[SMM Rare Earth Morning Meeting Summary] Firm quotes from upstream rare earth suppliers, while transactions remain sluggish in downstream market

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SMM July 2 Report:

Rare Earth Ores

Prices: The price of rare earth carbonate is approximately 36,000 yuan/mt, monazite is priced at around 42,600 yuan/mt, and the standard ore price of medium-yttrium, europium-rich ore is about 190,000 yuan/mt.

Supply and Demand: Recently, due to climatic factors, the imports of Myanmar ores have decreased. Suppliers at the ore end are not keen to sell, and most market participants are bullish on the future market.

Rare Earth Oxides

Prices: The quotation range for Pr-Nd oxide is approximately 444,000-446,000 yuan/mt, the mainstream quotation range for dysprosium oxide is 1.605-1.615 million yuan/mt, and the quotation range for terbium oxide is around 7.05-7.1 million yuan/mt.

Supply and Demand: Yesterday, under the guidance of news factors, the bullish sentiment in the rare earth market increased. Suppliers showed strong reluctance to budge on prices, and the activity of downstream inquiries slightly improved, but trading conditions did not significantly improve.

Rare Earth Metals

Prices: The mainstream quotation range for Pr-Nd alloy is 543,000-548,000 yuan/mt, the quotation for dysprosium-iron alloy is approximately 1.56-1.58 million yuan/mt, and the quotation for terbium metal is around 8.7-8.83 million yuan/mt.

Supply and Demand: Yesterday, metal prices fluctuated rangebound. Pr-Nd alloy prices saw a slight pullback due to the firm quotations in the oxide market. Terbium metal prices, however, were influenced by some suppliers actively lowering their quotations to sell, but due to cost support, most suppliers were reluctant to sell at low prices.

NdFeB Blank

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

Supply and Demand: Yesterday, magnetic material prices remained generally stable, and trading activity was on par with the previous day. On one hand, due to the continued stability of raw material prices such as oxides and metals, magnetic material enterprises restocked according to demand to maintain normal production. On the other hand, downstream motor enterprises gradually entered the off-season, and the volume of new orders pulled back.

NdFeB Scrap

Prices: Pr-Nd recycled from NdFeB scrap is priced 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 priced at 5,439-5,495 yuan/kg.

Supply and Demand: Yesterday, the scrap market operated smoothly. Scrap quotations remained stable due to the firm quotations in the oxide market, and there was a strong wait-and-see sentiment in the market.