【SMM Analysis: Downstream Demand Diverges, Medium-Heavy Rare Earth Prices May Continue to Fluctuate at Highs】Current downstream demand shows divergence: on one hand, long-term demand from NEVs and wind power supports the strategic position of rare earths, while robotics and the low-altitude economy may become new growth points for downstream rare earth demand; on the other hand, magnetic material factories, facing high cost pressure, choose to "tighten their wallets," resulting in post-holiday order growth falling short of expectations and leading to more cautious raw material purchases by downstream players.

【SMM Weekly Review of Rare Earths: Policy Guidance Leads to Reduced Procurement Demand in Downstream Sectors】Currently, the price of lanthanum oxide remains stable at 4,200-4,600 yuan/mt, while the price of cerium oxide experienced a slight correction this week, dropping back slightly to 11,600-13,000 yuan/mt. Earlier this week, the price of cerium oxide remained relatively high, but recent poor downstream procurement led to a slight pullback. Due to weak downstream demand, the price of Pr-Nd oxide continued to decline this week. Meanwhile, dysprosium oxide and terbium oxide faced new purchase news, and their prices remained high and difficult to decrease this week. It is expected that the prices of dysprosium and terbium will continue to consolidate at high levels in the near term.

【SMM Rare Earth Daily Review: Rare Earth Market Shows Polarization, Light Rare Earth Prices Continue to Decline】Today, the rare earth market prices exhibited a polarization trend between heavy and light rare earths. Specifically, in the oxide market, the price of Pr-Nd oxide decreased to 421,000-423,000 yuan per mt, the price of dysprosium oxide remained stable at 1.67-1.69 million yuan per mt, and the price of terbium oxide increased to 7.17-7.25 million yuan per mt.

SMM Rare Earth Morning Meeting Summary: Rare Earth Prices Slightly in the Doldrums, Medium-Heavy Rare Earth Prices Remain High. Yesterday, the prices of mainstream rare earth products were slightly in the doldrums overall, but the fluctuations were relatively small. Although there were reports of purchases for medium-heavy rare earth, there was no significant price increase overall. Given the previous strong upward trend in terbium oxide prices, they are already at a high level, and further upward space is expected to be limited.

SMM Rare Earth Morning Meeting Summary: Rare Earth Prices Slightly Decline, Market Trading Remains Weak. Yesterday, the overall trading center of mainstream rare earth product prices experienced a slight decline, but the overall change was relatively small. Separation plant quotations remained firm, and some traders concluded transactions at lower prices, but the overall trading volume was relatively small.

SMM Rare Earth Morning Meeting Summary: Market Activity Increases, Light Rare Earth Prices Rebound. Yesterday, the prices of mainstream rare earth products generally rebounded. After Pr-Nd oxide fell below 430,000 yuan/mt, market acceptance significantly improved. With increased trading activity, the price of Pr-Nd oxide warmed up. The prices of dysprosium and terbium continued to hold up well, while gadolinium and holmium products experienced a jump initially and then pulled back.