Rare earth prices diverge, Pr-Nd continues to rise while medium-heavy rare earth remains in the doldrums [SMM Rare Earth Daily Review]

Published: Sep 22, 2026 14:02 (GMT+8)

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[SMM Rare Earth Daily Review: Rare earth prices diverge, with Pr-Nd rising continuously while medium-heavy rare earth remains in the doldrums] Overall, today's rare earth market showed a divergent pattern of "Pr-Nd prices raised while medium-heavy rare earth prices remained in the doldrums." In terms of transactions, the higher quotes did not simultaneously ignite buying interest. Downstream magnetic material enterprises remained largely in a wait-and-see mood, mainly purchasing on a rigid demand basis, and the actual negotiation center between buyers and sellers still had a gap. In the short term, although downstream magnetic material enterprises' rigid stocking demand emerged as the holiday approaches, their capacity to accept high-priced metals is limited, and Pr-Nd product prices may move sideways in a narrow range.

SMM, September 22: Rare earth market prices diverged today. In the oxide market, Pr-Nd oxide prices rose by 5,000 yuan/mt, erbium oxide prices rose by 10,000 yuan/mt, terbium oxide prices fell by 40,000 yuan/mt, holmium oxide prices fell by 2,500 yuan/mt, dysprosium oxide prices were flat, and gadolinium oxide prices were flat.

In the metals market, Pr-Nd alloy prices rose by 7,500 yuan/mt, dysprosium-iron alloy prices were flat, terbium metal prices were flat, gadolinium-iron alloy prices were flat, holmium-iron prices were flat, and lanthanum-cerium metal (alloy grade) prices were flat.

Overall, rare earth market prices diverged today: Pr-Nd product prices posted notable gains, while medium-heavy rare earth prices remained in the doldrums. In the Pr-Nd market, Pr-Nd products rose for a second consecutive day, with the metal segment shifting from struggling to catch up to leading the gains, as metal enterprises showed signs of holding prices firm on cost support. This round of increases was mainly driven by stronger Pr-Nd oxide futures, prompting spot suppliers to raise offers, while metal enterprises followed suit on higher raw material costs. Transactions lagged relatively behind, as downstream magnetic material enterprises maintained a strong wait-and-see sentiment, with purchases dominated by restocking inquiries. Actual deals did not expand in tandem with higher offers, leaving a gap between quotes and transactions.

In the medium-heavy rare earth market, terbium products extended the divergence of weaker oxides and steady metals, with raw material price concessions not yet passed through to processing. Dysprosium and gadolinium products both closed flat, entering a wait-and-see phase after earlier adjustments. Holmium product quote centers edged lower, while holmium-iron did not follow. Erbium products ended a multi-day consolidation, with quotes rising notably to rank among the day's top gainers.

Overall, rare earth market prices today showed a divergent pattern of higher Pr-Nd prices and medium-heavy rare earth prices in the doldrums. On the transaction front, higher offers did not simultaneously ignite buying interest, as downstream magnetic material enterprises remained broadly cautious, still purchasing mainly on restocking inquiries, with a persistent gap between buyers' and sellers' actual negotiation centers. In the short term, although downstream magnetic material enterprises are showing restocking demand ahead of the holiday, their ability to absorb high-priced metals is limited, and Pr-Nd product prices are likely to move sideways.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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