Market Pessimism Grew as China Northern Rare Earth Lowered Rare Earth Concentrates Prices

According to SMM statistics, China’s exports of NdFeB magnets totaled 4,730 tons in May 2026, marking a month-on-month decline of 7.72%. However, volumes surged by 281.84% year-on-year. The sharp YoY increase is primarily attributed to a low base effect caused by export controls in May 2025. The MoM drop, meanwhile, reflects both seasonal weakness in overseas demand and tangible changes in domestic export licensing procedures.

[SMM Rare Earth Weekly Review: Rare Earth Prices Surge and Pull Back, News-Driven Volatility Cools Trading] Recently, supported by reports of production cuts at scrap recycling enterprises alongside recovering downstream demand, most suppliers sharply raised their quotations and market confidence strengthened notably. On Thursday, however, renewed bearish speculation rattled the market, triggering a sharp drop in futures prices. Spot market prices for Pr-Nd oxide followed suit and pulled back. As of today, Pr-Nd oxide prices have undergone volatile adjustments to 743,000-747,000 yuan/mt.