[SMM Rare Earth Morning Meeting Summary] Pr-Nd and Dy-Tb See Full-Scale Pullback, Metals Follow Decline with Stalemated Transactions, Magnetic Material Long-Term Agreements Squeeze Spot Order Demand

Published: Sep 03, 2026 10:02 (GMT+8)

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[SMM Rare Earth Morning Meeting Summary: Pr-Nd and Dy-Tb Pull Back Across the Board, Metals Follow Lower with Stagnant Deals, Magnetic Material Long-Term Contracts Crowd Out Spot Order Demand] Yesterday, praseodymium-neodymium oxide was pressured by weaker futures prices, with market wait-and-see sentiment rising. Suppliers' willingness to hold prices firm showed signs of easing, and quotes saw a slight correction. Downstream inquiries and purchases remained cautious, with limited actual transaction follow-through. Dysprosium oxide prices pulled back from highs, as downstream acceptance of high-priced cargo was insufficient and inquiry activity declined somewhat, while suppliers showed a stronger willingness to sell at concessions. Terbium oxide prices fell in tandem, with downstream purchasing cautious and overall market trading sentiment subdued.

SMM, September 3:

Rare earth ore:

Prices:Monazite prices stood at approximately 43,000 yuan/mt, rare earth carbonate prices at approximately 59,100 yuan/mt, and medium-yttrium, europium-rich ore prices at approximately 247,500 yuan/mt.

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

Rare earth oxides:

Prices:Pr-Nd oxide prices saw a slight correction; dysprosium oxide and terbium oxide prices also pulled back.

Supply and demand:Yesterday, Pr-Nd oxide came under pressure from weaker futures prices, with market wait-and-see sentiment intensifying. Suppliers' willingness to hold prices firm softened somewhat, and quotes saw a slight correction. Downstream inquiries and procurement remained cautious, with limited actual transactions. Dysprosium oxide prices pulled back from highs, as downstream acceptance of high-priced cargo was insufficient and inquiry activity eased. Suppliers showed a greater willingness to sell at lower prices. Terbium oxide prices also pulled back, with downstream procurement cautious and overall trading activity subdued.

Rare earth metals:

Prices:Pr-Nd alloy quotes were revised down in line with weaker raw material prices; dysprosium-iron alloy quotes saw a slight correction, while terbium metal quotes remained stable.

Supply and demand:Yesterday, Pr-Nd alloy prices edged down, mainly due to cautious inquiries and procurement from downstream magnetic material enterprises and falling raw material prices. Some suppliers lowered their quotes slightly, and actual transactions remained stagnant. In medium-heavy rare earth metals, dysprosium-iron alloy quotes were revised down slightly as downstream acceptance of high-priced cargo was insufficient and inquiry activity eased. Terbium metal quotes remained relatively firm, with a clear tug-of-war between buyers and sellers and stagnant transactions.

NdFeB blanks:

Prices:NdFeB blank N35 (Ce) closed at 207-217 yuan/kg, NdFeB blank 35M at 252-262 yuan/kg, and NdFeB 35UH at 352-372 yuan/kg.

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

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 saw stable prices, mainly due to relatively small fluctuations in oxide prices. Recycling enterprises made no notable adjustments to their external purchase quotes. Market wait-and-see sentiment remained relatively strong, compliant tax-paid scrap supply stayed tight, and overall market trading was moderate.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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