[SMM Rare Earth Morning Brief] Pr-Nd Under Pressure and Weakening, Medium-Heavy Rare Earths Steady, Magnetic Material Scrap Tug-of-War Continues

SMM August 11:

Rare earth ores:

• Prices: Monazite prices were about 44,000 yuan/mt, rare earth carbonate prices were about 58,800 yuan/mt, and medium-yttrium, europium-rich ore prices were about 244,500 yuan/mt.

• Supply and demand: Currently, the overall circulation frequency of rare earth ores remained poor, market trading was stagnant, and weak oxide prices caused the actual transaction prices of rare earth ores to also shift lower in center.

Rare earth oxides:

• Prices: The market for Pr-Nd oxide had low willingness to quote, with some traders selling at low prices under bearish sentiment; dysprosium oxide and terbium oxide prices remained stable temporarily.

• Supply and demand: Yesterday, affected by fluctuations in futures prices, market bearish sentiment continued to spread. Downstream metal plants’ wait-and-see sentiment deepened further, with purchasing willingness sluggish; most upstream suppliers had stopped quoting, while some traders continued selling at low prices, putting market transactions under pressure; for medium-heavy rare earths, the dysprosium oxide and terbium oxide markets saw little change, with prices relatively stable.

Rare earth metals:

• Prices: Pr-Nd alloy prices were in the doldrums, the market trading atmosphere was sluggish, while dysprosium-iron alloy and terbium metal prices remained flat.

• Supply and demand: Yesterday, due to the large fluctuations in Pr-Nd oxide prices, metal enterprises’ willingness to actively quote was weak, and coupled with still limited downstream inquiry activity, the market trading atmosphere was sluggish, with Pr-Nd alloy prices in the doldrums. In the medium-heavy rare earth market, although inquiry activity remained limited, suppliers’ quotations were relatively firm, leading to generally stable operation.

NdFeB blanks:

• Prices: NdFeB blank N38 (Ce) closed at 211-221 yuan/kg, NdFeB blank 38M closed at 249-269 yuan/kg, and NdFeB 38UH closed at 356-376 yuan/kg.

• Supply and demand: Yesterday, NdFeB blank quotations temporarily remained stable, mainly because NdFeB blank quotations lag behind raw material prices. The decline in raw material prices did not lead to a drop in NdFeB producers’ quotations. In terms of trading, as August began, some downstream motor manufacturers gradually resumed production, and the increase in operating rates drove a slight recovery in NdFeB orders.

NdFeB scrap:

• Prices: Prices of Pr-Nd recycled from NdFeB scrap continued to decline, while prices of dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap remained steady.

• Supply and demand: Yesterday, scrap market prices continued to decline, mainly affected by large fluctuations in oxide prices. Recycling enterprises continued to lower their purchase quotations, but scrap suppliers’ willingness to sell at low prices was weak, resulting in a sluggish overall market trading atmosphere and a stalemate in the upstream-downstream tug-of-war.