[SMM Analysis: NdFeB Production May Increase Slightly in 2025, with Rising Demand from NEVs, Home Appliances, and Robots as Highlights] Su Zhanpeng, an analyst from SMM's Rare Earths Division, shared insights into the transformation of the NdFeB industry driven by policies, the restructuring of supply and demand, and strategies for enterprises to break through. In 2025, the home appliance industry, driven by a rebound in market demand, technological innovation, and policy support, is showing a positive development trend, with a continuous increase in demand for NdFeB. The application of humanoid robots in manufacturing, healthcare, services, security, and other fields is expanding, and they are expected to become a new growth point for demand in the downstream rare earths sector. This trend will become more pronounced in 2025 and the coming years. Benefiting from increased demand in the domestic end-use market, which drives an increase in NdFeB production, NdFeB production will increase slightly in 2025.

[SMM Weekly Review of Recycled Rare Earths: Scrap Prices Rise, Market Inquiries Active] This week, the scrap market remained stable overall. At the beginning of the week, due to upstream oxide suppliers' reluctance to sell and refusal to budge on prices, the market prices of oxides increased, which in turn drove up scrap prices.

[SMM Rare Earth Weekly Review: Market Performance Remains Calm, Prices Run Relatively Stable] Recently, the rare earth market has been relatively calm, with downstream procurement activity significantly sluggish. The overall price fluctuation range of light rare earths has been relatively small during the week. The price trend of Pr-Nd oxide has also been relatively stable this week. As of Thursday this week, the average price of Pr-Nd oxide has only changed by approximately 500 yuan/mt compared to Monday. Prices of medium-heavy rare earth oxides, such as dysprosium oxide and terbium oxide, rose slightly at the beginning of the week driven by market speculation. However, as the market gradually returned to calm, their prices also dropped back slightly towards the end of the week.

[SMM: Rare Earth Prices May Fluctuate Upward Overall in 2025, with Pr-Nd Oxide Supply Expected to Remain Tight] Yang Jiawen, an analyst from the SMM Rare Earth Division, shared insights on the theme of "Interpretation and Outlook of China's Rare Earth Industry Data for 2024-2025". Taking the above factors into account, 2025, as the final year of the "14th Five-Year Plan", is expected to witness more rapid development in various downstream sectors of rare earths. Humanoid robots and aircraft are anticipated to become new growth points for downstream demand in rare earths. Rare earth mining quotas are also expected to continue increasing slightly to meet the growing downstream demand for rare earths. Guided by national policies, the domestic supply of rare earth raw materials will become more standardized and stable, and the supply-demand pattern of the entire rare earth industry will be more balanced. It is expected that rare earth prices will generally hold up well with a fluctuating upward trend in 2025.

[SMM Rare Earth Daily Review: Back-and-forth Negotiations between Upstream and Downstream at a Stalemate, Market Prices Remain Stable] Currently, rare earth market prices are basically stable, and the market performance is steady. Upstream suppliers offer firm quotes, with metal prices remaining stable due to support from raw material costs. However, downstream magnetic material enterprises have poor order situations and weak purchase willingness. The back-and-forth negotiations between upstream and downstream are at a stalemate, with overall trading conditions being average and the market sluggish.

[SMM Rare Earth Morning Meeting Summary: Sluggish Market Purchases, Prices Remain Relatively Stable] Yesterday, the overall rare earth oxide market remained relatively stable, with sluggish market transactions. Suppliers offered firm quotes, and back-and-forth negotiations between upstream and downstream were at a stalemate. The overall fluctuation range of actual transaction prices was relatively small. It is expected that rare earth prices will continue to remain relatively stable in the near future.