[SMM Rare Earth Morning Briefing] Ore prices followed the increase in oxides, and trading activity in the magnetic material market was moderate.

SMM, July 15:

Rare Earth Ore:

• Prices: Rare earth carbonate prices are approximately 61,800 yuan/mt, monazite prices are approximately 44,000 yuan/mt, and medium-yttrium, europium-rich ore prices are approximately 255,000 yuan/mt.

• Supply-Demand: Currently, the overall circulation frequency of rare earth ores remains sluggish, with market transactions in a stalemate. However, the rise in oxide prices has led to an increase in actual transaction prices of rare earth ores.

Rare Earth Oxides:

• Prices: Pr-Nd oxide prices pulled back slightly overall, while dysprosium oxide and terbium oxide prices held firm.

• Supply-Demand: Yesterday, Pr-Nd oxide market prices pulled back slightly following futures, but most suppliers maintained firm quotations, with low-priced cargoes remaining scarce. In the medium-heavy rare earth segment, dysprosium and terbium market prices continued to hold up well, with some buyers making small purchases.

Rare Earth Metals:

• Prices: Pr-Nd alloy prices declined, with sluggish market trading. Dysprosium-iron alloy prices remained stable, while terbium metal prices edged down.

• Supply-Demand: Yesterday, Pr-Nd alloy prices edged down. Influenced by sluggish inquiries, quotations from metal plants were slightly reduced, but downstream activity was mainly just-in-time procurement, with actual trading remaining subdued. In the medium-heavy rare earth segment, terbium metal prices edged down under the influence of stagnant actual trading, while dysprosium-iron prices continued to hold steady.

NdFeB Blanks:

• Prices: NdFeB blank N38 (Ce) quotes stood at 220-230 yuan/kg, NdFeB blank 38M quotes stood at 263-273 yuan/kg, and NdFeB blank 38UH quotes stood at 365-385 yuan/kg.

• Supply-Demand: Yesterday, NdFeB blank quotations stabilized temporarily, primarily driven by the stabilization of raw material prices keeping NdFeB offers steady. In terms of trading, entering the off-season, the production pace of terminals and motor factories has gradually slowed down, with the release of just-in-time orders being average and large-volume restocking orders not yet effectively released, resulting in moderate overall NdFeB market trading volume.

NdFeB Scrap:

• Prices: Prices for Pr-Nd recycled from NdFeB scrap remained stable, while those for dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap also held steady.

• Supply-Demand: Yesterday, scrap market prices continued to hold steady. Affected by minor fluctuations in oxide offers, recycling enterprises made no significant adjustments to their procurement quotes, still focusing on just-in-time procurement. Scrap suppliers maintained a cautious approach toward selling, leading to average actual market transactions.