[SMM Rare Earth Morning Meeting Summary] Pr-Nd Stabilizes at High Levels, Terbium Series Decline Narrows

SMM, October 15:

Rare earth ore:

Prices:Rare earth carbonate was around 63,500 yuan/mt, medium-yttrium, europium-rich ore was around 247,500 yuan/mt, and monazite was around 43,000 yuan/mt.

Supply and demand:Mine-side offers continued to consolidate, with separation plants prioritizing the consumption of existing raw material inventories and limiting new purchases mostly to small rigid-demand orders. Miners maintained a hold-back-from-selling sentiment, price disagreements between buyers and sellers persisted, and the pace of actual transactions remained slow.

Rare earth oxides:

Prices:Pr-Nd oxide prices held firm at high levels with no signs of loosening in offers. Dysprosium oxide prices pulled back slightly. Terbium oxide consolidated at low levels, with the decline temporarily slowing.

Supply and demand:Yesterday, after prices reached high levels, wait-and-see sentiment deepened among upstream and downstream players. Alloy producers mostly maintained their existing production pace and showed limited willingness to chase higher prices, with transactions supported only by sporadic rigid demand. In the dysprosium segment, sellers were cautious about lowering prices while buyers pushed for lower prices, leaving trading in a stalemate. In the terbium segment, the weak sentiment persisted, alloy producers turned more conservative in purchasing, and actual deals were mostly concluded at the low end of the range.

Rare earth metals:

Prices:Pr-Nd alloy offers remained stable while transactions turned lighter. Dysprosium-iron alloy prices stopped falling and stabilized. Terbium metal offers stayed weak, with the decline narrowing.

Supply and demand:Yesterday, Pr-Nd alloy offers saw no adjustments, holding at previous levels amid slightly higher raw material costs and lighter transactions. Inquiry activity declined from the previous day, downstream buying interest weakened, and actual order fulfillment slowed, leaving trading subdued. In the medium-heavy rare earth segment, terbium metal continued to decline but at a narrower pace, with high-price transactions still blocked. Dysprosium-iron alloy stopped falling and stabilized, with inquiries remaining sluggish.

NdFeB blanks:

Prices:NdFeB blank N38 (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 changes, mainly because raw material prices remained largely unchanged. In terms of trading, downstream motor plants have recently been focused on the monthly order cargo pick-up stage. At the same time, constrained by the broader economic environment, end-use consumption remained weak, and downstream and motor plants showed limited willingness to stockpile or restock, with no large-volume orders released yet.

NdFeB scrap:

Prices:Pr-Nd recycled from NdFeB scrap prices moved steadily, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices held stable.

Supply and demand:Yesterday, scrap market prices moved steadily, mainly influenced by relatively small fluctuations in oxide prices. Recycling enterprises made no significant adjustments to their purchase offers, scrap suppliers showed increased willingness to sell, and actual market trading activity improved.