On October 26, 2025, the China-US economic and trade talks concluded in Kuala Lumpur, with the US pledging to suspend the planned 100% tariff hike on Chinese goods. In response, China decided to postpone its rare earth export control measures by one year. The news directly boosted market confidence. On October 27, the price of Pr-Nd oxide, a benchmark in the rare earth market, rose by approximately 9,000 yuan/mt in a single day, with spot quotations approaching the 510,000 yuan/mt mark. Subsequently, on October 30, Chinese leaders departed for Busan, South Korea, to attend the APEC meeting and are scheduled to hold talks with US President Donald Trump, where the two sides are expected to further discuss issues such as semiconductor and rare earth trade. According to an SMM survey, recent inquiries for NdFeB permanent magnets and Pr-Nd alloy, both at home and abroad, have shown a significant increase, and purchase willingness among end-users has also improved compared to the previous period.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

From August 15 to 19, the Pr-Nd market experienced a rare sharp rise — the average price of Pr-Nd oxide surged from 557,500 yuan/mt to 633,500 yuan/mt, a weekly increase of 13.6%; the average price of Pr-Nd alloy jumped from 677,500 yuan/mt to 772,500 yuan/mt, an increase of 14%. Tracing back to the beginning of the year, the cumulative increase in Pr-Nd oxide prices exceeded 40%, with the high pressure of prices continuously eroding the safety margin of the midstream of the industry chain. This article will explain from the demand side the intrinsic driving forces supporting whether this price can be sustained in the long term and the difficult situation of magnetic material and motor factories under the current price.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

The overall NdFeB magnet prices rose slightly last week following the prices of PrNd, dysprosium and terbium products.

Lanthanum oxide and cerium oxide prices moved sideways last week.

Gadolinium oxide prices added 2.4% from 264,000-268,000 yuan/mt a week ago to 270,000-275,000 yuan/mt last Friday.

Terbium oxide prices rallied from lows last week.

PrNd oxide prices rose steadily.

Rare earth concentrate prices increased further last week, driven by risingprices of PrNd and dysprosium iron.