[SMM Rare Earth Morning Meeting Minutes] Pr-Nd oxide continued to decline, dragging down metals, magnetic material scrap adopted a wait-and-see attitude, and medium-heavy rare earth remained stable.

SMM, August 5:

Rare Earth Ore:

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

Supply and Demand: Currently, overall trading frequency for rare earth ore remains sluggish, with market transactions in a stalemate. Weak oxide prices have caused the transaction price center for rare earth ore to shift downward.

Rare Earth Oxides:

Prices: Pr-Nd oxide quotes and inquiries were both very sluggish, with some traders pushing cargo at low prices; dysprosium oxide and terbium oxide prices showed less noticeable fluctuations.

Supply and Demand: Yesterday, some traders continued selling at low prices, but metal plants’ purchase willingness remained poor. Pr-Nd oxide prices edged further down, market confidence was unsteady, and downstream inquiries and trading stayed sluggish. For medium-heavy rare earths, downstream purchasing activity for dysprosium oxide and terbium oxide remained relatively low, while factory quotes remained firm, with prices fluctuating little for now.

Rare Earth Metals:

Prices: Pr-Nd alloy continued to weaken, with a sluggish trading atmosphere. Dysprosium-iron alloy and terbium metal prices were flat.

Supply and Demand: Yesterday, affected by the continued pullback in Pr-Nd oxide prices and low inquiry prices in the metal market, some metal suppliers further lowered their quotes. Inquiry activity did not improve significantly, and actual trading sentiment remained sluggish. In the medium-heavy rare earth market, due to limited inquiries, terbium metal and dysprosium-iron alloy prices showed no notable fluctuations, operating stably overall.

NdFeB Blanks:

Prices: NdFeB blank N35 (Ce) was quoted at 209-219 yuan/kg, NdFeB blank 25M at 254-264 yuan/kg, and NdFeB 35UH at 354-374 yuan/kg.

Supply and Demand: Yesterday, NdFeB blank quotes stabilized temporarily, mainly because raw material prices held steady, supporting NdFeB quotes. In terms of trading, mainstream motor plants entered summer maintenance from late July to early August, with operating rates dropping notably, leading to reduced demand for NdFeB, and overall market trading was moderate.

NdFeB Scrap:

Prices: Pr-Nd recycled from NdFeB scrap moved lower, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap held steady.

Supply and Demand: Yesterday, scrap market prices edged slightly lower, mainly influenced by persistently weak oxide prices. Recycling enterprises correspondingly lowered their purchase quotes, but scrap suppliers’ willingness to sell at low prices was low. The overall market exhibited a strong wait-and-see sentiment, with actual transactions performing modestly.