[SMM Rare Earth Morning Meeting Summary] Pr-Nd pulls back from highs, dysprosium and terbium weaken in tandem

Published: Sep 24, 2026 09:19 (GMT+8)

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[Pr-Nd pulls back from highs, Dy and Tb weaken in tandem] Yesterday, Pr-Nd oxide ended its upward trend. Price holds from the previous two days were not confirmed by transactions, and offers pulled back from highs. Although sellers quoted firmly yesterday afternoon, inquiries from metal enterprises turned sluggish, with limited actual transaction volume. Dysprosium oxide prices remained stable, with sporadic inquiries in the market and few actual deals. Terbium oxide prices were temporarily steady, with little response to higher offers, and transactions mostly concentrated at lower prices.

SMM, September 24:

Rare earth ore:

Prices:Rare earth chloride prices stood at approximately 63,500 yuan/mt, monazite prices at approximately 43,000 yuan/mt, and medium-yttrium, europium-rich ore at approximately 247,000 yuan/mt.

Supply and demand:Currently, although supply of rare earth ion-adsorption ore in Southeast Asia has recovered slightly, oxide prices have shown relatively small fluctuations overall, and rare earth ore transaction prices remain in a stalemate.

Rare earth oxides:

Prices:Pr-Nd oxide quotes were relatively stable in early trading yesterday, with the price center continuing to shift lower in the afternoon; dysprosium oxide and terbium oxide closed flat.

Supply and demand:Yesterday, Pr-Nd oxide ended its upward trend. After two days of holding prices firm without transaction confirmation, offers pulled back from highs. Although sellers maintained firm quotes yesterday afternoon, inquiries from metal enterprises turned sluggish, and actual trading volume was limited. Dysprosium oxide quotes remained stable, with sporadic inquiries in the market and few actual deals. Terbium oxide prices were temporarily stable, with little response to higher offers, and transactions mostly concluded around lower prices.

Rare earth metals:

Prices:Pr-Nd alloy quotes pulled back slightly, with market transactions relatively sluggish; dysprosium-iron alloy quotes edged down slightly; terbium metal quotes continued to weaken.

Supply and demand:Yesterday, Pr-Nd alloy pulled back slightly. Although metal enterprises lowered their quotes, downstream magnetic material enterprises remained largely wait-and-see with low inquiry enthusiasm, and overall market trading was sluggish, with limited actual transaction follow-through. In the medium-heavy rare earth market, dysprosium-iron alloy and terbium metal weakened in tandem, mainly due to persistent resistance to high-priced transactions coupled with low inquiry prices from downstream, prompting metal enterprises to lower quotes slightly.

NdFeB blanks:

Prices:NdFeB blank N38 (Ce) closed at 213-223 yuan/kg, NdFeB blank 38M closed at 251-271 yuan/kg, and NdFeB 38UH closed at 358-378 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 end-user production in September. Motor factories 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 continued to run steadily, mainly influenced by relatively small fluctuations in oxide prices. In addition, recycling enterprises had largely completed pre-holiday stockpiling, and their willingness to continue chasing higher prices was weak. Recycling enterprises made no significant adjustments to their external purchase quotes, and overall market trading was moderate.

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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