Rare Earth Prices Edge Down, Market Inquiry Activities Decline [SMM Rare Earth Daily Review]

SMM July 17: Today, rare earth market prices edged lower. Specifically, in the oxide market, Pr-Nd oxide price fell by 2,500 yuan/mt, dysprosium oxide price remained flat, terbium oxide price dropped by 25,000 yuan/mt, gadolinium oxide price declined by 1,500 yuan/mt, holmium oxide price held steady, and erbium oxide price rose by 62,500 yuan/mt.

In the metal market, Pr-Nd alloy price fell by 5,000 yuan/mt, dysprosium-iron alloy price dropped by 5,000 yuan/mt, terbium metal price declined by 25,000 yuan/mt, gadolinium-iron alloy price fell by 2,500 yuan/mt, holmium-iron market price remained flat, and lanthanum-cerium metal (alloy grade) price remained flat.

Currently, rare earth market prices showed a slight downward trend. Focusing on the Pr-Nd market, Pr-Nd oxide futures prices declined, while the spot market saw sluggish inquiries. As a result, Pr-Nd oxide suppliers lowered their quotations. However, most industry participants remained confident about the outlook and held a strong intention to hold prices firm, which kept the actual decline in oxide prices relatively small, and low-priced cargoes remained scarce. Metal market prices also edged lower. New orders for magnetic material enterprises were poor, limiting their ability to accept high metal prices; purchases were mainly based on restocking to meet rigid demand, leading to sluggish inquiries in the metal market. The tug-of-war between upstream and downstream persisted, and the metal segment continued to face pressure.

In the medium-heavy rare earth market, prices of dysprosium, terbium, and gadolinium products all declined to varying degrees. This was mainly because downstream inquiries and procurement activities decreased, market trading fell into a stalemate, and suppliers thus slightly lowered their offers. Overall, affected by reduced market inquiries, rare earth market prices fell only slightly with limited actual declines, the upstream-downstream tug-of-war continued, and the metal market remained under pressure. In the near term, given the market trading stalemate, Pr-Nd product prices are likely to move sideways within a narrow range.