SMM, September 30: Rare earth market prices were generally stable with some gains today. Specifically, in the oxide market, Pr-Nd oxide prices rose by 1,500 yuan/mt, while gadolinium oxide, dysprosium oxide, terbium oxide, holmium oxide, and erbium oxide prices all held steady.
In the metals market, Pr-Nd alloy prices rose by 5,000 yuan/mt, while gadolinium-iron alloy, dysprosium-iron alloy, terbium metal, holmium-iron, and lanthanum-cerium metal prices all held steady.
In markets outside China, FOB prices were mostly stable this week, with slight divergence for a few products: Pr-Nd alloy (FOB China) rose by $2/kg, terbium oxide FOB fell by $5/kg, while praseodymium oxide FOB, neodymium oxide FOB, dysprosium oxide FOB, Pr-Nd oxide (FOB China), praseodymium metal FOB, neodymium metal FOB, and terbium metal FOB all held steady.
Currently, rare earth market prices are generally stable with some gains, with the Pr-Nd segment moving higher first on the final trading day before the holiday. Focusing on the Pr-Nd market, Pr-Nd oxide and Pr-Nd alloy quotes rose in tandem after being locked for multiple consecutive trading days, with the metal side posting a notably larger increase than oxides, as the willingness to hold prices firm in the processing segment regained the upper hand. This round of increases was initiated from the transaction side: trading activity improved in the previous trading day, low-priced supply tightened accordingly, and suppliers' willingness to concede on prices weakened significantly. Combined with large magnetic material enterprises entering tender purchases today, demand-side signals became clearer, and metal producers raised their offers as their willingness to sell at low prices remained weak. On the transaction front, the narrowing pre-holiday purchasing window and tender demand from large producers overlapped, creating a more active inquiry atmosphere than earlier, with actual deals gradually following, though overall trading volume did not show a significant increase.
In the medium-heavy rare earth market, all segments returned to calm: terbium oxide and metal quotes both held steady, with the previous day's price concessions on the oxide side not extending further; the dysprosium segment also stabilized, with dysprosium oxide and dysprosium-iron alloy both unchanged; the gadolinium segment remained steady, with gadolinium oxide and gadolinium-iron both closing flat; the holmium segment stayed quiet, with holmium oxide and holmium-iron both unchanged; erbium products stopped falling after giving back earlier sharp gains, with quote centers flat.
Overall, rare earth market prices showed a stable-to-higher pattern today, with upward momentum concentrated in the Pr-Nd segment—oxide and metal quotes moved up in tandem, with the metal side posting a more pronounced increase and the processing segment's willingness to hold prices firm taking the lead. Medium-heavy rare earth products stabilized across the board, with quotes returning to calm and no new adjustment direction emerging for now. In terms of drivers, this round of gains was initiated from the transaction side—improved trading activity tightened low-priced supply, and pre-holiday tender purchases by large magnetic material enterprises released demand signals, weakening the willingness to sell at low prices on the metal side and pushing quotes higher, with support for the price rise clearly stronger than in previous tentative price hikes. On the transaction front, Pr-Nd inquiries and actual deals improved from earlier, but overall trading volume has not yet expanded significantly.
In the short term, the market will be closed during the National Day holiday, and post-holiday price direction will still depend on actual order fulfillment by downstream magnetic material enterprises. The improved pre-holiday trading activity, tighter low-priced supply, and large producer tender purchases have provided phased support for Pr-Nd prices. If restocking and orders continue after the holiday, price centers are likely to remain firm; if downstream buyers do not sufficiently accept the raised quotes, the metal segment's price-holding stance may still face setbacks. For medium-heavy rare earths, terbium, dysprosium, gadolinium, holmium, and erbium products lack independent drivers and will likely remain mostly stable after the holiday, with the broader market expected to maintain a sideways pattern.
![[SMM Rare Earth Morning Meeting Summary] Pr-Nd remains firm with recovering transactions; dysprosium and terbium stay stable amid holiday wait-and-see sentiment](https://imgqn.smm.cn/usercenter/iUuCJ20251217171744.jpeg)
