Last week, rare earth market prices fluctuated significantly. In terms of oxides, Pr-Nd oxide adjusted to 409,000-411,000 yuan/mt, dysprosium oxide to 1,680-1,710 yuan/kg, and terbium oxide to 5,830-5,880 yuan/kg. Regarding metal prices, Pr-Nd alloy decreased to 506,000-508,000 yuan/mt, dysprosium-iron adjusted to 1.62-1.64 million yuan/mt, and terbium metal to 7,280-7,340 yuan/kg.
Due to the impact of market news, Pr-Nd products saw a significant price drop last week, leading to a sluggish trading atmosphere and a strong wait-and-see sentiment. However, as market inquiries gradually increased, oxide prices rebounded, supplier quotes became firmer, and low-priced sources became scarce again.
Demand side, the downstream magnetic material market remained polarized. Leading large producers saw a surge in orders from the new energy and compressor sectors, resulting in busy production. However, small and medium-sized enterprises struggled with weak order growth, difficulty in acquiring new customers, low production enthusiasm, and a cautious outlook on the future market.
Industry insiders also pointed out that with December approaching and the stockpile for the Chinese New Year period arriving, domestic downstream demand might gradually strengthen. Based on this, SMM expects rare earth prices to show a gradual upward trend.
![[SMM Rare Earth Morning Meeting Summary] Pr-Nd series remained stagnant all day with no drivers, dysprosium stable while terbium's decline paused temporarily, magnetic material scrap continued to see a wait-and-see stance.](https://imgqn.smm.cn/usercenter/QLmfa20251217171745.jpg)
![Prices outside China remained stable this week, with the US-Brazil supply chain construction achieving both funding and project milestones [SMM Rare Earth Weekly Review]](https://imgqn.smm.cn/usercenter/ecUwF20251217171745.jpg)
