Currently, the rare earth market is operating steadily, mainly affected by the slowdown in market transactions. In the light rare earth market, influenced by the previous concentrated tenders from major magnetic material manufacturers, the supply of low-priced goods has rapidly decreased. Orders from downstream magnetic material enterprises have rebounded somewhat, and they are actively stockpiling and concentrating procurement of Pr-Nd alloy. However, as the concentrated procurement concludes, market transactions tend to slow down, and wait-and-see sentiment has significantly increased. In the medium-heavy rare earth market, due to weak demand for dysprosium and terbium from downstream magnetic material enterprises and the focus of procurement being on the light rare earth market, market transactions have been sluggish. Overall, after experiencing price increases, the rare earth market is characterized by strong wait-and-see sentiment and a slowdown in market transactions.