[SMM Rare Earth Morning Meeting Summary] Oxide recovery drives metal prices higher, high-temperature maintenance of magnetic materials puts demand under pressure, and the scrap market is dominated by a strong wait-and-see sentiment.

SMM, August 3:

Rare Earth Ore:

Prices: Medium-yttrium, europium-rich ore prices were about 249,500 yuan/mt, monazite prices were around 44,000 yuan/mt, and rare earth carbonate prices were approximately 60,400 yuan/mt.

Supply and Demand: Currently, the overall circulation frequency of rare earth ore remained sluggish, with the market in a stalemate. Weakening oxide prices also led to a downward adjustment in actual rare earth ore transaction prices.

Rare Earth Oxides:

Prices: Both quotes and inquiries for Pr-Nd oxide were very sluggish, yet factory quotations remained firm. Price fluctuations for dysprosium oxide and terbium oxide were less pronounced.

Supply and Demand: Last week, affected by fluctuations in futures prices, some traders further lowered their offers. However, factories were reluctant to quote at low prices, leading to strong wait-and-see sentiment among metal plants, and market inquiries were sluggish. For medium-heavy rare earths, market inquiry activity for dysprosium oxide and terbium oxide remained low. Factory quotations were firm, and their prices showed no significant change for the time being.

Rare Earth Metals:

Prices: Pr-Nd alloy prices recovered slightly, but the market trading atmosphere was sluggish. Dysprosium-iron alloy and terbium metal prices remained flat.

Supply and Demand: Last week, influenced by the recovery in oxide prices, metal suppliers raised their offers accordingly. However, inquiry activity was limited, and downstream magnetic material enterprises had limited acceptance of high-priced metals. The trading atmosphere was sluggish, and actual transactions were in the doldrums. In the medium-heavy rare earth market, inquiry activity remained limited. Prices for terbium metal and dysprosium-iron alloy showed no significant fluctuations, operating steadily overall.

NdFeB Blanks:

Prices: NdFeB blank N40 (Ce) was quoted at 219-229 yuan/kg, NdFeB blank 40M at 260-270 yuan/kg, and NdFeB blank 40UH at 364-384 yuan/kg.

Supply and Demand: Last week, quotations for NdFeB blanks were lowered. The core reason was the decline in raw material prices driving down NdFeB prices. In terms of transactions, mainstream motor plants entered a summer maintenance phase from late July to early August, significantly reducing operating rates and leading to decreased demand for NdFeB. Overall market transactions were average.

NdFeB Scrap:

Prices: Prices for Pr-Nd recycled from NdFeB scrap edged up slightly, while prices for dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap remained stable.

Supply and Demand: Last week, scrap market prices edged up slightly, mainly influenced by the marginal increase in oxide prices. Recycling enterprises raised their external purchase offers accordingly, but scrap suppliers adopted a wait-and-see attitude towards selling. Overall market wait-and-see sentiment was strong, and actual transaction performance was average.