[SMM Rare Earth Morning Briefing] The upstream-downstream stalemate continues, metal transactions are weak, and the magnetic material sector enters the high-temperature off-season.

Published: Jul 31, 2026 10:02

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[Stalemate Between Upstream and Downstream Persists, Metal Transactions Are Weak, and Magnetic Materials Enter High-Temperature Off-Season] Yesterday, NdFeB blank quotes were slightly lowered, primarily because raw material prices drove down NdFeB prices. In terms of transactions, as July drew to a close, regions across China experienced high temperatures, and motor factories and end-users gradually began their high-temperature holidays. The operating rates of motor factories and end-users weakened significantly, reducing demand for rare earth permanent magnets, which ultimately led to persistently sluggish trading activity in the NdFeB market.

SMM July 31 News:

Rare Earth Ore:

Price:The price of medium-yttrium, europium-rich ore is about 249,500 yuan/mt, monazite price is about 44,000 yuan/mt, and rare earth carbonate price is about 60,400 yuan/mt.
Supply and Demand:Currently, the overall circulation frequency of rare earth ore remains poor, market trading is in a stalemate, and weak oxide prices have also caused actual transaction prices of rare earth ore to be adjusted down.

Rare Earth Oxides:

Price:Pr-Nd oxide inquiries and quotes are both very sluggish, but factory quotes are firm; dysprosium oxide and terbium oxide showed less noticeable price fluctuations.
Supply and Demand:Yesterday, affected by fluctuations in futures, some traders lowered their quotes further, but factories were unwilling to continue offering low prices. Under this situation, metal factories had a heavy wait-and-see sentiment, and market inquiries were sluggish. In the medium-heavy rare earth segment, inquiry activity for dysprosium oxide and terbium oxide remained low, with firm factory quotes, and prices showed no significant changes for the time being.

Rare Earth Metals:

Price:Pr-Nd alloy prices continued to weaken, with market transactions in the doldrums; dysprosium-iron alloy remained flat, while terbium metal prices were slightly lowered.
Supply and Demand:Yesterday, affected by fluctuations in oxide prices, metal suppliers continued to lower their quotes, but market inquiry activity did not significantly improve. The trading atmosphere was sluggish, with actual transactions in the doldrums. In the medium-heavy rare earth market, inquiry activity remained sparse, terbium metal prices were slightly lowered, while dysprosium-iron prices were relatively stable.

NdFeB Blank:

Price:NdFeB blank N38 (Ce) closed at 214-224 yuan/kg, NdFeB blank 38M closed at 252-272 yuan/kg, NdFeB blank 38UH closed at 359-379 yuan/kg.
Supply and Demand:Yesterday, NdFeB blank quotes were slightly lowered, mainly because raw material prices drove down NdFeB prices. In terms of trading, at the end of July, regions across China experienced high temperatures, and motor factories and end-users began entering high-temperature holidays. The operating rate of motor factories and end-users weakened significantly, reducing demand for rare earth permanent magnets, ultimately leading to persistently sluggish trading activity in the NdFeB market.

NdFeB Scrap:

Price:The price of Pr-Nd recycled from NdFeB scrap continued to pull back, dysprosium recycled from NdFeB scrap remained stable, and terbium recycled from NdFeB scrap price was lowered.
Supply and Demand: Yesterday, scrap market prices continued to pull back, mainly due to further declines in oxide prices. Recycling enterprises continued to lower their external purchase quotations, but scrap suppliers' willingness to sell at low prices was weak. The circulation volume of compliant, tax-inclusive scrap in the market was limited, and market trading activity was sluggish.

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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