Market Positive News Drives Rare Earth Prices to Rise Significantly [SMM Rare Earth Weekly Review]

October 30 (SMM) -

Rare Earth Ore:

Today, the price range for rare earth carbonate was 43,500-44,100 yuan/mt, while monazite prices adjusted to 49,000-51,000 yuan/mt. The price of medium-yttrium, europium-rich ore was approximately 206,000-208,000 yuan/mt. Rare earth ore prices began to rise with a shift in market sentiment, but transaction volumes for ore products did not show significant improvement. With no increase in the operating rates of separation plants, demand for rare earth ore remained weak.

Rare Earth Oxides:

Currently, lanthanum oxide prices held steady at 4,300-4,700 yuan/mt, while cerium oxide prices saw a slight increase this week to 11,200-11,800 yuan/mt. Market supply for cerium oxide remained tight, and its prices continued to hold up well. Pr-Nd oxide prices experienced a rapid rise this week; as of today, Pr-Nd oxide prices climbed to 538,000-545,000 yuan/mt. Influenced by market news, confidence quickly reversed, leading suppliers to significantly raise their offers. Low-priced sources tightened in the market. Moreover, during the previous price decline, downstream buyers primarily consumed existing inventory, keeping raw material stocks at low levels for an extended period. Now, with significantly improved expectations for the future, downstream stockpiling willingness noticeably strengthened, and trading activity for Pr-Nd oxide saw a clear increase recently. In contrast, medium-heavy rare earth prices did not show a significant rebound. Dysprosium oxide prices adjusted to 1.55-1.58 million yuan/mt this week, influenced by procurement from major producers and market speculation. However, judging from downstream procurement, substantial future price increases may be unlikely. The terbium oxide market remained sluggish, with traders' offers trending lower, and its price adjusted to 6.5-6.6 million yuan/mt. Holmium oxide prices saw relatively small fluctuations this week, adjusting to 498,000-502,000 yuan/mt, while erbium oxide prices remained stable within the range of 336,000-338,000 yuan/mt. Yttrium oxide prices also continued to hold steady this week at 45,000-47,000 yuan/mt.

Rare Earth Metals:

This week, Pr-Nd alloy prices rose significantly; as of now, Pr-Nd alloy increased to 655,000-665,000 yuan/mt. Driven by continued positive market news, market confidence greatly improved, and bullish sentiment was strong, supporting the sustained price increase for Pr-Nd alloy. Although inquiries from downstream magnetic material enterprises improved noticeably, acceptance of high-priced Pr-Nd alloy in downstream orders was limited, resulting in no significant improvement in actual transaction volumes. In the medium-heavy rare earth market, terbium metal closed at 8.2-8.3 million yuan/mt, and dysprosium-iron alloy closed at 1.5-1.53 million yuan/mt. Overall market prices did not show a significant rebound, downstream procurement demand did not improve, and overall market inquiries remained relatively sluggish. However, metal enterprises showed weak willingness to sell at low prices, preventing further price declines, and the market overall remained in the doldrums.

Rare Earth Permanent Magnets

Currently, NdFeB blank N38 (Ce) was quoted at 186-196 yuan/kg; NdFeB blank 40M was quoted at 232-242 yuan/kg; NdFeB blank 40H was quoted at 236-246 yuan/kg; NdFeB blank 45SH (Ce) was quoted at 286-306 yuan/kg.

NdFeB prices were raised this week, and trading activity improved. At the beginning of the week, influenced by market news, prices for praseodymium-neodymium oxide and metal, core raw materials for NdFeB, rose sharply, increasing the production cost of NdFeB permanent magnets. Demand side, as Q4 end-use demand gradually became clearer, some end-users began formulating their 2026 annual strategic plans and partial procurement plans. Export control relaxations and certain international news led to a slight increase in end-user inquiry frequency, and purchasing sentiment gradually rose. Actual trading activity recovered, but affected by current domestic demand, aside from new energy vehicles, other major application areas were in the traditional off-season. Therefore, actual trading volume did not show significant growth; trading activity improved but still lacked notable enhancement.

Rare Earth Scrap:

This week, Pr-Nd recycled from NdFeB scrap was quoted at 565-575 yuan/kg; dysprosium recycled from NdFeB scrap was quoted at 1,500-1,520 yuan/kg; terbium recycled from NdFeB scrap was quoted at 5,300-5,500 yuan/kg.

This week, scrap market prices continued to rise, mainly driven by the continuous increase in oxide market prices, leading recycling enterprises to raise their purchase prices. However, as positive market news continued to boost market confidence, scrap suppliers' willingness to sell was low, making it difficult for recycling enterprises to procure scrap. The circulation volume of scrap in the market decreased significantly WoW. Even though scrap purchase prices kept rising, overall market trading remained in the doldrums. Overall, although oxide market quotations recovered, actual transaction volumes did not improve noticeably, and recycling enterprises were reluctant to pay premiums for scrap procurement. The scrap market overall traded weakly.