[SMM Rare Earth Morning Meeting Summary] Low Trading Activity and Strong Wait-and-See Sentiment in the Rare Earth Market

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SMM March 3 News:

Rare Earth Ore

Prices: Rare earth carbonate prices are around 35,900 yuan/mt, monazite prices are around 42,000 yuan/mt, and medium-yttrium, europium-rich ore standard ore prices are around 190,000 yuan/mt.

Supply and Demand: Currently, with tight supply of ore products, 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 443,000-445,000 yuan/mt, mainstream quotations for dysprosium oxide are in the range of 1.7-1.72 million yuan/mt, and terbium oxide prices have been adjusted to around 6.45-6.5 million yuan/mt.

Supply and Demand: Last week, rare earth oxide prices showed mixed performance. Terbium oxide prices rose rapidly due to tight supply, but market demand for Pr-Nd oxide fell short of expectations. Overall, Pr-Nd prices primarily moved downwards after a higher opening throughout the week.

Rare Earth Metals

Prices: Mainstream quotations for Pr-Nd alloy are in the range of 545,000-549,000 yuan/mt, dysprosium-iron alloy prices are around 1.66-1.68 million yuan/mt, and terbium metal prices are around 8.05-8.1 million yuan/mt.

Supply and Demand: Last week, metal product prices fluctuated along with oxide prices. Metal producers were not highly active in shipments, and some traders offered low-priced goods, but the quantities were relatively small. The actual trading atmosphere for metals remained subdued.

NdFeB Blanks

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 overall atmosphere in the magnetic material market remained subdued. Downstream order growth fell short of expectations, and enterprises primarily focused on long-term contract production. In terms of procurement, purchasing as needed remained the main approach.

NdFeB Scrap

Prices: PrNd recycled from NdFeB scrap closed at 457-474 yuan/kg; dysprosium recycled from NdFeB scrap closed at 1,635-1,657 yuan/kg; terbium recycled from NdFeB scrap closed at 5,123-5,178 yuan/kg.

Supply and Demand: Last week, scrap market quotations remained generally stable. Scrap enterprises mainly procured based on actual demand. Although overall procurement quotations still reflected cut-throat competition, mainstream quotations remained firm, and low-priced transactions were relatively difficult.