[SMM Rare Earth Morning Meeting Summary] Pr-Nd center rises, Dy and Tb continue to weaken

SMM, October 13:

Rare earth ore:

Prices: Rare earth carbonate prices were about 59,900 yuan/mt, medium-yttrium, europium-rich ore was about 247,000 yuan/mt, and monazite was about 43,000 yuan/mt.

Supply and demand: The ore market consolidated overall, rare earth carbonate rebounded slightly, medium-yttrium, europium-rich ore prices edged down, and monazite remained stable; separation plants were slow to digest raw material inventories, new purchases were mainly just-in-time procurement, ore sellers held firm on offers, there was little room for negotiation between buyers and sellers, and actual transactions were limited.

Rare earth oxides:

Prices: Pr-Nd oxide offer centers moved up slightly, with the high-low price spread largely maintained; dysprosium oxide prices softened slightly; terbium oxide continued to pull back, with a larger decline than the previous working day.

Supply and demand: Yesterday, inquiry activity in the Pr-Nd oxide market was moderate, metal producers mostly purchased at lower prices according to production pace, and suppliers showed little willingness to sell at low prices; the tug-of-war between upstream and downstream in the dysprosium segment continued, downstream purchases were cautious, and sellers had limited willingness to make concessions; confidence in the terbium segment was insufficient, metal producers turned conservative in procurement, and actual transactions were mostly pushed to the low-end range.

Rare earth metals:

Prices: Pr-Nd alloy offers were stable, caught in a stalemate between rising costs and limited downstream acceptance; dysprosium-iron alloy offers remained stable; terbium metal offers weakened and moved lower.

Supply and demand: Yesterday, Pr-Nd alloy offers saw no adjustment, as rising raw material costs and limited downstream acceptance remained in a tug-of-war, keeping prices mostly stable; downstream purchases were still just-in-time, actual orders followed slowly, and buyers remained wait-and-see toward high-priced raw materials, with no volume increase in transactions. In the medium-heavy rare earth segment, the terbium decline had not stopped, and terbium metal fell in tandem with oxides; dysprosium-iron alloy offers were temporarily stable, with sluggish inquiries.

NdFeB blanks:

Prices: NdFeB blank N40 (Ce) was quoted at 213-223 yuan/kg, NdFeB blank 38M at 251-271 yuan/kg, and NdFeB 38UH at 358-378 yuan/kg.

Supply and demand: Yesterday, NdFeB blank offers showed no significant change, mainly because stable raw material prices led to stable NdFeB offers. In terms of transactions, downstream motor plants were mostly in the monthly order cargo pick-up stage recently, while overall end-use consumption was weak due to the broader environment, downstream and motor plants had limited willingness to stockpile and restock, and no large-volume orders were released yet.

NdFeB scrap:

Prices: Pr-Nd recycled from NdFeB scrap prices remained stable, and dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices were stable.

Supply and demand: Yesterday, the scrap market continued to run steadily, mainly affected by relatively small fluctuations in oxide prices. Recycling enterprises made no significant adjustments to their purchase offers, scrap suppliers showed strong wait-and-see sentiment, and actual market trading was moderate.