[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide gains narrowed in the afternoon with a slight correction, metals remained stagnant with few transactions, and magnetic material long-term contract deliveries squeezed out spot orders.

SMM, September 2:

Rare earth ore:

Prices: Rare earth chloride flake prices stood at approximately 63,500 yuan/mt, rare earth carbonate prices at approximately 59,200 yuan/mt, and medium-yttrium, europium-rich ore prices at approximately 248,000 yuan/mt.

Supply and demand: Currently, Southeast Asian rare earth ion-adsorption ore supply has edged down from earlier levels, and with oxide prices beginning to rise, overall rare earth ore transaction prices have started to move slightly higher.

Rare earth oxides:

Prices: Pr-Nd oxide prices were broadly stable, with afternoon quotes edging slightly lower; dysprosium oxide and terbium oxide prices moved steadily.

Supply and demand: Yesterday, afternoon Pr-Nd oxide gains narrowed, and some suppliers lowered quotes in line with futures; dysprosium oxide prices moved steadily, with sluggish market inquiries and limited follow-through in actual transactions; terbium oxide prices held steady, low-priced cargoes were hard to find, downstream purchasing was cautious, and overall market trading sentiment was muted.

Rare earth metals:

Prices: Pr-Nd alloy quotes failed to follow the rebound in raw material prices and remained broadly stable; dysprosium-iron alloy and terbium metal quotes continued to move steadily.

Supply and demand: Yesterday, Pr-Nd alloy prices held steady, mainly pressured by cautious inquiries and procurement from downstream magnetic material enterprises and slow progress on new orders. Metal producers, facing losses, showed limited willingness to cut prices, leaving buyers and sellers in a stalemate with very few actual transactions. For medium-heavy rare earth metals, inquiry activity for dysprosium, terbium, and other products remained subdued, and supplier quotes were generally stable.

NdFeB blanks:

Prices: NdFeB blank N40 (Ce) was quoted at 217-227 yuan/kg, NdFeB blank 40M at 258-268 yuan/kg, and NdFeB 40UH at 362-382 yuan/kg.

Supply and demand: Yesterday, NdFeB blank quotes held steady for the time being, mainly because raw material prices remained stable, which in turn kept magnetic material quotes steady. In terms of trading, affected by limited end-use demand recovery, motor factory procurement volumes were moderate. Meanwhile, with quarterly locked-price long-term contract deliveries underway, spot order procurement volumes pulled back noticeably, and overall market trading volumes were moderate.

NdFeB scrap:

Prices: Pr-Nd recycled from NdFeB scrap prices edged up slightly, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices held steady.

Supply and demand: Yesterday, scrap market prices edged up slightly, mainly driven by stabilizing and rebounding oxide prices. Recycling enterprises raised their external purchase quotes slightly, while scrap suppliers remained hesitant to sell. The circulation of compliant, tax-inclusive scrap in the market did not increase significantly, and overall market trading activity was moderate.