Chalco to Invest 2 Bln Yuan in Rare Earth Project in Baotou

[SMM Rare Earth Daily Review: Rare Earth Prices Extend Weakness, Trading Atmosphere Sluggish] Overall, under the dual pressure of declining Pr-Nd oxide futures and sluggish market inquiries, the trading atmosphere in the rare earth market was subdued, actual transactions stalemated, and prices continued to be in the doldrums. In the near term, affected by the tug-of-war stalemate between buyers and sellers, Pr-Nd product prices are likely to maintain a narrow sideways movement pattern.

[SMM Rare Earth Express] Australian heavy mineral producer Iluka Resources released its April-June quarterly report, showing that due to the slower-than-expected capacity ramp-up at the Balranald mine, the company's zircon production dropped 30% YoY to 26,000 mt. However, as zircon prices rebounded from lows, the company drew on inventory to support sales, with zircon sales up 43% YoY. In rare earths business, the construction progress of Iluka's Eneabba rare earth refinery in Western Australia was approaching 60%. The project has a designed annual capacity of 23,000 mt and a total investment budget of A$1.8 billion, of which A$1.1 billion (approximately $770 million) has been invested. It is expected to commence production in mid-2027. Once completed, the refinery will be able to process both light and heavy rare earths, producing key elements for permanent magnetic materials such as neodymium, praseodymium, dysprosium, and terbium, and is expected to enhance Australia's processing capacity in the global rare earth supply chain.

[Pr-Nd oxide fell below the 750,000 CNY/ton mark, making scrap recycling procurement more difficult] Yesterday, affected by fluctuations in futures prices, offers for Pr-Nd oxide in the market pulled back further after the afternoon session. Suppliers, with poor inventory positions, showed low willingness to quote at low prices, while downstream metal plants maintained a strong wait-and-see sentiment, leading to poor Pr-Nd market transactions. In the medium-heavy rare earth sector, downstream demand remained persistently weak, but supplier quotations stayed firm, keeping dysprosium oxide and terbium oxide prices stable.