Rare earth prices show mixed performance; market transactions follow up slowly [SMM Rare Earth Daily Review]

SMM, October 12: Today, rare earth market prices showed mixed performance overall. Specifically, in the oxide market, Pr-Nd oxide prices were raised by 500 yuan/mt, gadolinium oxide prices were flat, dysprosium oxide prices were lowered by 10,000 yuan/mt, terbium oxide prices were lowered by 50,000 yuan/mt, holmium oxide prices were raised by 5,000 yuan/mt, and erbium oxide prices were raised by 15,000 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 lowered by 25,000 yuan/mt, holmium-iron prices were flat, and lanthanum-cerium metal prices were flat.

Currently, rare earth market prices showed mixed performance overall. Focusing on the Pr-Nd market, the quotation range for Pr-Nd oxide edged upward, low-priced cargoes tightened further, and suppliers' willingness to hold prices firm remained supportive; Pr-Nd alloy quotations stayed stable, with the metal segment maintaining previous offers amid rising costs and limited downstream acceptance, not yet following raw material adjustments. On the transaction front, downstream magnetic material enterprises continued to make just-in-time procurement, with actual orders following up slowly, and most held a wait-and-see attitude toward oxides after price increases, as the upward price movement still lacked trading volume support.

In the medium-heavy rare earth market, performance diverged significantly across products: the terbium series extended its decline, with terbium oxide continuing to fall notably and terbium metal moving down in tandem, as the synchronized downward shift at both ends indicated the terbium series remained weak; the dysprosium series was also under pressure, with dysprosium oxide quotations edging lower while dysprosium-iron alloy held steady for now; the holmium series turned upward, with holmium oxide quotation centers rising overall while holmium-iron stayed put; erbium products led gains, with quotation ranges widening notably and centers shifting sharply higher; the gadolinium series remained stable, with both gadolinium oxide and gadolinium-iron unchanged.

Overall, rare earth market prices showed a mixed pattern today, with Pr-Nd oxide edging higher while the metal side stayed put, and medium-heavy rare earths diverging notably—the terbium and dysprosium series weakened under pressure, the holmium and erbium series turned upward, and the gadolinium series held steady. On the transaction front, downstream magnetic material enterprises continued to rely mainly on just-in-time procurement, with most taking a wait-and-see stance toward raw materials after price increases, actual orders following up slowly, and price fluctuations driven more by quotation adjustments without yet being confirmed by trading volume.

In the short term, the market remains in a post-holiday recovery phase, with price direction depending on the pace of downstream magnetic material order releases. The Pr-Nd series, caught between raw material cost support and limited downstream acceptance, is likely to move sideways in a narrow range in the near term; for medium-heavy rare earths, if the terbium series continues to weaken, attention should be paid to actual transaction conditions on the metal side, while the sustainability of erbium and holmium gains depends on whether actual transactions can follow through, and products lacking independent drivers are likely to remain stable in the short term.