[SMM Rare Earth Morning Meeting Summary] Downstream procurement fell short of expectations, rare earth prices dropped back slightly

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SMM News on May 14:

Rare Earth Ores

Prices: The price of rare earth carbonate is approximately 35,400 yuan/mt, monazite is priced at around 41,600 yuan/mt, and the standard ore price of medium-yttrium, europium-rich ore is about 190,000 yuan/mt.

Supply and Demand: Recently, rare earth ore prices have significantly increased compared to the previous period. Miners are more reluctant to sell amid rising prices, resulting in lower enthusiasm for shipping goods.

Rare Earth Oxides

Prices: The quotation range for Pr-Nd oxide is approximately 433,000-436,000 yuan/mt, the mainstream quotation range for dysprosium oxide is 1.65-1.66 million yuan/mt, and the quotation for terbium oxide has been adjusted to around 7.2-7.25 million yuan/mt.

Supply and Demand: Yesterday afternoon, rare earth oxide prices showed a slight pullback. Suppliers' significant price hikes triggered 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.

Rare Earth Metals

Prices: The mainstream quotation range for Pr-Nd alloy is 533,000-538,000 yuan/mt, dysprosium-iron alloy is priced at approximately 1.6-1.62 million yuan/mt, and terbium metal is quoted at around 8.85-8.9 million yuan/mt.

Supply and Demand: Metal manufacturers have raised their quotations in line with the market, but the market's procurement enthusiasm has not kept pace with the price increases, leading to a slight pullback in rare earth metal prices yesterday afternoon. It is understood that rare earth exports are still subject to restrictions, and there has been no significant growth in end-use demand in the market. Downstream procurement enthusiasm may decline.

NdFeB Blanks

Prices: NdFeB blank N38 (Ce) is quoted at 137-147 yuan/kg; NdFeB blank 40M is priced at 183-193 yuan/kg; NdFeB blank 40H is quoted at 187-197 yuan/kg; NdFeB blank 45SH (Ce) is priced at 237-257 yuan/kg.

Supply and Demand: Yesterday, stimulated by macro front policy news and a bullish market sentiment, rare earth market prices rose, driving up blank prices as well. However, due to the lack of improvement in end-use demand, magnetic material enterprises found it difficult to accept high-priced metals.

NdFeB Scrap

Prices: Pr-Nd recycled from NdFeB scrap is quoted at 462-468 yuan/kg; dysprosium recycled from NdFeB scrap is priced at 1,595-1,628 yuan/kg; terbium recycled from NdFeB scrap is quoted at 5,335-5,390 yuan/kg.

Supply and Demand: Yesterday, influenced by market sentiment, oxide market prices rose significantly, driving up scrap prices in tandem.