[SMM Rare Earth Morning Meeting Summary] Major factory purchases boost Pr-Nd prices further, dysprosium stable while terbium weakens

SMM, September 23:

Rare earth ore:

Prices: Rare earth chloride flake prices were about 63,500 yuan/mt, monazite prices were about 43,000 yuan/mt, and medium-yttrium, europium-rich ore was about 247,000 yuan/mt.

Supply and demand: Currently, although supply of Southeast Asian rare earth ion-adsorption ore has recovered slightly, oxide prices overall have fluctuated little, and overall rare earth ore transaction prices remain stagnant.

Rare earth oxides:

Prices: Pr-Nd oxide quotes continued to rise yesterday, with a small volume of transactions following; dysprosium oxide quotes were temporarily stable, while terbium oxide continued to decline.

Supply and demand: Yesterday, Pr-Nd oxide quotes continued to climb, driven by news of purchases by major producers, with some metal enterprises making small-volume replenishments and the actual transaction price center moving higher; dysprosium oxide entered a wait-and-see phase after the previous round of adjustments, with quotes unchanged, limited inquiries in the market, and only sporadic rigid demand supporting actual deals; terbium oxide quotes moved lower, sellers still made concessions on shipments, high-priced offers lacked response, and the transaction center was near the low end.

Rare earth metals:

Prices: Pr-Nd alloy quotes were raised slightly, with limited follow-through in actual transaction volumes; dysprosium-iron alloy quotes remained stable; terbium metal quotes stopped falling and flattened.

Supply and demand: Yesterday, Pr-Nd alloy quotes edged up, with metal producers showing intent to hold prices firm under cost support and reduced willingness to sell at concessions; however, downstream magnetic material enterprises remained in a strong wait-and-see mood, with insufficient willingness to chase rising prices, and procurement was mainly based on rigid-demand inquiries, making it difficult to transact large volumes at high prices. In medium-heavy rare earths, dysprosium-iron alloy continued to consolidate, with increased downstream inquiries; terbium metal quotes did not move lower, suppliers were less willing to make concessions, and transactions at relatively high prices remained sluggish.

NdFeB blanks:

Prices: NdFeB blank N35 (Ce) closed at 208-218 yuan/kg, NdFeB blank 35M closed at 253-263 yuan/kg, and NdFeB 35UH closed at 362-382 yuan/kg.

Supply and demand: Yesterday, NdFeB blank quotes were raised slightly, mainly because rising raw material prices drove up NdFeB prices. 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-volume stockpiling orders were unlikely to emerge in the short term.

NdFeB scrap:

Prices: Pr-Nd recycled from NdFeB scrap prices were stable, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices held steady.

Supply and demand: Yesterday, the scrap market ran steadily, mainly influenced by oxide prices stopping falling and stabilizing, but recycling enterprises' external purchase quotes were quite divergent: leading large plants quoted higher, while small and medium-sized plants quoted lower. Scrap suppliers' willingness to sell recovered, the circulation of compliant tax-paid scrap in the market increased, and overall market trading sentiment improved from the earlier period.