- Shanghai Metals Market (SMM)

Published: Mar 4, 2025 09:39

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[SMM Rare Earth Morning Meeting Summary: Pr-Nd Prices Fluctuate Downward, Market Activity Remains Sluggish] Yesterday, Pr-Nd prices continued to fluctuate downward slightly, with purchasers mainly adopting a purchasing-as-needed approach, and market activity remained sluggish; the supply of terbium oxide remained tight, and its price continued to rise rapidly.

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SMM March 4 News:

Rare Earth Ore

Prices: Rare earth carbonate prices are approximately 35,900 yuan/mt, monazite prices are around 42,000 yuan/mt, and medium-yttrium, europium-rich ore standard ore prices are about 190,000 yuan/mt.

Supply and Demand: Currently, there is news that ion-adsorption ore imports will not resume until at least the end of Q2, and ore quotations remain firm.

Rare Earth Oxides

Prices: Pr-Nd oxide quotation range is approximately 443,000-445,000 yuan/mt, mainstream quotations for dysprosium oxide are in the range of 1.7-1.72 million yuan/mt, and terbium oxide prices have been adjusted to around 6.55-6.65 million yuan/mt.

Supply and Demand: Yesterday, Pr-Nd prices continued to fluctuate downward slightly, with buyers mainly purchasing as needed, and market activity was not robust. Terbium oxide supply remains tight, and its price continues to rise rapidly.

Rare Earth Metals

Prices: The mainstream quotation range for Pr-Nd alloy is 540,000-545,000 yuan/mt, dysprosium-iron alloy prices are about 1.66-1.68 million yuan/mt, and terbium metal prices are approximately 8.12-8.18 million yuan/mt.

Supply and Demand: Yesterday, driven by oxides, metal factories generally raised their quotations for terbium metal. Overall, metal factories were cautious in their early-week offers, while downstream sentiment remained highly observant, resulting in limited market transactions.

Magnetic Materials

Prices: NdFeB blank prices—NdFeB blank N38 (Ce) closed at 145-155 yuan/kg; NdFeB blank 40M closed at 191-201 yuan/kg; NdFeB blank 40H closed at 195-205 yuan/kg; NdFeB blank 45SH (Ce) closed at 245-265 yuan/kg.

Supply and Demand: Yesterday, the overall rare earth market was relatively quiet. Magnetic material enterprises maintained stable production, but due to weak raw material prices, their purchase willingness was low. Meanwhile, insufficient downstream order releases led to low market activity.

NdFeB Scrap

Prices: PrNd recycled from NdFeB scrap closed at 457-474 yuan/kg; dysprosium recycled from NdFeB scrap closed at 1,635-1,657 yuan/kg; terbium recycled from NdFeB scrap closed at 5,123-5,178 yuan/kg.

Supply and Demand: Yesterday, mainstream market trends weakened slightly, but raw material prices remained firm. Scrap enterprises showed low enthusiasm for procurement, mainly purchasing as needed, and overall market transactions were relatively quiet.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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