[SMM Rare Earth Morning Meeting Summary: Downstream Procurement Falls Short of Expectations, Rare Earth Prices Drop Back Slightly] Yesterday afternoon, rare earth oxide prices showed a trend of pulling back slightly. Suppliers significantly raised their quotes, triggering fear of high prices in the market. With downstream procurement enthusiasm falling short of expectations, there was insufficient support for rare earth prices to rise.

[SMM Rare Earth Daily Review: Market Sentiment for Price Increase Soars, Rare Earth Prices Rise Significantly] Currently, rare earth market prices have seen a significant increase. In recent days, influenced by macro front policy news, market confidence has been boosted. Additionally, as the rare earth market has not shown improvement for a long time, the market sentiment for price increase has soared, further driving up rare earth market prices. However, due to the impact of export controls and the traditional off-season for magnetic material enterprises, end-use demand has not improved. Magnetic material enterprises find it difficult to accept high-priced Pr-Nd alloy. Whether the subsequent market prices can maintain their high levels remains to be seen based on changes in end-use demand.

[SMM Rare Earth Morning Meeting Summary: Macro News Influences Market, Bullish Sentiment Resurfaces] Quotations in the metal market have further increased due to market activity. Some industry participants have raised their expectations for the future prices of rare earths, and the activity of market inquiries has also increased accordingly. Trading volume of metal products has also seen an uptick.

[SMM Rare Earth Daily Review: Market Sentiment of Wait-and-See Dominates Amid Tariff Concerns] Currently, the overall price of the rare earth market is stabilizing. Despite the price boost from tariff-related news, demand remains sluggish. Affected by export controls and the off-season in the industry, downstream magnetic material enterprises continue to face unfavorable order-taking situations. They have low acceptance of high-priced metals and generally adopt strategies of depleting inventory and purchasing as needed. The actual transaction situation in the market is sluggish.

[SMM Rare Earth Morning Meeting Summary: Rare Earth Quotations Rise, Wait-and-See Sentiment Prevails] Trading activity in the metal market is generally moderate. Downstream magnetic material enterprises show weak purchase willingness at high prices, mostly adopting a wait-and-see attitude and buying on dips. Suppliers mostly quote prices corresponding to oxides, but from the demand perspective, it is expected that metal prices may encounter resistance in rising.

[SMM Analysis: MP Achieves Record High Rare Earth Production in Q1, Faces Challenges in Strategic Transformation] In Q1 2025, MP Materials achieved a significant breakthrough in rare earth production. The company's Pr-Nd oxide production in Q1 reached 563 mt, a record high, up 36% QoQ from the previous quarter. This achievement was mainly attributed to process optimization and improved mine operational efficiency, particularly MP's sustained high production.

[SMM Daily Report on China's Rare Earth Market on May 9] This afternoon, the prices of rare earth oxides jumped initially and then pulled back. Recently, influenced by news and market speculation, the prices of rare earths have risen rapidly. However, while suppliers' quotations have remained high, the downstream demand situation has not improved. This has led to low purchase willingness among most buyers for high-priced raw materials. The overall transaction situation in the rare earth market has remained sluggish, with some suppliers' confidence weakening, leading them to lower prices and sell off their inventory.