[SMM Rare Earth Morning Brief] Light rare earth under pressure and pulls back, medium-heavy rare earth stays firm, magnetic material scrap in the doldrums

SMM, July 14:

Rare Earth Ore:

• Prices: Pr-Nd oxide prices edged down overall, while dysprosium oxide and terbium oxide prices remained relatively firm.

• Supply and Demand: Yesterday, the inquiry and transaction situation in the Pr-Nd oxide market was poor. Some suppliers took the initiative to offer goods at low prices, and downstream metal plants showed relatively weak purchase willingness. In the medium-heavy rare earth sector, upstream confidence in holding prices firm was strong, but actual orders at downstream metal plants were sluggish, resulting in sluggish market trading.

Rare Earth Metals:

• Prices: Pr-Nd alloy prices pulled back, with sluggish market inquiries. Dysprosium-iron alloy prices remained stable, while terbium metal prices continued to be raised.

• Supply and Demand: Yesterday, Pr-Nd alloy prices pulled back slightly. Affected by sluggish market inquiries and falling raw material prices, metal plants slightly lowered their quotations, but actual trading remained in a stalemate. In the medium-heavy rare earth sector, terbium metal prices continued to be raised, supported by oxide costs, while dysprosium-iron alloy prices remained stable.

NdFeB Blanks:

• Prices: NdFeB blank N35 (Ce) was quoted at 215-225 yuan/kg, NdFeB blank 35M was quoted at 260-270 yuan/kg, and NdFeB 35UH was quoted at 360-380 yuan/kg.

• Supply and Demand: Yesterday, NdFeB blank quotations were slightly lowered, primarily because the decline in raw material prices led to lower blank prices. In terms of trading, entering the off-season, the production pace of end-users and motor plants gradually slowed down. The release of just-in-time procurement orders was average, and large-volume restocking orders have not yet been effectively released. Overall trading volume in the NdFeB market was average.

NdFeB Scrap:

• Prices: Prices for Pr-Nd recycled from NdFeB scrap remained stable, as did prices for dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap.

• Supply and Demand: Yesterday, prices in the scrap market remained stable. Affected by relatively small fluctuations in oxide quotations, recycling enterprises did not make significant adjustments to their external purchase quotations and mainly engaged in just-in-time procurement. Scrap suppliers adopted a wait-and-see attitude towards selling, and actual market transaction performance was average.