SMM, September 28: Rare earth market prices were broadly stable today. Specifically, in the oxide market, Pr-Nd oxide prices were flat, gadolinium oxide prices were flat, dysprosium oxide prices were flat, terbium 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 4,000 yuan/mt, gadolinium-iron alloy prices were flat, dysprosium-iron alloy prices were flat, terbium metal prices were flat, holmium-iron prices were flat, and lanthanum-cerium metal prices were flat.
At present, rare earth market prices are broadly stable, and the market extended its wait-and-see stance on the first trading day after the Mid-Autumn Festival holiday. Focusing on the Pr-Nd market, suppliers of Pr-Nd oxide made no notable adjustments to their offers, and prices held steady. The softer Pr-Nd alloy quotes today were more a carryover from the previous trading day than a new downward signal—with the National Day holiday approaching, downstream magnetic material enterprises have largely completed their pre-holiday stockpiling. After a round of concentrated procurement, their willingness to enter the market has clearly pulled back, and most buyers have shifted to a wait-and-see approach, waiting for orders to become clearer after the holiday. With little transaction support in the metals segment, offers pulled back slightly. However, the cost side has yet to show new bearish factors, leaving limited room for further price concessions. In terms of transactions, overall market trading sentiment was sluggish, and actual deal flow remained limited.
In the medium-heavy rare earth market, all segments were quiet across the board: terbium oxide and terbium metal offers both held steady, and the previous pressure to cut prices paused for the time being. The dysprosium segment moved sideways as well, with dysprosium oxide and dysprosium-iron alloy both unchanged. The gadolinium segment halted the previous trading day's softening, with gadolinium oxide and gadolinium-iron both closing flat again. The holmium segment remained stable, with holmium oxide and holmium-iron both unchanged. Erbium products extended their wait-and-see stance after the earlier spike, with offer centers flat.
Overall, rare earth market prices were broadly stable today. The oxide segment and all medium-heavy rare earth products were unchanged, with adjustment pressure highly concentrated in the metals segment. Meanwhile, the raw material side did not follow suit, and the price spread narrowed passively, suggesting this round of adjustment was more about independent price concessions in the metals segment rather than a trend-driven decline pushed by the cost side. In terms of transactions, the market had not yet returned to its normal pace on the first trading day after the Mid-Autumn Festival holiday. Downstream magnetic material enterprises showed strong wait-and-see sentiment, and with pre-National Day holiday stockpiling largely complete, actual market transactions were in the doldrums.
In the short term, with limited trading days remaining before the National Day holiday and downstream magnetic material enterprises having largely completed their pre-holiday stockpiling, incremental transactions are unlikely to emerge in the near term. The Pr-Nd segment will likely consolidate and move sideways with a stable center as the main theme. If sporadic restocking emerges before the holiday, offers may receive slight support, but with downstream buying interest still weak, upside is also limited. For medium-heavy rare earths, terbium, dysprosium, gadolinium, holmium, and erbium products lack independent drivers and will likely remain stable before the holiday, with the broader market most likely maintaining a narrow sideways trend.
