Recent positive signals from the international economic market have significantly impacted the rare earth market, altering the expectations and behavioral patterns of market participants. Driven by these favorable developments, suppliers have quickly raised the quotations for Pr-Nd raw materials. As downstream enterprises had maintained a low-inventory strategy over the medium and long-term during the previous price decline cycle, they were forced to accelerate the pace of restocking after the shift in expectations, further driving up the price of Pr-Nd. Such policy-induced changes in psychological expectations often lead to price fluctuations more rapidly than actual supply-demand changes, particularly in the strategically significant rare earth market. 

This week, the biggest highlight in the overseas rare earth sector was the consensus reached by the White House during the Kuala Lumpur economic and trade consultations between China and the United States, as well as China's response. Beyond this development, as countries continue to explore the rare earth industry chain, what progress have other nations and enterprises made? Let’s take a look in this review.

[SMM Rare Earth Weekly Review: Rare Earth Prices Remained Stable With Strong Wait-and-See Sentiment in the Market] Pr-Nd oxide prices showed a trend of rising first and then falling this week. During the week, influenced by news factors, suppliers quickly raised their quotations. However, judging from the actual downstream demand, this news did not significantly boost purchasing enthusiasm in the downstream market. As a result, some suppliers lacked confidence and lowered their selling prices.

According to a Reuters report cited by Mining Weekly, Malaysia's trade minister said on Wednesday that despite signing a key minerals agreement with the US this week, the country will continue to ban the export of rare earth raw materials to protect domestic resources.

SMM October 31: In October, China's recycled oxide market saw a decline in production and weakening prices. Specifically, national recycled oxide production decreased by approximately 16% MoM. This significant change was mainly due to leading scrap recycling enterprises conducting concentrated equipment maintenance in October. As a result, the operating rate of scrap recycling enterprises dropped significantly, leading to a substantial reduction in recycled oxide production. 

In October 2025, China's NdFeB magnetic material production decreased by approximately 5% MoM. This round of production contraction was mainly driven by a combination of factors, including declining prices, fewer effective working days, adjustments to export policies, and changes in external news sentiment toward the month-end. However, spurred by positive news developments and active stockpiling, NdFeB production is expected to rebound against the trend in November, with an estimated increase of around 10% MoM. 

[SMM Rare Earth Weekly Review: Market Boosted by Positive News, Rare Earth Prices Significantly Increased] Pr-Nd oxide prices rose rapidly this week. As of today, Pr-Nd oxide prices had increased to 538,000-545,000 yuan/mt. Influenced by news factors, market sentiment reversed quickly, suppliers' offers also rose substantially, and low-priced supplies in the market tightened.