Rare Earth Permanent Magnets Production in March Up YoY, Market Outlook Cautiously Optimistic [SMM Analysis]

SMM March 28 News: In March 2025, the domestic NdFeB permanent magnet materials industry experienced steady growth, with production increasing by approximately 14.7% YoY. According to the latest survey data from SMM, although the order intake of magnetic material enterprises has not yet met industry expectations, it has shown positive improvement compared to the same period last year. This growth is attributed to the continuous release of favorable policies in multiple end-use sectors, injecting new vitality into the demand for NdFeB magnetic materials. In-depth analysis of market dynamics reveals an increasingly evident polarization trend in the magnetic materials market. Large top-tier enterprises, leveraging their technological strength, capacity scale, and brand influence, are gradually attracting more downstream orders, while small and medium-sized magnetic material enterprises face the dilemma of order compression. This phenomenon has intensified market competition, prompting further industry reshuffling. Currently, the overall market sentiment leans towards a wait-and-see approach. The industry is generally focused on future policy directions and substantive changes in end-use demand to gauge the medium and long-term market trends. Most enterprises emphasize the importance of maintaining a cautiously optimistic attitude in the current complex and volatile market environment. Looking ahead to April, the industry expects that, driven by a series of favorable macro policies, end-use demand is likely to show growth. However, given that several industries are gradually approaching saturation, the extent of demand growth may be somewhat limited. Therefore, although stable downstream demand is expected to sustain the growth momentum of the NdFeB market in April, most analysts believe the growth rate may be relatively mild.