Rare Earth Prices Overall Hold Up Well, Market Transactions Follow Suit [SMM Rare Earth Weekly Review]

July 9 –

Rare Earth Ore:

In recent days, rare earth oxide prices showed a strong uptrend, which drove rare earth ore prices up further this week. As of today, rare earth carbonate prices stood at 61,700-62,000 yuan/mt; monazite prices edged up to 42,000-46,000 yuan/mt; medium-yttrium, europium-rich ore prices were around 253,000-255,000 yuan/mt.

Rare Earth Oxides:

Light rare earth side, lanthanum oxide prices saw no fluctuations this week, stabilizing at 5,200-5,800 yuan/mt. The cerium oxide market was also relatively stable, with prices temporarily steady at 15,000-15,500 yuan/mt this week, although actual transactions remained poor. This week, Pr-Nd oxide prices continued to hold up well overall. Driven by purchases from large enterprises and news of supply reductions, upstream suppliers kept raising their offers, and some metal plants followed suit by replenishing stocks. As a result, actual transaction prices for Pr-Nd oxide rose steadily. As of today, Pr-Nd oxide prices had climbed to 762,000-766,000 yuan/mt.

Medium-heavy rare earth side, the dysprosium oxide market was relatively sluggish. Upstream suppliers held firm on offers, and low-priced goods remained hard to find. This week, dysprosium oxide prices were temporarily steady in the range of 1.41-1.42 million yuan/mt. The terbium oxide market continued to hold up well, with suppliers showing little willingness to sell. Terbium oxide prices strengthened to 6.8-6.85 million yuan/mt this week. Gadolinium oxide prices continued to rise along with Pr-Nd oxide prices, but actual transactions failed to follow through sufficiently, and its price edged up to 220,000-225,000 yuan/mt. Holmium oxide saw tight upstream inventory, and suppliers significantly raised their offer prices, driving the price up to the 575,000-580,000 yuan/mt range this week. The erbium oxide market continued to see tight shipments, and low-priced goods were quickly absorbed. As of today, erbium oxide prices had been raised further to the 480,000-485,000 yuan/mt range. The yttrium oxide market remained quiet in terms of inquiry and procurement atmosphere. 5N yttrium oxide prices were temporarily stable at 51,000-53,000 yuan/mt this week.

Rare Earth Metals:

This week, cerium metal prices remained stable, at 32,000-33,000 yuan/mt. Pr-Nd alloy prices showed an overall uptrend this week. As of today, suppliers adjusted their offers to 925,000-935,000 yuan/mt. Early in the week, Pr-Nd alloy prices were generally stable, mainly due to relatively small fluctuations in raw material prices and average market inquiries, leading to no adjustment in supplier offers. However, as market trading activity picked up mid-week, low-priced Pr-Nd alloy goods tightened, while oxide prices rose. Metal enterprises raised their offers in line with higher costs. Although trading activity eased somewhat near the weekend, Pr-Nd alloy prices remained steady supported by costs. In the medium-heavy rare earth market, dysprosium-iron alloy closed at 1.37-1.39 million yuan/mt. Prices remained steady this week, mainly due to stable raw material prices combined with subdued metal inquiries. Overall trading was stable, with supplier quotes largely unchanged, leading to steady price movement. Terbium metal prices were raised to 8.43-8.5 million yuan/mt this week. Market inquiry activity picked up, and tightening supply of low-priced oxides prompted suppliers to continuously raise quotes, driven by higher raw material costs. Gadolinium-iron alloy prices fell initially before rebounding this week. At the start of the week, weak trading performance led suppliers to lower quotes, but as oxide prices recovered, metal enterprises raised their quotes to 210,000-215,000 yuan/mt, supported by cost factors, though overall market trading activity remained moderate.

Rare Earth Permanent Magnets:

Currently, NdFeB blank N38 (Ce) closed at 221-231 yuan/kg; NdFeB blank 40M price closed at 267-277 yuan/kg; NdFeB blank 40H price closed at 271-281 yuan/kg; NdFeB blank 45SH (Ce) price closed at 321-341 yuan/kg.

In terms of pricing, NdFeB prices edged up this week, primarily driven by higher raw material costs pushing prices upward. In terms of trading, market volumes were moderate. As downstream motors and end-users entered the off-season in early July, operating rates declined, and the preventive stockpiling triggered by last week's price increases reduced demand this week. Consequently, only some motor and end-user enterprises maintained just-in-time procurement needs, resulting in moderate trading volumes in the magnetic material market.

Rare Earth Scrap:

This week, Pr-Nd recycled from NdFeB scrap prices closed at 775-785 yuan/kg; dysprosium recycled from NdFeB scrap prices closed at 1,230-1,250 yuan/kg; terbium recycled from NdFeB scrap prices closed at 5,700-5,900 yuan/kg.

This week, the overall scrap market trend saw prices decline initially before rising later. At the start of the week, a pullback in Pr-Nd oxide quotes led to a slight decline in Pr-Nd scrap prices, with recyclers lowering their purchase quotes accordingly, while suppliers adopted a wait-and-see approach on shipments, leading to moderate overall trading. Mid-week, as Pr-Nd oxide futures and spot cargo quotes recovered and moved higher, recyclers gradually raised their purchase quotes, and Pr-Nd scrap prices stabilized and rebounded, with a slight increase in tax-inclusive scrap volumes circulating. Recyclers largely focused on just-in-time procurement. Meanwhile, affected by the sustained rise in terbium oxide prices mid-week, terbium scrap prices were raised by 100 yuan/kg to 5,800 yuan/kg. Dysprosium scrap held steady at 1,240 yuan/kg throughout the week, with relatively small fluctuations.