[SMM Rare Earth Morning Minutes] Top-tier Player Purchases Drive Pr-Nd Price Rally, Lifting Rare Earth Market Trading Activity

Published: Jul 3, 2026 10:04

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[Top-tier players' purchases drive Pr-Nd price surge, boosting trading activity in rare earth market] Yesterday, scrap market prices continued their upward trend, mainly due to sustained increases in oxide price quotations, leading recycling enterprises to raise their external purchase quotes further. However, with the implementation of the new national standard for rare earth recycling, suppliers adopted a wait-and-see approach to shipments, making procurement more difficult for recycling enterprises.

SMM, July 3:

Rare Earth Ore

Prices: Medium-yttrium, europium-rich ore prices are approximately 250,000 yuan/mt, monazite prices are approximately 42,500 yuan/mt, and rare earth chloride flake prices are approximately 63,000 yuan/mt.

Supply and Demand: Currently, the overall circulation frequency of rare earth ore remains sluggish, procurement volumes from separation plants are low, market trading is stagnant, and actual transaction prices of rare earth ore show limited fluctuations.

Rare Earth Oxide

Prices: Pr-Nd oxide market quotes rose rapidly, with transactions following suit; inquiry and transaction activities for medium-heavy rare earth also edged up.

Supply and Demand: Yesterday, driven by procurement from top-tier players, upstream quotes for Pr-Nd oxide continued to rise, downstream inquiry activity and purchase willingness also increased, and low-priced spot Pr-Nd oxide tightened rapidly. In the medium-heavy rare earth segment, gadolinium oxide quotes rose noticeably in line with Pr-Nd, and inquiry and transaction activity for dysprosium oxide and terbium oxide also increased.

Rare Earth Metal

Prices: Pr-Nd alloy prices rose, with the market dominated by tentative inquiries. Dysprosium-iron alloy remained stable, and terbium metal prices edged up.

Supply and Demand: Yesterday, Pr-Nd alloy prices rose, downstream magnetic material inquiry activity increased, actual transactions followed, low-priced sources in the market tightened, and metal producers raised their quotes accordingly. In the medium-heavy rare earth segment, driven by tenders from large magnetic material plants, market inquiries increased, and metal producers’ quotes remained generally stable.

NdFeB Blank

Prices: NdFeB blank N40 (Ce) was reported at 223-233 yuan/kg, NdFeB blank 40M at 264-274 yuan/kg, and NdFeB blank 40UH at 368-388 yuan/kg.

Supply and Demand: Yesterday, NdFeB blank quotes remained temporarily stable, mainly because raw material prices held steady, supporting NdFeB price stability. In terms of trading, as month-end rigid restocking demand from motor and end-user sectors ended, orders to NdFeB enterprises were limited, and overall market trading activity was moderate.

NdFeB Scrap

Prices: Prices of Pr-Nd recycled from NdFeB scrap continued to rise, while dysprosium and terbium recycled from NdFeB scrap prices held steady.

Supply and Demand: Yesterday, scrap market prices continued to rise, mainly driven by the continued increase in oxide quotes. Recycling enterprises raised their external purchase quotes further. However, with the implementation of new national standards for rare earth recycling, suppliers became more cautious about selling, increasing procurement difficulty for recyclers.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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