[SMM Analysis] Pr-Nd Metal Prices Rebound Slightly, Market Awaits Peak Season Demand

Published: Aug 14, 2026 18:11

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SMM, Aug 14: Pr-Nd metal prices fell 1.13% this week but rebounded near the weekend to RMB 875,000/mt. Higher Pr-Nd oxide prices offered support, while volatile raw material costs kept some producers cautious. Net profit rose to RMB 2,574/mt, ending three weeks of losses. Downstream demand remained weak, but orders may improve as motor makers resume operations and the peak season approaches. Restocking could support prices, though gains depend on demand recovery and new oxide capacity.

SMM, August 14: Pr-Nd metal prices remained generally weak this week but rebounded near the weekend. As of 5:00 p.m. Friday, Pr-Nd metal was priced at RMB 875,000/mt, up RMB 2,500/mt from Thursday afternoon and unchanged from Friday morning. Prices edged higher following an increase in Pr-Nd oxide prices, but frequent raw material price fluctuations prompted some metal producers to suspend quotations and wait for afternoon inquiries. Although a major magnet manufacturer entered the market to purchase in the afternoon, its buying was focused mainly on medium and heavy rare earths rather than Pr-Nd metal, leaving inquiries for Pr-Nd metal subdued again.

Pr-Nd metal prices fell 1.13% this week, although the decline narrowed significantly from last week. On the cost side, net profit per tonne was about RMB 2,574.2, ending three consecutive weeks of negative margins and returning producers to profitability. Downstream magnet manufacturers remained cautious in inquiries and purchases, keeping market activity sluggish. As raw material prices continued to decline, holders lowered quotations accordingly, while metal producers showed stronger price support, limiting actual price cuts and improving profitability.

In the short term, demand is expected to improve as high-temperature holidays at end-use motor manufacturers gradually end and the traditional peak season approaches. Better order expectations at magnet manufacturers and anticipated restocking could support Pr-Nd metal prices. However, the extent of any increase will depend on whether peak-season demand materializes and the pace at which new Pr-Nd oxide capacity comes online.

Pr-Nd metal prices rare earths magnet manufacturers market activity

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