SMM, September 23: Rare earth market prices were largely in the doldrums today. Specifically, in the oxide market, Pr-Nd oxide prices fell by 500 yuan/mt, dysprosium oxide prices were flat, terbium oxide prices were flat, gadolinium oxide prices were flat, holmium oxide prices were flat, and erbium oxide prices were flat.
In the metals market, Pr-Nd alloy prices fell by 2,500 yuan/mt, dysprosium-iron alloy prices fell by 5,000 yuan/mt, terbium metal prices fell by 10,000 yuan/mt, gadolinium-iron alloy prices were flat, holmium-iron prices were flat, and lanthanum-cerium metal prices were flat.
In markets outside China, FOB prices for Pr-Nd oxide and medium-heavy rare earth products were largely stable this week, with terbium series slightly weaker: terbium oxide FOB and terbium metal FOB fell by $8/kg and $6/kg respectively; 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 were stable.
Currently, rare earth market prices are largely in the doldrums. Focusing on the Pr-Nd market, the Pr-Nd series ended its two consecutive sessions of gains and pulled back slightly today, with oxide and metal quotes moving lower in tandem. The decline in metals remained larger than that in oxides, and with processing margins already under losses, there was limited room for further price concessions. The previous two days of price-holding failed to gain confirmation from actual transactions, and offers today pulled back modestly from highs. This pullback was mainly driven by insufficient downstream acceptance of elevated quotes ahead of the holiday and a slowdown in inquiries and purchases. Spot suppliers correspondingly loosened their quotes, and metal enterprises lowered their offers after high-price transactions met resistance. Transactions remained sluggish, with downstream magnetic material enterprises showing strong wait-and-see sentiment. Purchases were mainly based on rigid demand inquiries, and actual order volumes did not pick up after quotes pulled back.
In the medium-heavy rare earth market, terbium oxide and dysprosium oxide quotes were stable, while terbium metal and dysprosium-iron alloy edged lower, mainly due to lower inquiry prices in the metals market and resistance to high-price transactions, prompting metal enterprises to lower quotes slightly. Gadolinium products were both flat, holmium products remained quiet, and both holmium oxide and holmium-iron showed no changes. Erbium products entered a wait-and-see phase after the previous day's jump, with quote centers flat.
Overall, rare earth market prices today showed a weak pattern of "Pr-Nd pulling back, medium-heavy rare earth metals weakening, and most oxides stable." The decline was concentrated in the metals segment, with metal-side declines generally larger than those of corresponding oxides, as pricing pressure shifted from raw materials to the processing segment. On the transaction front, the pullback in quotes did not simultaneously ignite buying interest. Downstream magnetic material enterprises remained largely cautious, still purchasing mainly on rigid demand inquiries. In the short term, with limited trading days remaining before the holiday, downstream magnetic material enterprises still have rigid stocking demand, but their ability to accept current price levels is limited. Pr-Nd products are likely to consolidate in a narrow range.
![[SMM Rare Earth Morning Meeting Summary] Major factory purchases boost Pr-Nd prices further, dysprosium stable while terbium weakens](https://imgqn.smm.cn/usercenter/OJvHl20251217171744.jpeg)
