【SMM Rare Earth Morning Meeting Summary: Rare Earth Quotations Stable, Market Transactions Sluggish】Quotations from metal plants have remained relatively stable. Although the enthusiasm for inquiries from downstream buyers is not high, given the relatively stable prices of oxides, the prices of metal products have also remained relatively firm. However, actual market transactions have been sluggish.

[SMM Analysis: Overseas Supply of Dysprosium and Terbium is Tight, Price Spread Between Domestic and Overseas Rare Earths Widens] On April 4, 2025, the Ministry of Commerce and the General Administration of Customs jointly issued an announcement to implement export controls on seven categories of medium-heavy rare earth-related items, including samarium, gadolinium, terbium, and dysprosium, covering various forms such as metals, alloys, and permanent magnet materials. As the dominant force in the global rare earth supply chain, China controls approximately 85% of the global smelting capacity. These controls directly led to an expansion of the supply gap for medium-heavy rare earths in overseas markets, with key varieties such as dysprosium and terbium being significantly affected.

[SMM Analysis: Pr-Nd Alloy Production Declined Slightly in April, Expected to Continue Declining in May] In April, China's Pr-Nd oxide production experienced a slight increase, while the corresponding Pr-Nd alloy production showed a slight decline. Specifically, Pr-Nd oxide production increased by approximately 1.24% MoM compared to the previous period. Despite a certain degree of decline in production in the Shandong region, the increase in production in the Jiangxi region was quite significant, thereby driving up the overall production.

The significant price increase in spot rare earth cargo in Q1 drove positive Q1 performance for several rare earth enterprises, including China Northern Rare Earth and China Rare Earth Holdings. The rare earth permanent magnets concept sector performed remarkably after the Labour Day holiday. As of 10:53 on May 6, the rare earth permanent magnets concept sector rose by 4.45%. In terms of individual stocks, Jingyuntong, Shenghe Resources, and Tianhe Magnetic Material hit the daily limit up, Jiuling Technology rose nearly 25%, Xici Technology and Earth-Panda Advanced Magnetic Material rose over 10%, and GSHC Rare Earth, Longi Magnet, and Galaxy Magnets were among the top gainers.

[SMM Rare Earth Daily Review: Rare Earth Prices Stabilize After Labour Day Holiday] Today, the overall price trend in the rare earth market has stabilized. Specifically, in the oxide market, the price of Pr-Nd oxide increased to 411,000-413,000 yuan/mt, the price of dysprosium oxide remained stable at 1.59-1.61 million yuan/mt, and the price of terbium oxide remained stable at 6.72-6.75 million yuan/mt.

【SMM Rare Earth Morning Meeting Summary: Pr-Nd Alloy Prices Rise Slightly, Market Sentiment Leans Towards Wait-and-See】Quotations from metal plants fluctuated slightly in line with oxides. Among them, the price of Pr-Nd alloy rose slightly due to high raw material costs and increased inquiries for downstream stocking, but the prices of dysprosium and terbium products remained weak. During the holiday, most metal plants operated normally. After the holiday, the wait-and-see sentiment was strong, and the market was temporarily calm.

[SMM Rare Earth Weekly Review: Rare Earth Inquiry and Purchase Activity Picks Up as Labour Day Holiday Approaches] Currently, the price of lanthanum oxide remains stable at 4,200-4,800 yuan/mt, while the price of cerium oxide continues to hold steady at 11,600-12,500 yuan/mt this week. During the week, the price of cerium oxide still dropped back slightly, with poor purchase enthusiasm in the downstream market. The price of Pr-Nd oxide also continued to show a weak trend this week, but with its price having fallen to a relatively low level that separation plants can bear, downstream purchase willingness has increased.

[SMM Rare Earth Daily Review: Stockpiling and Inquiries Active as Labour Day Holiday Approaches] Today, rare earth market prices showed a slight weakening trend. Specifically, in the oxide market, the price of Pr-Nd oxide rose to 410,000-412,000 yuan per mt, the price of dysprosium oxide fell to 1.59-1.61 million yuan per mt, and the price of terbium oxide fell to 6.72-6.75 million yuan per mt.