[SMM Rare Earth Morning Meeting Summary] Pr-Nd tender recovers, terbium price decline deepens

SMM, October 12:

Rare earth ore:

• Prices:Rare earth chloride flakes were quoted at approximately 63,500 yuan/mt, medium-yttrium, europium-rich ore at about 248,000 yuan/mt, and monazite at around 43,000 yuan/mt.

• Supply and demand:Ore prices have shown no fluctuations for several days. Raw material inventory digestion at separation plants remained slow, with purchases limited to just-in-time restocking. Ore sellers held firm on quotations, leaving limited room for negotiation between buyers and sellers, and the market lacked new transaction guidance.

Rare earth oxides:

• Prices:Pr-Nd oxide prices consolidated, with no expansion in the high-low quotation range; dysprosium oxide prices held steady at previous levels; terbium oxide prices continued to pull back, with the decline deepening compared with the previous trading day.

• Supply and demand:Last week, the offer atmosphere for Pr-Nd oxide was mediocre, with limited divergence in cargo quotations. Metal producers mostly made selective low-price purchases according to production plans, and actual transactions were sporadic. The tug-of-war between upstream and downstream in the dysprosium segment continued, with downstream purchase willingness remaining mediocre and holders showing little willingness to concede on prices. The quotation midpoint for terbium products continued to shift lower, metal producers turned conservative in procurement, took a clear stance in pushing for lower prices, and transactions were concentrated at the low end.

Rare earth metals:

• Prices:Pr-Nd alloy quotations held steady, with tenders from major producers driving a recovery in inquiries; dysprosium-iron alloy quotations remained stable; terbium metal quotations shifted from stable to declining.

• Supply and demand:Last week, Pr-Nd alloy offers remained firm, and metal producers showed little willingness to sell at low prices. However, with upstream and downstream price levels in stalemate, actual transaction volumes had yet to expand. Only tenders from major producers drove a recovery in inquiries, while actual negotiations remained concentrated on low-priced cargoes. In the medium-heavy rare earth segment, terbium metal ended its prolonged consolidation and declined in tandem with oxides; dysprosium-iron alloy quotations showed no signs of loosening, with only sporadic inquiries in the market.

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: Last week, NdFeB blank quotations showed no significant changes, mainly because stable raw material prices led to stable NdFeB quotations. In terms of trading, with the long holiday just ended, downstream motor plants were mostly in the monthly order cargo pick-up stage. Meanwhile, constrained by the overall macro environment, end-use consumption remained weak, and downstream and motor plants showed limited willingness to stockpile and restock, with no large-volume orders released yet.

NdFeB scrap:

• Prices:Pr-Nd recycled from NdFeB scrap prices held steady, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices remained stable.

• Supply-demand: Last week, scrap market prices continued to run steadily, mainly influenced by relatively small fluctuations in oxide prices. Recycling enterprises made no significant adjustments to their external purchase quotations, scrap suppliers maintained a strong wait-and-see sentiment, and actual market trading remained sluggish.