[SMM Rare Earth Morning Meeting Summary] Pr-Nd prices edge up slightly, dysprosium and terbium prices remain weak

SMM September 22 News:

Rare earth ore:

Prices:Rare earth chloride flake prices stood at approximately 63,500 yuan/mt, monazite prices at about 43,000 yuan/mt, and rare earth carbonate at around 59,200 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 edged up slightly yesterday and remained unchanged in the afternoon; dysprosium oxide and terbium oxide quotes edged down in tandem.

Supply and demand:Yesterday, Pr-Nd oxide offers were raised in line with the market, but suppliers lacked further momentum to push prices higher. Metal producers showed slightly more inquiries, yet remained cautious about purchasing at high prices. Actual negotiations still centered on the lower end of the price range, and overall shipments did not increase significantly. Dysprosium oxide prices softened, with no improvement in inquiries and only sporadic shipments. Terbium oxide quotes also moved lower, with high-priced cargoes still finding few buyers, and actual deals mostly concluded at the lower end of the range.

Rare earth metals:

Prices:Pr-Nd alloy quotes were raised slightly, and inquiry activity recovered somewhat; dysprosium-iron alloy quotes stopped falling and stabilized; terbium metal's decline paused for the time being.

Supply and demand:Yesterday, the center of Pr-Nd alloy quotes edged up slightly. Metal producers showed reduced willingness to sell at lower prices, and under the inverted cost structure, there was limited room to adjust offers. However, although downstream magnetic material producers increased inquiries, few were willing to chase higher prices, and actual negotiations still focused on low-priced cargoes, making it difficult to move volume at higher prices. In the medium-heavy rare earth segment, terbium metal quotes did not move lower, and suppliers showed reduced willingness to continue cutting prices, while transactions at the higher end remained sluggish. Dysprosium-iron alloy continued to consolidate, with few price inquiries in the market and only sporadic actual deals.

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. Motor manufacturers purchased as needed, and large-scale stockpiling orders were unlikely to emerge in the short term.

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, the scrap market operated steadily, mainly influenced by oxide prices stopping falling and stabilizing. Recycling enterprises made no significant adjustments to their external purchase quotes, but scrap suppliers generally maintained a strong wait-and-see sentiment. The circulation of compliant, tax-inclusive scrap in the market remained limited, and overall trading activity was mediocre.