Rare Earth Prices Remain Stable Overall; Pr-Nd Inquiry Recover, Transactions Marginally Improve [SMM Rare Earth Daily Review]

SMM, September 29: Rare earth market prices were largely stable today. In the oxide market, Pr-Nd oxide prices were flat, gadolinium oxide prices were flat, dysprosium oxide prices fell by 5,000 yuan/mt, terbium oxide prices fell by 40,000 yuan/mt, holmium oxide prices were flat, and erbium oxide prices fell by 10,000 yuan/mt.

In the metals market, Pr-Nd alloy prices were flat, 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 largely stable, with Pr-Nd inquiry activity picking up from earlier levels. In the Pr-Nd market, suppliers of Pr-Nd oxide held offers steady, with neither upstream nor downstream showing clear intent to adjust; Pr-Nd alloy quotes also showed no fluctuations, and under the losses, the processing segment had neither room to cut prices further nor support to raise them, keeping offers broadly stable. Transactions showed marginal improvement today: Pr-Nd alloy saw follow-through deals, and Pr-Nd oxide also attracted low-priced inquiries, with overall inquiry activity up from earlier levels; given that downstream magnetic material enterprises still have rigid stocking demand, buyers are restocking as needed, and prices should retain some support in the short term.

In the medium-heavy rare earth market, the burden of price concessions shifted back to the raw material side: terbium-series oxide offers continued to move lower while terbium metal held steady, with the concession pressure previously borne by the processing segment shifting back to raw materials; dysprosium products similarly showed a pattern of weak oxides and steady metals, with dysprosium oxide edging lower while dysprosium-iron alloy offers were unchanged; gadolinium products were steady across the board, with both gadolinium oxide and gadolinium-iron unchanged; holmium products remained quiet, with both holmium oxide and holmium-iron unchanged; erbium products gave back their earlier spike, with quote centers falling noticeably and essentially returning to pre-spike levels.

Overall, rare earth market prices were largely stable today, with only a few varieties edging lower and all declines concentrated in the oxide segment, while the metals chain and other varieties were unchanged. On the transaction front, Pr-Nd inquiry activity picked up from earlier levels, with Pr-Nd alloy seeing follow-through deals and Pr-Nd oxide attracting low-priced inquiries; downstream rigid stocking demand remains in place, lending some support to prices. However, overall trading has yet to expand, and transactions for other varieties remain thin.

In the short term, with only two trading days left before the National Day holiday, downstream magnetic material enterprises still have rigid stocking demand, so Pr-Nd price centers should retain some support and a notable pullback is unlikely; but downstream buying is mainly need-based restocking, with no concentrated volume emerging yet, so prices also lack sufficient momentum to break higher. Prices are expected to consolidate sideways with firm centers. For medium-heavy rare earths, terbium, dysprosium, gadolinium, holmium, and erbium each lack independent drivers, and prices will most likely remain stable before the holiday, with the broader market moving sideways in a narrow range.