[SMM Rare Earth Morning Briefing] Stagnant Oxygen Oxides Drag Down Ore Price Center, Metals See a Slight Correction, and Wait-and-See Sentiment Continues for Magnetic Material Scrap

SMM, August 4:

Rare Earth Ore:

Prices:Rare earth chloride sheets (63,500 yuan/mt), monazite ore (44,000 yuan/mt), and rare earth carbonate (60,600 yuan/mt).

Supply and Demand:Currently, overall circulation frequency of rare earth ore remains poor, with stagnant market transactions. Weak oxide prices have also caused the actual transaction price center of rare earth ore to shift downward.

Rare Earth Oxides:

Prices:Quotes and inquiries for Pr-Nd oxide are very sluggish, but factory offers remain firm; prices of dysprosium oxide and terbium oxide have shown relatively minor fluctuations.

Supply and Demand:Yesterday, some traders made a small amount of low-price sales, but most factories maintained offers around 750,000 yuan/mt. At the beginning of the week, metal plants had a heavy wait-and-see sentiment, and market inquiries and transactions remained sluggish. In the medium-heavy rare earth sector, purchasing activity in the dysprosium oxide and terbium oxide markets remained low, factory offers remained firm, and prices showed relatively small fluctuations for the time being.

Rare Earth Metals:

Prices:Pr-Nd alloy price experienced a slight correction, with market transactions showing a stalemate. Dysprosium-iron alloy and terbium metal prices remained flat.

Supply and Demand:Yesterday, influenced by the absence of significant oxide price fluctuations and relatively low inquiry prices in the metal market, some metal suppliers slightly lowered their offers. However, market inquiry activity remained limited, and actual transactions showed a stalemate. In the medium-heavy rare earth market, due to scarce inquiry activity, terbium metal and dysprosium-iron alloy prices showed no significant fluctuations and operated steadily overall.

NdFeB Blank:

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

Supply and Demand:Yesterday, NdFeB blank quotes temporarily stabilized, mainly driven by the stabilization of raw material prices. In terms of transactions, from late July to early August, mainstream motor manufacturers entered the summer maintenance phase, leading to a significant reduction in operating rates and a consequent decline in NdFeB demand. Overall market transactions were moderate.

NdFeB Scrap:

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

Supply and Demand:Yesterday, scrap market prices overall remained stable, mainly influenced by the absence of significant oxide price fluctuations. Procurement offers from recycling enterprises were relatively stable, but scrap suppliers maintained a wait-and-see attitude toward sales, resulting in a thick overall wait-and-see sentiment in the market. Actual transactions were relatively weak.