[SMM Rare Earth Daily Review: Poor Demand for Medium-Heavy Rare Earths Leads to Bipolarization in Rare Earth Market] Currently, the rare earth market is experiencing bipolarization in prices: the light rare earth market remains stable, while the medium-heavy rare earth market is slightly weak. The light rare earth market is mainly supported by oxide prices, with suppliers being supported by raw material costs, leading to firm quotes. Meanwhile, most industry participants are optimistic about future prices, and suppliers show strong reluctance to budge on prices. However, in contrast, the medium-heavy rare earth market is suffering from poor demand, with weak purchasing demand in the market. Some suppliers have lowered their quotes, resulting in low trading volume.

[SMM Analysis: China's Medium-Heavy Rare Earth Oxide Production Rose Slightly in June, Thanks to Scrap Recycling] In June 2025, China's medium-heavy rare earth oxide production showed a slight MoM increase. Despite encountering some challenges in the import of ion-adsorption ore that month, with the overall situation not being very optimistic, fortunately, most separation enterprises had sufficient inventory of raw materials, enabling them to maintain production stability in such an environment without being significantly impacted.

[SMM Analysis: Rare Earth Market Prices Fluctuated Rangebound in June, Expected to Recover by Late July] This month, rare earth prices generally exhibited a fluctuating trend within a narrow range. As of today, the price of Pr-Nd oxide has only increased by 1.5% compared to the beginning of the month. Since the start of the month, due to policy-related news, upstream suppliers significantly raised their quotes for Pr-Nd products. However, downstream demand did not keep pace with the rapid price increase. With downstream buyers refusing to accept high prices, Pr-Nd prices began to show a corrective trend in mid-month. But in the latter half of the month, due to the combined effects of long-term agreement deliveries at month-end, frequent tenders by major magnetic material manufacturers, and procurement by leading northern manufacturers, upstream suppliers' market confidence strengthened, and their quotes became more firm. As a result, Pr-Nd prices remained relatively stable in the latter half of the month.

[SMM Rare Earth Morning Meeting Summary: Polarized Rare Earth Market, Sluggish Downstream Demand] The price trends of light and heavy rare earths have polarized. The price of Pr-Nd oxide has remained firm, driven by news factors and procurement from major manufacturers. However, due to the continued sluggishness in downstream demand for medium-heavy rare earths, some suppliers have been selling at lower prices, resulting in a slight decline in prices.