[SMM Rare Earth Morning Meeting Summary: Rare Earth Oxide Prices Increase, Market Sentiment Leans Towards Wait-and-See] Yesterday, the inquiry activity in the rare earth market improved. Driven by the procurement of major manufacturers and news-related factors, suppliers raised their quotes for medium-heavy rare earths, and low-priced supplies quickly tightened. However, the prices of Pr-Nd remained relatively stable.

[SMM Weekly Review of Recycled Rare Earths: Rare Earth Scrap Prices Remain High, Procurement Volume of Scrap Increases] This week, the market price of scrap continued to remain high and stable, mainly supported by the market price of oxides. As the Pr-Nd products account for the largest proportion in scrap recycling, their price trends have attracted significant market attention. Despite the weak supply and demand for Pr-Nd products, the price of Pr-Nd oxide remained stable, driving the scrap Pr-Nd price to remain high and stable.

[SMM Rare Earth Weekly Review: Rare Earth Market Runs Steadily with Strong Wait-and-See Sentiment] The price of Pr-Nd oxide fluctuated upward within the range of 444,000-446,000 yuan/mt this week. There was a stark contrast between upstream suppliers' bullish sentiment and refusal to budge on prices, and the sluggish downstream demand. As a result, the price remained largely unchanged amid the stalemate in back-and-forth negotiations between upstream and downstream. For medium-heavy rare earths, dysprosium and terbium products also showed little fluctuation during the week. However, towards the end of the week, driven by procurement from major rare earth producers, the prices of dysprosium oxide and terbium oxide both rose slightly. Nevertheless, the sluggish downstream demand persisted, and it is expected that the prices of medium-heavy rare earth oxides will continue to hold up well with minor fluctuations in the future.

According to Mining Weekly, rare earth developer Pensana has reported that the site of its rare earth smelter processing plant in Longonjo, Angola, has been expanded, paving the way for accelerated construction of the plant.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

[SMM Rare Earth Daily Review: Purchases by Major Manufacturers Drive Significant Increase in Medium-Heavy Rare Earth Prices] Currently, the rare earth market prices are showing a polarized trend. Light rare earth prices remain relatively stable, while medium-heavy rare earth prices have risen significantly, driven by purchases from major manufacturers. Specifically, the medium-heavy rare earth market was in the doldrums some time ago, but influenced by the purchases of major manufacturers, market sentiment has turned bullish again. Some suppliers have raised their quotes to test market reactions. In contrast, light rare earth prices have remained stable due to the support of raw material costs and weak demand for metals from magnetic material enterprises.

[SMM Analysis: Prices Showed Good Momentum in H1, How Will the Rare Earth Market Evolve in H2?] In the blink of an eye, we have already entered the second half of 2025. For the rare earth market in the first half of the year, it seemed that every day was full of uncertainties. During this period, rare earth prices experienced several ups and downs, but from a more macro perspective, the overall price trend still showed a certain upward trajectory.