[SMM Rare Earth Morning Meeting Summary] The overall rare earth market is stable, with strong wait-and-see sentiment from upstream and downstream

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SMM reported on June 25:

Rare Earth Ores

Prices: The price of rare earth carbonate is approximately 36,000 yuan/mt, monazite is priced at around 42,800 yuan/mt, and the standard ore price of medium-yttrium, europium-rich ore is about 191,000 yuan/mt.

Supply and Demand: Recently, due to climatic factors, imports of Myanmar ores have significantly decreased, and suppliers' willingness to sell has been weak.

Rare Earth Oxides

Prices: The quotation range for Pr-Nd oxide is approximately 444,000-445,000 yuan/mt, the mainstream quotation range for dysprosium oxide is 1.61-1.63 million yuan/mt, and the quotation range for terbium oxide is around 7.08-7.12 million yuan/mt.

Supply and Demand: Yesterday, after the midday trading session, rare earth prices significantly pulled back. Among them, Pr-Nd prices remained relatively firm, and suppliers were unwilling to sell at low prices. However, dysprosium and terbium prices experienced a noticeable decline, with downstream buyers showing weak purchase willingness, resulting in fewer market transactions.

Rare Earth Metals

Prices: The mainstream quotation range for Pr-Nd alloy is 543,000-547,000 yuan/mt, dysprosium-iron alloy is priced at around 1.57-1.58 million yuan/mt, and terbium metal is quoted at approximately 8.8-8.85 million yuan/mt.

Supply and Demand: Yesterday, metal quotations continued to remain stable. Although oxide market prices pulled back in the afternoon, this was mainly concentrated in medium-heavy rare earths. Metals such as dysprosium and terbium did not follow the increase in quotations due to weak procurement demand, and as dysprosium and terbium oxide prices pulled back, dysprosium and terbium metal quotations remained stable.

NdFeB Blanks

Prices: NdFeB blank N38 (Ce) is quoted at 143-153 yuan/kg; NdFeB blank 40M is priced at 189-199 yuan/kg; NdFeB blank 40H is quoted at 193-203 yuan/kg; NdFeB blank 45SH (Ce) is priced at 243-263 yuan/kg.

Supply and Demand: Yesterday, the activity of magnetic material transactions increased. On one hand, this was due to the policy-level transmission in the latter half of last week, prompting some low-end order manufacturers to actively stockpile. On the other hand, with the recent stabilization of upstream metal prices, downstream terminals restocked on demand.

NdFeB Scrap

Prices: Pr-Nd recycled from NdFeB scrap is quoted at 483-488 yuan/kg; dysprosium recycled from NdFeB scrap is priced at 1,610-1,621 yuan/kg; terbium recycled from NdFeB scrap is quoted at 5,439-5,495 yuan/kg.

Supply and Demand: Yesterday, the scrap market continued to operate smoothly. Although the oxide market pulled back in the afternoon, Pr-Nd quotations remained firm, and scrap Pr-Nd prices stabilized. The market sentiment was characterized by a strong wait-and-see attitude, with overall trading activity being weak.