[SMM Rare Earth Morning Meeting Summary] Pr-Nd prices continue to rise, and the tightening supply of terbium and holmium drives medium-heavy rare earths to strengthen

Published: Jul 9, 2026 09:46

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[Pr-Nd prices continued to rise, and terbium and holmium supply tightening drove medium-heavy rare earth to strengthen] Yesterday, scrap market prices continued to rise. Affected by the continuous increase in oxide offer prices, recycling enterprises raised their external procurement quotes accordingly. However, suppliers were rather wait-and-see about selling, and recycling enterprises maintained just-in-time procurement, resulting in limited actual transactions.

SMM, July 9:

Rare Earth Ore

Prices: rare earth carbonate prices were approximately 61,900 yuan/mt, monazite ore prices were approximately 44,000 yuan/mt, and medium-yttrium, europium-rich ore prices were approximately 254,000 yuan/mt.

Supply and Demand: Currently, the overall circulation frequency of rare earth ore still remains poor, with the market trading in a stalemate. However, the rise in oxide prices has also caused the actual transaction prices of rare earth ore to be raised.

Rare Earth Oxides

Prices: Pr-Nd oxide prices continued to rise; terbium oxide prices continued to rise at a rapid pace.

Supply and Demand: Yesterday, market quotes for Pr-Nd oxide continued to be raised, with transactions following continuously, but the actual trading volume was limited. Some metal enterprises indicated that current metal order conditions were poor. On the medium-heavy rare earth side, the market supply of terbium oxide and holmium oxide tightened, causing their quotes to rise rapidly.

Rare Earth Metals

Prices: Pr-Nd alloy prices were slightly raised, with limited actual transactions. Dysprosium-iron alloy remained steady, while terbium metal prices continued to be raised.

Supply and Demand: Yesterday, Pr-Nd alloy prices were raised, driven by the upward adjustment of oxide market prices, along with a slight increase in market inquiry activity. Metal plants raised their quotes, but downstream purchasing attitudes remained cautious, resulting in limited actual transactions. On the medium-heavy rare earth side, inquiry activity in the terbium market increased, and with low-priced oxides hard to find, metal plants continued to raise their quotes, while dysprosium-iron prices remained relatively stable.

NdFeB Blanks

Prices: NdFeB blank NdFeB blank N35 (Ce) reported at 216-226 yuan/kg, NdFeB blank 35M reported at 261-271 yuan/kg, and NdFeB 35UH reported at 361-381 yuan/kg.

Supply and Demand: Yesterday, NdFeB blank quotes were slightly raised, mainly because the continuous upward adjustment of raw material prices drove up NdFeB prices. On the trading side, with the off-season approaching, terminal and downstream motor orders were average, and just-in-time restocking volumes were limited. This was transmitted to NdFeB producers, leading to limited order intake, with no large-volume orders emerging for the time being.

NdFeB Scrap

Prices: Pr-Nd recycled from NdFeB scrap prices continued to be raised, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices remained steady.

Supply and Demand: Yesterday, scrap market prices continued to be raised, influenced by the continuous upward adjustment of oxide quotes, with recycling enterprises raising their external purchase quotes accordingly. However, suppliers were relatively wait-and-see in their selling attitudes, and recycling enterprises maintained just-in-time procurement, resulting in limited actual transactions.

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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