Rare Earth Prices Diverge, with Pr-Nd Strong and Medium-Heavy Rare Earth Weak [SMM Rare Earth Daily Review]

Published: Jul 24, 2026 14:17

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[SMM Rare Earth Daily Review: Rare earth prices show divergence, Pr-Nd stronger while medium-heavy rare earths weaker] Overall, due to limited downstream inquiries, the trading atmosphere in the rare earth market was sluggish. For Pr-Nd products, offer prices edged up slightly as upstream producers held prices firm and held back from selling, but actual transaction performance was not ideal. In the short term, amid the tug-of-war and stalemate between upstream and downstream, Pr-Nd product prices are expected to move sideways in a narrow range.

SMM, July 24: Rare earth market prices diverged today. Specifically, in the oxide market, Pr-Nd oxide prices rose by 2,000 yuan/mt, dysprosium oxide prices remained flat, terbium oxide prices rose by 25,000 yuan/mt, gadolinium oxide prices dropped by 1,500 yuan/mt, holmium oxide prices dropped by 7,500 yuan/mt, and erbium oxide prices remained flat.

In the metal market, Pr-Nd alloy prices rose by 2,500 yuan/mt, dysprosium-iron alloy prices stayed flat, terbium metal prices stayed flat, gadolinium-iron alloy prices dropped by 1,000 yuan/mt, holmium-iron market prices dropped by 15,000 yuan/mt, and lanthanum-cerium metal (alloy grade) prices stayed flat.

Currently, rare earth market prices showed a clear divergence: Pr-Nd prices trended stronger, while the medium-heavy rare earth market was relatively weak. Focusing on the Pr-Nd market, the rise in Pr-Nd oxide futures prices reduced spot suppliers' willingness to sell at low prices, leading them to raise their Pr-Nd oxide offer prices. However, this did not boost inquiry activity, limiting actual price gains. Supported by raw material costs, Pr-Nd alloy prices also rose in tandem, with low-priced spot cargoes gradually tightening in the market. Nevertheless, downstream magnetic material enterprises continued to make few inquiries, making it difficult to transact high-priced metals, and the market remained in a persistent stalemate.

In the medium-heavy rare earth market, terbium oxide saw scarce low-priced cargoes as top-tier players entered the market to purchase, and supplier offer prices subsequently edged up. Meanwhile, for products like gadolinium and holmium, persistently sluggish market inquiries and weak actual transactions led suppliers to slightly lower their offer prices. Overall, due to limited downstream inquiries, trading sentiment across the rare earth market was sluggish. Pr-Nd product offer prices edged up as upstream players held prices firm and held back from selling, but actual transaction performance was not ideal. In the short term, influenced by the tug-of-war between upstream and downstream, Pr-Nd product prices are expected to consolidate and move sideways.

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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