[SMM Rare Earth Morning Briefing] Metal prices hold firm supported by oxide cost, while just-in-time procurement dominates in the NdFeB off-season

SMM July 13:

Rare Earth Ore:

• Prices:Rare earth chloride flake prices were around 63,500 yuan/mt, monazite prices around 44,000 yuan/mt, and rare earth carbonate prices around 62,200 yuan/mt.

• Supply and Demand:Currently, the overall circulation frequency of rare earth ore remained sluggish, with market trading in a stalemate. However, the rise in oxide prices led to an increase in actual transaction prices of rare earth ore as well.

Rare Earth Oxide:

• Prices:Pr-Nd oxide prices showed relatively small overall fluctuations, dysprosium oxide prices remained relatively stable, and the market trend for terbium oxide continued to be strong.

• Supply and Demand:Last week, downstream inquiry activity was notably sluggish approaching the weekend. Actual transaction prices of Pr-Nd oxide pulled back slightly, while some factories maintained firm quotes and their willingness to sell at low prices remained low. In the medium-heavy rare earth sector, driven by purchases from some enterprises, low-priced sources of terbium oxide were hard to find.

Rare Earth Metal:

• Prices:Pr-Nd alloy prices held steady, with sluggish market inquiries. Dysprosium-iron alloy held steady, while terbium metal prices continued to rise.

• Supply and Demand:Last week, Pr-Nd alloy prices rose slightly, supported by Pr-Nd oxide costs. Metal plants were reluctant to sell at low prices, but downstream inquiries and procurement were relatively cautious, and actual trading was at a stalemate. In the medium-heavy rare earth sector, terbium metal prices were notably raised due to cost support from oxides, while dysprosium-iron alloy prices held steady.

NdFeB Blank:

• Prices:NdFeB blank N40 (Ce) quoted 226-236 yuan/kg, NdFeB blank 38M quoted 267-277 yuan/kg, and NdFeB 40UH quoted 371-391 yuan/kg.

• Supply and Demand:Last week, NdFeB blank offers were raised slightly, mainly because the increase in raw material prices drove up NdFeB prices. As for trading, entering the off-season, the production pace of end-user and motor plants gradually slowed down. Just-in-time procurement orders were released at a moderate level, and large-scale restocking orders were not effectively released for the time being. Overall, NdFeB market trading volume was moderate.

NdFeB Scrap:

• Prices:Prices of Pr-Nd recycled from NdFeB scrap were raised, while those of dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap held steady.

• Supply and Demand:Last week, scrap market prices were raised slightly. Influenced by the strength in oxide offers, recycling enterprises slightly raised their external purchase offers, but they mainly focused on just-in-time procurement. Scrap suppliers maintained a relatively wait-and-see attitude toward shipments, and actual market transactions were moderate.