[SMM Rare Earth Morning Meeting Summary] High-Price Transactions Are Challenging, Intense Back-and-Forth Negotiations Between Upstream and Downstream

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SMM February 24 News:

Rare Earth Ore

Prices: Rare earth carbonate prices are approximately 35,800 yuan/mt, monazite prices are around 40,500 yuan/mt, and medium-yttrium, europium-rich ore standard ore prices are about 187,500 yuan/mt.

Supply and Demand: Currently, with slightly tight supply on the mining side, prices remain relatively stable, and market sentiment is dominated by a wait-and-see attitude.

Rare Earth Oxides

Prices: Pr-Nd oxide quotation range is approximately 441,000-443,000 yuan/mt, mainstream quotations for dysprosium oxide are in the range of 1.72-1.74 million yuan/mt, and terbium oxide prices have been adjusted to around 6.2 million yuan/mt.

Supply and Demand: Last week, rare earth oxide prices overall fluctuated downward, with high-price transactions proving difficult. However, suppliers maintained firm quotations, and intense back-and-forth negotiations between upstream and downstream were observed. The price fluctuation of rare earth raw materials was relatively small.

Rare Earth Metals

Prices: The mainstream quotation range for Pr-Nd alloy is 543,000-545,000 yuan/mt, dysprosium-iron alloy prices are approximately 1.7-1.74 million yuan/mt, and terbium metal prices have been adjusted to 7.76-7.8 million yuan/mt.

Supply and Demand: Last week, metal enterprise quotations were slightly adjusted downward following oxide prices. Downstream magnetic material enterprises, facing poor orders, were cautious in purchasing, and actual trading volume in the market was limited.

Magnetic Materials

Prices: NdFeB blank prices—NdFeB blank N38 (Ce) closed at 145-155 yuan/kg; NdFeB blank 40M closed at 191-201 yuan/kg; NdFeB blank 40H closed at 195-205 yuan/kg; NdFeB blank 45SH (Ce) closed at 245-265 yuan/kg.

Supply and Demand: Last week, the magnetic material market appeared relatively subdued. Although raw material prices rose during the week, prompting magnetic material enterprises to generally raise quotations, insufficient downstream order releases led to cautious market transactions and a strong wait-and-see sentiment.

NdFeB Scrap

Prices: PrNd recycled from NdFeB scrap closed at 457-469 yuan/kg; dysprosium recycled from NdFeB scrap closed at 1,635-1,657 yuan/kg; terbium recycled from NdFeB scrap closed at 5,109-5,178 yuan/kg.

Supply and Demand: Last week, scrap prices fluctuated with oxide prices, but the overall scrap market remained cautious, with actual transactions experiencing some delays. Concerns over high prices persisted in the market, while low-priced supplies were relatively tight. Most manufacturers continued to purchase as needed.