[SMM Rare Earth Morning Meeting Summary] Pr-Nd series raised by futures boost but transactions lagged, medium-heavy rare earth dysprosium and terbium stable with slight adjustments, magnetic material followed gains but spot orders limited

SMM, September 7:

Rare earth ore:

Prices: Monazite prices were approximately 43,000 yuan/mt, rare earth carbonate prices were approximately 59,600 yuan/mt, and rare earth chloride flakes were approximately 63,500 yuan/mt.

Supply and demand: Currently, the supply of rare earth ion-adsorption ore in Southeast Asia has declined slightly compared with the previous period, and oxide prices have begun to rise, driving overall rare earth ore transaction prices slightly higher.

Rare earth oxides:

Prices: Pr-Nd oxide quotations were raised last week, with prices stabilizing after midday; dysprosium oxide and terbium oxide prices remained stable.

Supply and demand: Last week, Pr-Nd oxide quotations were broadly raised, boosted by stronger futures, and low-priced spot cargo in the market visibly decreased. Gains narrowed slightly toward the close, but downstream magnetic material enterprises remained cautious in purchasing and had limited acceptance of high prices, resulting in insufficient actual transaction follow-through. Dysprosium oxide prices remained stable, with market inquiries maintaining a just-in-time pace; terbium oxide also held steady, with high-priced cargo transactions struggling to progress.

Rare earth metals:

Prices: Pr-Nd alloy prices edged up, but actual market transaction follow-through was limited; dysprosium-iron alloy quotations and terbium metal quotations declined slightly.

Supply and demand: Last week, Pr-Nd alloy prices rose, mainly driven by higher raw material prices and increased inquiry activity from downstream magnetic material enterprises. Some suppliers raised their quotations accordingly, but actual transaction follow-through was limited. For medium-heavy rare earth metals, dysprosium-iron alloy saw slight concessions amid resistance to high-priced transactions, while terbium metal quotations remained relatively firm, with a clear tug-of-war between buyers and sellers and stagnant transaction performance.

NdFeB blanks:

Prices: NdFeB blank N40 (Ce) closed at 218-228 yuan/kg, NdFeB blank 40M closed at 259-269 yuan/kg, and NdFeB 40UH closed at 363-383 yuan/kg.

Supply and demand: Last week, NdFeB blank quotations increased slightly, mainly because rising raw material prices drove up NdFeB prices. 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 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, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices remained stable.

Supply and demand: Last week, scrap market prices increased slightly, mainly driven by continued increases in oxide prices. Recycling enterprises raised their external purchase quotations accordingly, but scrap suppliers remained largely in a wait-and-see mood. The circulation of compliant tax-inclusive scrap in the market was limited, and overall market trading activity was moderate.