[SMM Rare Earth Morning Meeting Summary] Pr-Nd Prices Stabilize, Dysprosium and Terbium Declines Are Limited

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SMM February 12 News:

Rare Earth Ore

Prices: Rare earth carbonate prices are approximately 35,200 yuan/mt, monazite prices are around 39,600 yuan/mt, and medium-yttrium, europium-rich ore standard ore prices are about 186,000 yuan/mt.

Supply and Demand: Currently, the supply of rare earth raw ore remains tight, suppliers show low willingness to sell, and market ore sources are difficult to find.

Rare Earth Oxides

Prices: The mainstream quotation range for Pr-Nd oxide is 433,000-435,000 yuan/mt; the transaction range for dysprosium oxide is around 1.71-1.72 million yuan/mt, and terbium oxide prices are approximately 6.1-6.15 million yuan/mt.

Supply and Demand: Last night, the pullback in Pr-Nd products gradually slowed down, and under the influence of purchases by top-tier enterprises, prices showed signs of stabilization and recovery. Dysprosium and terbium prices also slightly pulled back yesterday, but considering the tight supply at the mining end, suppliers are not highly willing to cut prices significantly.

Rare Earth Metals

Prices: The mainstream quotation for Pr-Nd alloy is approximately 535,000-538,000 yuan/mt, dysprosium-iron prices corresponding to oxide quotations are around 1.68-1.7 million yuan/mt, and terbium metal prices are about 7.55-7.6 million yuan/mt.

Supply and Demand: Yesterday, metal prices slightly declined along with oxide prices, but driven by bidding procurement from major magnetic material manufacturers, factory quotations remained firm, and the overall decline in metal product prices was relatively small.

Magnetic Materials

Prices: NdFeB blank prices—NdFeB blank N38 (Ce) closed at 139-149 yuan/kg; NdFeB blank 40M closed at 185-195 yuan/kg; NdFeB blank 40H closed at 189-199 yuan/kg; NdFeB blank 45SH (Ce) closed at 239-259 yuan/kg.

Supply and Demand: Yesterday morning, more low-priced sales appeared in the market. However, with the announcement of bidding results from major permanent magnet manufacturers, exploratory inquiries and procurement activities in the market also increased. Currently, permanent magnet enterprises report that prices may remain firm in the short term, but there is uncertainty about the sustainability of this trend. Inventory levels are moderate, and enterprises are considering whether to purchase raw materials at this stage.

NdFeB Scrap

Prices: NdFeB scrap Pr-Nd prices closed at 447-457 yuan/kg; NdFeB scrap dysprosium prices closed at 1,608-1,635 yuan/kg; NdFeB scrap terbium prices closed at 5,109-5,137 yuan/kg.

Supply and Demand: Yesterday, oxide prices dropped significantly, prompting some suppliers to realize profits, leading to an increase in quotations. Separation enterprises adjusted their procurement quotations, and transaction conditions improved compared to earlier periods. Scrap enterprises temporarily maintained their original procurement quotations, waiting for further market developments.