[SMM Rare Earth Morning Brief] Oxides are slightly weak, medium-heavy rare earths remain firm, scrap circulation tightens, and trading is in a stalemate.

Published: Jul 21, 2026 09:46

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[Oxides weaken slightly while medium-heavy rare earths stay firm; scrap circulation tightens, leading to a trading stalemate] Yesterday, NdFeB blank quotes temporarily held steady. The core reason was that stable raw material prices supported the stability of blank quotes. Regarding trading, as the off-season sets in, the production pace of end-users and motor factories is gradually slowing down. The release of rigid demand orders was moderate, while large-scale restocking orders have yet to be effectively released, resulting in a generally lukewarm overall NdFeB market trading volume.

SMM, July 21:

Rare Earth Ores:

Prices:Monazite price was approximately 44,000 yuan/mt, rare earth carbonate price was approximately 62,000 yuan/mt, and medium-yttrium, europium-rich ore price was approximately 256,000 yuan/mt.
Supply and Demand:Currently, the overall transaction frequency of rare earth ores remains sluggish, with the market in a stalemate. However, rising oxide prices have led to an increase in actual rare earth ore transaction prices.

Rare Earth Oxides:

Prices:Pr-Nd oxide market inquiries were sluggish, and prices continued to be in the doldrums; medium-heavy rare earth prices remained firm.
Supply and Demand:Yesterday, Pr-Nd market trading was extremely sluggish. Downstream metal plants showed a strong wait-and-see sentiment, and factory quotes remained relatively firm. Although some traders slightly lowered their quotes, transactions were still sparse. Medium-heavy rare earth oxide prices remained stable, with no significant change in actual trading conditions.

Rare Earth Metals:

Prices:Pr-Nd alloy prices were stable, market inquiries continued to be sluggish, and dysprosium-iron alloy and terbium metal prices remained stable.
Supply and Demand:Yesterday, Pr-Nd alloy prices were stable. Due to low downstream procurement enthusiasm and relatively firm oxide prices, metal enterprises did not significantly adjust their quotes, but actual trading remained stagnant. For medium-heavy rare earths, quotes for dysprosium-iron alloy and terbium metal remained unchanged due to sluggish market inquiries.

NdFeB Blanks:

Prices:NdFeB blank N40 (Ce) was quoted at 224-234 yuan/kg, NdFeB blank 40M at 265-275 yuan/kg, and NdFeB blank 40UH at 369-389 yuan/kg.
Supply and Demand:Yesterday, NdFeB blank quotes remained stable, primarily because steady raw material prices supported stable blank pricing. In terms of transactions, entering the off-season, end-user and motor factory production paces gradually slowed down. The release of rigid demand orders was moderate, and large-volume restocking orders have yet to be effectively released. The overall NdFeB market transaction volume was average.

NdFeB Scrap:

Prices:Pr-Nd recycled from NdFeB scrap prices were stable, and dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices were stable.
Supply and Demand:Yesterday, scrap market prices were stable. Influenced by relatively firm oxide quotes, recycling enterprises did not adjust their external purchasing prices. However, scrap suppliers adopted a wait-and-see attitude toward selling, leading to a tightening of compliant, tax-inclusive scrap circulation. Low-priced scrap was hard to find, and overall market trading performance was average.

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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