[SMM Analysis: MP Achieves Record High Rare Earth Production in Q1, Faces Challenges in Strategic Transformation] In Q1 2025, MP Materials achieved a significant breakthrough in rare earth production. The company's Pr-Nd oxide production in Q1 reached 563 mt, a record high, up 36% QoQ from the previous quarter. This achievement was mainly attributed to process optimization and improved mine operational efficiency, particularly MP's sustained high production.

[SMM Daily Report on China's Rare Earth Market on May 9] This afternoon, the prices of rare earth oxides jumped initially and then pulled back. Recently, influenced by news and market speculation, the prices of rare earths have risen rapidly. However, while suppliers' quotations have remained high, the downstream demand situation has not improved. This has led to low purchase willingness among most buyers for high-priced raw materials. The overall transaction situation in the rare earth market has remained sluggish, with some suppliers' confidence weakening, leading them to lower prices and sell off their inventory.

【SMM Rare Earth Morning Meeting Summary: Rare Earth Prices Hold Up Well, Downstream Buyers Mainly Purchase on Dips】Yesterday, the prices of rare earth oxides generally held up well. Driven by news-related factors, suppliers significantly raised their quotes, while downstream buyers mainly purchased on dips, resulting in relatively low actual high-price transactions in the market.

[SMM China Rare Earth Market Daily Report on May 8] Today, driven by news factors, the rare earth market saw a significant increase in supplier quotes, with low-priced supplies rapidly tightening. While suppliers were actively quoting, the purchasing activity of downstream buyers did not show a significant improvement. On the one hand, the current order-taking situation of downstream buyers is not good, and the demand for raw materials is not satisfactory. On the other hand, with the arrival of the off-season for NdFeB demand, downstream buyers do not have high expectations for the future prices of rare earths and are unwilling to purchase at high prices. There is intense back-and-forth negotiations between upstream and downstream, and it is expected that rare earth prices will mainly fluctuate upward in the near future.

[SMM Rare Earth Weekly Review: Intensified Back-and-Forth Negotiations Between Upstream and Downstream, Stable Outlook Expected for Rare Earth Market] The price of Pr-Nd oxide rose significantly this week. Separation enterprises and scrap recycling enterprises stated that due to the tight supply of rare earth ore and scrap, the quotes for rare earth oxides have been raised overall. Meanwhile, the prices of dysprosium and terbium also began to rise this week. In addition to the tight raw material supply, the advancement of export license processing by leading domestic magnetic material enterprises is one of the main reasons for the upward trend in medium-heavy rare earth prices.

[SMM Rare Earth Daily Review: Suppliers Offer High Quotes, Actual Transactions in Rare Earth Market Sluggish] Currently, the overall price of the rare earth market has risen. Driven by news-related factors, suppliers continue to offer high quotes, and the supply of low-priced goods is rapidly tightening. However, from a demand perspective, the order-taking situation of downstream magnetic material enterprises remains poor. Given the difficulty for metal plants to sell goods at high prices, they also find it hard to accept high-priced oxides. The actual transaction situation in the market is very sluggish, with most inquiries focusing on low-priced goods and purchasing as needed.