May 21 update:
Rare earth ore:
Today, the price range of rare earth carbonate was 56,700-57,100 yuan/mt, monazite prices adjusted to 4.1-4.3 yuan/mt, and medium-yttrium, europium-rich ore prices were approximately 231,000-233,000 yuan/mt.
Currently, the circulation of rare earth ore in the market was relatively limited. Overall, separation plants showed low interest in procuring rare earth ore, leading to sluggish market trading activity, which kept rare earth ore prices at low levels.
Rare earth oxides:
Lanthanum oxide prices edged up this week, adjusting to 5,200-5,800 yuan/mt. The cerium oxide market remained relatively stable recently, with prices holding steady at 14,400-15,200 yuan/mt within the week. The Pr-Nd oxide market continued in the doldrums overall this week. Affected by the continued decline in futures prices, downstream metal plants were cautious in procurement, and market trading remained sluggish. However, mid-week, driven by concentrated procurement from major downstream plants, procurement volume saw a slight recovery, and suppliers raised their quotes again. As of today, Pr-Nd oxide prices fluctuated downward to 700,000-705,000 yuan/mt. On the medium-heavy rare earth side, demand in the dysprosium oxide market remained sluggish, with poor confidence among upstream and downstream players. Some suppliers continued to make shipments at low prices, and dysprosium oxide prices continued to decline to 1.27-1.28 million yuan/mt this week. Demand in the terbium oxide market also remained weak. Some suppliers held firm on their quotes, but buyers' willingness to inquire remained poor, with prices edging down to 6.03-6.07 million yuan/mt within the week. Gadolinium oxide prices continued to slide along with Pr-Nd prices, with market trading activity remaining low. Suppliers lowered their quotes one after another, with prices continuing to decline to 212,000-215,000 yuan/mt within the week. Holmium oxide prices also fell to a certain extent overall, adjusting to the range of 535,000-540,000 yuan/mt within the week. Erbium oxide suppliers' quotes remained relatively stable overall. As of today, erbium oxide prices were temporarily stable in the range of 430,000-440,000 yuan/mt. Yttrium oxide market prices also continued to trend downward this week, with suppliers lowering their shipment prices, declining to 58,000-60,000 yuan/mt this week.
Rare earth metals:
This week, cerium metal prices were generally in the doldrums, declining to 34,000-35,000 yuan/mt. Although Pr-Nd alloy prices showed an overall downward trend this week, prices stopped falling and recovered near the weekend, adjusting to 850,000-860,000 yuan/mt within the week. At the beginning of the week, as expectations related to China-US economic and trade consultations fell through, market confidence was dampened, and Pr-Nd oxide futures prices declined notably. Lacking cost support, coupled with limited downstream inquiry activity, Pr-Nd alloy prices continued to decline under this dual impact. Toward the weekend, as prices fell to low levels, some leading magnetic material enterprises began placing inquiries for procurement, driving an increase in market inquiry activity and overall trading activity, with prices starting to stop falling and recover. In the medium-heavy rare earth market, dysprosium-iron alloy closed at 1.24-1.25 million yuan/mt, with prices notably adjusted downward this week, mainly due to persistently sluggish downstream inquiry and procurement activity, with most inquiries pushing for lower prices, compounded by pullbacks in raw material prices, leading suppliers to notably lower their quotes. Terbium metal prices were adjusted down to 7.45-7.48 million yuan/mt, as market inquiry performance did not improve this week, and combined with raw material price pullbacks, suppliers continued to lower their quotes. Gadolinium-iron alloy was notably adjusted downward this week, mainly affected by significant pullbacks in raw material prices and continued declines in Pr-Nd product prices. Market inquiries remained sluggish, and metal enterprises lowered their quotes, with gadolinium-iron prices adjusted to 200,000-205,000 yuan/mt during the week.
Rare Earth Permanent Magnets:
Currently, NdFeB blank N38 (Ce) closed at 214-224 yuan/kg; NdFeB blank 40M was priced at 260-270 yuan/kg; NdFeB blank 40H was priced at 264-274 yuan/kg; NdFeB blank 45SH (Ce) was priced at 314-334 yuan/kg.
Price-wise, NdFeB prices were notably adjusted downward this week, primarily because Pr-Nd oxide and metal prices, key raw materials for NdFeB, trended downward this week, driving continued declines in NdFeB magnetic material prices. Trading-wise, during the first half of the week, end-users maintained a wait-and-see stance due to sharp declines in raw material prices, while in the second half, rigid restocking demand from motor and end-user sectors drove a slight recovery in NdFeB trading activity.
Rare Earth Scrap:
This week, Pr-Nd recycled from NdFeB scrap was priced at 700-710 yuan/kg; dysprosium recycled from NdFeB scrap was priced at 1,220-1,240 yuan/kg; terbium recycled from NdFeB scrap was priced at 5,500-5,700 yuan/kg.
This week, scrap market prices continued to weaken overall, mainly affected by continued pullbacks in oxide prices, with Pr-Nd, dysprosium, and terbium scrap prices all declining to varying degrees. At the beginning of the week, as expectations related to China-US trade negotiations fell through, market confidence was dampened, leading to continued declines in oxide prices. Recycling enterprises correspondingly lowered their purchase quotes, but due to tax invoice issues, the circulation of tax-inclusive scrap remained limited. Scrap suppliers showed weak willingness to sell at low prices, resulting in price inversion for tax-inclusive scrap procurement. Actual market transactions were sluggish, with strong wait-and-see sentiment overall. Toward the weekend, oxide prices recovered somewhat, driving scrap prices to stop falling and recover, but the inversion situation did not improve.
![Expectations of tight supply intensify, Pr-Nd oxide posts three straight gains. How will the market perform going forward? [SMM Commentary]](https://imgqn.smm.cn/usercenter/fpsaU20251217171745.jpeg)
