[SMM Rare Earth Morning Briefing] Rare earth market trading remains stalemated, yet cost support persists; oxides diverge, and scrap follows with limited gains.

Published: Jul 17, 2026 09:24

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[Rare earth market trading in stalemate but cost support persists, oxides diverge, scrap following gains limited] Yesterday, NdFeB blank quotations temporarily stabilized. The core reason was that raw material prices temporarily stabilized, keeping NdFeB quotations steady. On the trading side, as the market enters the off-season, the production pace of end-users and motor factories gradually slows down, and the release of rigid demand orders is moderate. Large-volume restocking orders have not yet been effectively released, resulting in moderate overall NdFeB market trading volume.

SMM, July 17:

Rare earth ore:

Prices: Chlorinated rare earth prices were about 63,500 yuan/mt, monazite ore prices were about 44,000 yuan/mt, and medium-yttrium, europium-rich ore prices were about 256,500 yuan/mt.

Supply and demand: Currently, the overall circulation frequency of rare earth ore remains poor, and market trading is stagnant. However, the rise in oxide prices has also pushed up actual transaction prices of rare earth ore.

Rare earth oxides:

Prices: Pr-Nd oxide prices are slightly weaker, while medium-heavy rare earth prices remain firm.

Supply and demand: Yesterday, offers for Pr-Nd oxide were generally high, but downstream metal factories continued to have poor orders, leading to sluggish actual inquiries for Pr-Nd oxide. Some suppliers slightly lowered their offers. On the medium-heavy rare earth side, suppliers' shipments were tight, prices remained firm at high levels, but actual trading volumes were still low.

Rare earth metals:

Prices: Pr-Nd alloy prices were slightly raised, with market trading at a stalemate; dysprosium-iron alloy remained steady, and terbium metal prices slightly decreased.

Supply and demand: Yesterday, Pr-Nd alloy prices were slightly raised, supported by oxide costs. Metal enterprises raised their offers. Although large magnetic material factories conducted tender purchases, inquiry prices were relatively low, leading to stagnant market trading. On the medium-heavy rare earth side, due to trading stalemate, terbium metal suppliers lowered their offers, while dysprosium-iron alloy prices remained steady.

NdFeB blanks:

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

Supply and demand: Yesterday, NdFeB blank offers remained temporarily stable, primarily because raw material prices remained temporarily stable, keeping NdFeB blank offers stable. In terms of trading, as the off-season began, end-users and motor factories gradually slowed their production pace. Rigid demand orders were moderately released, but large-volume restocking orders temporarily failed to be effectively released. Overall NdFeB market trading volume was moderate.

NdFeB scrap:

Prices: Prices of Pr-Nd recycled from NdFeB scrap were raised, while prices of dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap remained steady.

Supply and demand: Yesterday, scrap market prices slightly increased, affected by the rise in oxide offers. Recycling enterprises slightly raised their external purchase offers. However, the supply of compliant, tax-inclusive scrap currently remains tight. Scrap suppliers took a wait-and-see approach toward shipments, making procurement difficult for recycling enterprises.

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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