Pr-Nd edges up with few firm orders, medium-heavy rare earth generally weak [SMM Rare Earth Weekly Review]

September 24 news:

Rare earth ore:

This week, rare earth ore prices fluctuated slightly along with the oxide side, with overall limited transaction follow-through. Rare earth carbonate prices were quoted at 59,700-59,800 yuan/mt, edging up during the week, with little change in supply and demand. Medium-yttrium, europium-rich ore prices were quoted at 247,000-249,000 yuan/mt, edging up on Thursday, with the tight supply situation not significantly alleviated and downstream acceptance of high prices remaining limited. Monazite prices were quoted at 41,000-45,000 yuan/mt, with no change in quotes during the week and market transactions remaining relatively sparse.

Rare earth oxides:

This week, lanthanum oxide prices were quoted at 5,500-6,000 yuan/mt, and cerium oxide prices at 14,000-14,500 yuan/mt. Lanthanum oxide quotes were raised on Monday and then held steady, while cerium oxide remained unchanged all week. Pr-Nd oxide prices were quoted at 737,000-739,000 yuan/mt, edging up overall this week and higher compared with the start of the week. This was mainly driven by large producers entering the market to purchase, combined with news-driven factors. Suppliers' willingness to hold prices firm strengthened accordingly, and offers were raised in response. However, downstream metal enterprises were cautious about purchasing at high levels, with limited actual transactions. The upward momentum lacked support from actual deals. Metal enterprises showed relatively weak inquiry and purchasing interest, with procurement mainly consisting of small orders for essential needs.

This week, dysprosium oxide prices were quoted at 1.42-1.45 million yuan/mt, with quotes remaining unchanged all week. High-priced transactions struggled to advance, and inquiries were concentrated on essential demand. Terbium oxide prices were quoted at 6.55-6.6 million yuan/mt, pulling back slightly from highs on Monday before holding steady. Downstream acceptance of high-priced offers was weak, and the actual transaction center shifted slightly lower, with the weekly decline ranking among the largest across all products. Gadolinium oxide prices were quoted at 190,000-192,000 yuan/mt, holding steady at the start of the week and weakening slightly on Thursday, with market inquiry demand remaining persistently sluggish. Holmium oxide prices were quoted at 635,000-640,000 yuan/mt, weakening slightly on Monday before holding steady. Erbium oxide prices were quoted at 680,000-685,000 yuan/mt. Driven by increased inquiry activity, low-priced supply tightened further, and prices were raised again during the week, making it one of the few products to rise this week. Yttrium oxide (5N) prices were quoted at 58,000-60,000 yuan/mt, and yttrium oxide (3N) prices at 28,000-30,000 yuan/mt, both holding steady during the week, with downstream demand mediocre and transaction follow-through still limited.

Rare earth metals:

On the light rare earth side, cerium metal market prices showed no significant fluctuations this week, with suppliers' quotes stable at 28,000-29,000 yuan/mt. Pr-Nd alloy prices rose overall this week, mainly driven by Pr-Nd oxide prices drifting higher. Metal enterprises raised their quotes in line with raw material prices. As of today, suppliers' quotes were adjusted to 893,000-900,000 yuan/mt. However, as downstream magnetic material enterprises remained cautious in their inquiries and purchases, with limited acceptance of high-priced supply, actual transaction follow-through was limited. Metal enterprises had limited willingness to concede on prices amid losses, and market trading remained stagnant.

Medium-heavy rare earth: Dysprosium-iron alloy closed at 1.37-1.38 million yuan/mt, with prices at low levels this week, pulling back WoW, mainly due to sluggish downstream inquiries and weak transaction follow-through, prompting suppliers to slightly loosen their quotes. Terbium metal prices were in the doldrums this week, closing at 8.15-8.18 million yuan/mt, continuing to pull back WoW, mainly due to persistent resistance to high-priced transactions and insufficient downstream acceptance, with suppliers lowering their quote centers and actual transactions remaining sparse. Gadolinium-iron alloy prices weakened slightly this week before stabilizing, with suppliers adjusting quotes to 182,000-185,000 yuan/mt, while market inquiries were limited and trading activity was mediocre. Holmium-iron alloy prices showed no notable fluctuations this week, with suppliers keeping quotes stable at 640,000-645,000 yuan/mt, while downstream inquiry and procurement attitudes remained wait-and-see.

NdFeB blank:

Currently, NdFeB blank N38 (Ce) closed at 213-223 yuan/kg; NdFeB blank 38M closed at 251-271 yuan/kg; NdFeB blank 40H closed at 263-273 yuan/kg; NdFeB blank 45SH (Ce) closed at 313-333 yuan/kg.

In terms of prices, NdFeB saw a slight increase this week, mainly driven by higher raw material prices. In terms of trading, NdFeB market transaction volumes were moderate this week. Domestic market demand was constrained by the overall weakening macro consumption environment, with sluggish growth and limited incremental space. Although there were growth expectations outside China, they were not clearly reflected at this stage. Together, these factors left the NdFeB market in the doldrums this week.

NdFeB scrap:

This week, Pr-Nd recycled from NdFeB scrap closed at 750-760 yuan/kg; dysprosium recycled from NdFeB scrap closed at 1,230-1,250 yuan/kg; terbium recycled from NdFeB scrap closed at 5,600-5,800 yuan/kg.

This week, scrap market prices remained broadly stable, with no notable adjustments in Pr-Nd scrap prices during the week. At the start of the week, scrap prices continued to hold steady, with some suppliers showing increased willingness to cash out ahead of the holiday and greater selling enthusiasm than before, boosting available market supply. Scrap trading activity improved from earlier levels, and recycling enterprises made timely purchases, with moderate transaction performance. In the second half of the week, recycling enterprises had largely completed pre-holiday stockpiling purchases. Although Pr-Nd oxide spot quotes rose near the weekend, supported by international news, recycling enterprises showed limited willingness to restock at higher prices, and their external purchase quotes remained largely unchanged, with scrap prices staying stable. After stockpiling wrapped up, the procurement pace slowed, trading activity pulled back from the start of the week, suppliers returned to a wait-and-see stance, and overall market transactions turned sluggish.