[SMM Rare Earth Morning Meeting Summary] Oxides are weak, while medium-heavy rare earths are firm; scrap circulation tightens, trading in stalemate

Published: Jul 21, 2026 09:46

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[Weak oxides, firm medium-heavy rare earths; tightened scrap circulation, stagnant trading] Yesterday, NdFeB blank quotations remained steady for now. The core reason was that stable raw material prices drove stable blank quotations. In terms of trading, entering the off-season, the production pace of end-users and motor factories gradually slowed down, with rigid demand orders released at a moderate level, while large-volume restocking orders were not effectively released for the time being. Overall trading volume in the NdFeB market was moderate.

SMM News, July 21:

Rare Earth Ore:

Prices: Monazite ore prices were about 44,000 yuan/mt, rare earth carbonate prices were about 62,000 yuan/mt, and medium-yttrium, europium-rich ore prices were about 256,000 yuan/mt.

Supply and Demand: Currently, the overall trading frequency of rare earth ore remains poor, with the market in a stalemate. However, rising oxide prices have led to an increase in actual transaction prices for rare earth ore.

Rare Earth Oxides:

Prices: Inquiry for Pr-Nd oxide was sluggish, and the price continued in the doldrums; medium-heavy rare earth prices were firm.

Supply and Demand: Yesterday, the Pr-Nd market was very sluggish. Downstream metal plants were in a heavy wait-and-see sentiment. Factory quotations were relatively firm. Although some traders slightly lowered their quotations, transactions were still few. Medium-heavy rare earth oxide prices were steady, with no significant change in actual trading.

Rare Earth Metals:

Prices: Pr-Nd alloy prices were stable, with market inquiries continuing to be sluggish. Dysprosium-iron alloy and terbium metal prices were stable.

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

NdFeB Blank:

Prices: The N40 (Ce) NdFeB blank was quoted at 224-234 yuan/kg, the 40M NdFeB blank was quoted at 265-275 yuan/kg, and the 40UH NdFeB blank was quoted at 369-389 yuan/kg.

Supply and Demand: Yesterday, NdFeB blank quotations were temporarily stable, mainly because stable raw material prices led to stable blank quotations. Trading-wise, entering the off-season, terminal and motor factories gradually slowed their production pace, leading to an average release of rigid-demand orders. Large-volume restocking orders were not effectively released yet. The overall NdFeB market trading volume was average.

NdFeB Scrap:

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

Supply and Demand: Yesterday, scrap market prices were stable. Influenced by relatively firm oxide quotations, recycling enterprises did not adjust their external purchase quotations. However, suppliers waited to sell their scrap, leading to a tightening of compliant, tax-paid scrap circulation and difficulty finding low-priced scrap. Overall market trading 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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