[SMM Rare Earth Morning Meeting Minutes] Pr-Nd series quotations remain firm with weak transactions, medium-heavy rare earth prices stay stable, and magnetic materials see a slight recovery.

SMM, August 12:

Rare Earth Ore:

• Prices: Monazite price is about 44,000 yuan/mt, rare earth carbonate price is about 58,900 yuan/mt, and medium-yttrium, europium-rich ore price is about 244,500 yuan/mt.

• Supply and Demand: Currently, the overall circulation frequency of rare earth ores remains poor, with a stagnant market trading condition. The weak oxide prices have caused the actual transaction prices of rare earth ores to also see a downward shift in the center.

Rare Earth Oxides:

• Prices: Pr-Nd oxide market quotation activity is relatively low, with some traders selling at low prices under the influence of bearish sentiment; dysprosium oxide and terbium oxide prices are temporarily stable.

• Supply and Demand: Yesterday, affected by futures price fluctuations, bearish sentiment continued to spread in the market. The wait-and-see sentiment downstream intensified, with purchase willingness remaining sluggish; most upstream suppliers stopped quoting, while some traders sold at low prices, putting market transactions under pressure. For medium-heavy rare earths, dysprosium oxide and terbium oxide prices remained relatively stable, with little change in the market.

Rare Earth Metals:

• Prices: Pr-Nd alloy prices remained relatively firm, but market transactions were still poor. Dysprosium-iron alloy and terbium metal prices were flat.

• Supply and Demand: Yesterday, affected by the relatively firm Pr-Nd oxide prices, metal producers' quotations did not see significant adjustments, but downstream procurement attitudes remained cautious, with market transactions performing poorly and the trading atmosphere being sluggish. In the medium-heavy rare earth market, although inquiry activity remained low, suppliers' quotations were relatively firm, and overall operations were stable.

NdFeB Blanks:

• Prices: NdFeB blank N40 (Ce) was quoted at 215-225 yuan/kg, NdFeB blank 40M at 256-266 yuan/kg, and NdFeB 40UH at 360-380 yuan/kg.

• Supply and Demand: Yesterday, NdFeB blank quotations were slightly adjusted downward, primarily due to lower raw material prices dragging down NdFeB prices. In terms of transactions, as August entered, some downstream motor manufacturers gradually resumed production, and the increased operating rate drove a moderate recovery in NdFeB orders.

NdFeB Scrap:

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

• Supply and Demand: Yesterday, the scrap market prices operated stably, mainly affected by the relatively firm oxide prices. Recycling enterprises' external purchase quotations did not see significant adjustments, but scrap suppliers' wait-and-see sentiment remained strong, with low willingness to sell. Recycling enterprises found procurement relatively difficult, and the stalemate in the tug-of-war between upstream and downstream continued.