditions, overseas markets remained wait-and-see, with limited growth.

NdFeB scrap:

This week, Pr-Nd recycled from NdFeB scrap closed at 755-765 yuan/kg; dysprosium recycled from NdFeB scrap closed at 1,230-1,250 yuan/kg; terbium recycled from NdFeB scrap closed at 5,600-5,800 yuan/kg.

This week, scrap market prices remained broadly stable, mainly influenced by the weak stability of Pr-Nd oxide prices. At the beginning of the week, Pr-Nd oxide prices pulled back slightly. Recyclers kept procurement quotations stable, while scrap suppliers showed limited willingness to sell at low prices. Market supply was limited, and buyers and sellers remained in a tug-of-war. Mid-week, Pr-Nd oxide prices continued to be in the doldrums. Recyclers made no significant adjustments to procurement quotations. Suppliers showed low willingness to sell and strong wait-and-see sentiment. Scrap prices remained stable, with insufficient actual transactions. As the weekend approaches, Pr-Nd oxide prices have stabilized, and recycling enterprises have maintained steady purchase quotations. Scrap Pr-Nd prices have not seen significant adjustments, but holders remain cautious in their selling sentiment, and market trading activity remains weak.