Affected by end-use demand, the procurement demand in the downstream rare earth sector decreased [SMM Rare Earth Weekly Review].

Published: Apr 24, 2025 11:32

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【SMM Rare Earth Weekly Review: Downstream Procurement Demand for Rare Earths Declined Due to End-Use Demand Impact】Currently, the price of lanthanum oxide remained stable at 4,200-4,600 yuan/mt, while the price of cerium oxide continued to stabilize at 11,600-13,000 yuan/mt this week. This week, the market prices of lanthanum and cerium stabilized again after experiencing a correction last week, with no significant fluctuations in the recent market situation. The price of Pr-Nd oxide continued to decline rapidly this week, and with the persistently poor release of downstream orders, the confidence of most industry players in the future market also weakened.

April 24: Rare earth ore: Today, the price range of rare earth carbonate was 33,000-33,200 yuan/mt, monazite adjusted to 40,600-41,000 yuan/mt, and medium-yttrium, europium-rich ore was around 179,000-181,000 yuan/mt. Recently, rare earth ore prices have been on a downward trend. Although MP has stopped exporting rare earth concentrate to China, the overall impact on domestic supply is relatively small. Rare earth oxides: Currently, lanthanum oxide prices remained stable at 4,200-4,600 yuan/mt, cerium oxide prices continued to stabilize at 11,600-13,000 yuan/mt this week. The lanthanum-cerium market stabilized again after a pullback last week, with no significant fluctuations recently. Pr-Nd oxide prices continued to pull back rapidly this week, as downstream order releases remained weak, dampening market confidence. Meanwhile, dysprosium and terbium prices also showed a noticeable pullback this week, especially terbium oxide, which pulled back quickly. However, as low-priced sources in traders' hands decreased, terbium oxide prices stabilized and rebounded on Thursday. Gadolinium oxide prices also began to pull back this week, but the decline was relatively small. Overall, rare earth market demand remained weak, and yttrium oxide prices were adjusted to 50,000-54,000 yuan/mt this week. Rare earth metals: In the metal sector, metal prices were relatively low this week as oxide prices pulled back rapidly. With weak order intake from magnetic material enterprises, demand for rare earth metal products was also relatively low, significantly dampening market confidence. Some even believe Pr-Nd alloy prices could fall below 500,000 yuan/mt. However, considering potential acquisitions by top-tier enterprises, some still hold hope for a rebound in Pr-Nd prices. Rare earth permanent magnets: NdFeB blank prices: N38 (Ce) at 133-143 yuan/kg, 40M at 179-189 yuan/kg, 40H at 183-193 yuan/kg, 45SH (ce) at 233-253 yuan/kg. This week, the rare earth permanent magnet market saw weakened business demand due to export control policies and trade war tariff hikes, affecting magnetic material enterprises' procurement of rare earth metals. Most adopted a purchasing-as-needed strategy, watching market price trends. Meanwhile, oxide and metal market prices were further dragged down as traders sold off due to weak end-use demand. Compared to metal price changes, magnetic material enterprises are more focused on end-use demand. Looking ahead, market trends depend on policy adjustments and changes in end-use demand, requiring continuous attention. Rare earth scrap: This week, Pr-Nd recycled from NdFeB scrap was at 418-429 yuan/kg, dysprosium recycled from NdFeB scrap at 1,617-1,639 yuan/kg, and terbium recycled from NdFeB scrap at 5,180-5,380 yuan/kg. This week, the oxide market continued to decline under the dual pressures of uncertain mining separation indicators and weak downstream demand. Meanwhile, scrap prices remained low, with low market willingness to sell and reduced oxide trading volume due to poor downstream oxide market activity. Apply for a free trial of the SMM metal industry chain database.

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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