[SMM Rare Earth Morning Briefing] Oxide cost support holds prices firm, Pr-Nd alloy tentatively raised

SMM, July 27:

Rare Earth Ore:

Prices: The rare earth carbonate price is around 61,400 yuan/mt, the medium-yttrium, europium-rich ore price is around 253,000 yuan/mt, and the monazite price is around 44,000 yuan/mt.

Supply and Demand: Currently, the overall circulation frequency of rare earth ore remains poor, market trading is sluggish, and weak oxide prices have also led to some downward adjustment in actual transaction prices.

Rare Earth Oxides:

Prices: The Pr-Nd oxide market trading atmosphere stays sluggish, but most plants remain firm in their quotations; dysprosium oxide and terbium oxide quotations remain relatively stable.

Supply and Demand: Last week, downstream inquiries for Pr-Nd oxide remained persistently sluggish, some traders sold small volumes at reduced prices, but the upstream supply side indicated that Pr-Nd oxide output was slightly tight, making them unwilling to sell at low prices; dysprosium oxide quotations remained relatively stable, but some traders offered small amounts at low prices; terbium oxide market quotations were firm.

Rare Earth Metals:

Prices: Pr-Nd alloy prices edged up slightly, market trading did not improve, dysprosium-iron alloy prices held steady, and terbium metal prices edged down slightly.

Supply and Demand: Last week, affected by the recovery in oxide prices, some metal suppliers raised their quotations, but downstream magnetic material enterprises saw few inquiries, market trading was sluggish, and actual increases were limited. In the medium-heavy rare earth market, inquiry activity did not improve, and terbium metal and dysprosium-iron alloy prices remained unchanged.

NdFeB Blank:

Prices: The NdFeB blank N35 (Ce) was quoted at 212-222 yuan/kg, NdFeB blank 35M at 257-267 yuan/kg, and NdFeB 35UH at 357-377 yuan/kg.

Supply and Demand: Last week, NdFeB blank quotations edged down, mainly because the decline in raw material prices drove down magnetic material quotes. In terms of trading, as July drew to a close, high temperatures arrived in many parts of China, and motor factories and end-users gradually entered their high-temperature summer holidays. The operating rates of motor factories and end-users weakened significantly, demand for rare earth permanent magnets shrank, and this ultimately kept NdFeB market trading persistently sluggish.

NdFeB Scrap:

Prices: Pr-Nd recycled from NdFeB scrap prices held steady, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices also remained stable.

Supply and Demand: Last week, scrap market prices remained stable. Affected by the relatively small increase in oxide prices, recycling enterprises made no significant adjustments to their external purchase quotations. However, the current circulation of compliant, tax-paid scrap was limited, making low-priced scrap hard to find, and procurement remained relatively difficult.