[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide pulled back slightly with more low-priced supplies, medium-heavy rare earths remained stable, and magnetic material producers operated at low rates with limited orders.

SMM, September 8:

Rare earth ore:

Prices: Monazite ore prices were about 43,000 yuan/mt, medium-yttrium, europium-rich ore prices were about 249,000 yuan/mt, and rare earth chloride flakes were about 63,500 yuan/mt.

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

Rare earth oxides:

Prices: Pr-Nd oxide quotes pulled back slightly yesterday; dysprosium oxide and terbium oxide prices remained stable.

Supply and demand: Yesterday, spot Pr-Nd oxide quotes edged down, low-priced cargo increased, downstream purchase willingness was weak, and actual trading volume was insufficient; dysprosium oxide quotes remained stable, with market inquiries mainly for rigid demand; terbium oxide moved sideways as well, with high-priced cargo difficult to trade.

Rare earth metals:

Prices: Pr-Nd alloy quotes pulled back slightly, with average market inquiry activity; dysprosium-iron alloy and terbium metal quotes remained stable.

Supply and demand: Yesterday, Pr-Nd alloy prices pulled back slightly, mainly affected by falling raw material prices and cautious purchasing inquiries from downstream magnetic material enterprises. Although metal enterprises had limited willingness to cut prices under cost-inversion pressure, downstream acceptance of high-priced cargo was insufficient and orders followed up slowly, with actual transactions still in a stalemate. For medium-heavy rare earth metals, inquiry activity for dysprosium and terbium products was low, supplier quotes were generally stable, and the market remained in a weak balance.

NdFeB blanks:

Prices: NdFeB blank N35 (Ce) was quoted at 208-218 yuan/kg, NdFeB blank 35M at 253-263 yuan/kg, and NdFeB 35UH at 353-373 yuan/kg.

Supply and demand: Yesterday, NdFeB blank quotes remained stable for the time being, mainly because raw material prices remained stable for the time being, keeping NdFeB prices steady. In terms of trading, affected by limited end-use demand recovery in September, motor plant operating rates increased but remained at relatively low levels overall, which translated into limited orders for the magnetic material sector.

NdFeB scrap:

Prices: Pr-Nd recycled from NdFeB scrap prices moved steadily, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices held stable.

Supply and demand: Yesterday, scrap market prices moved steadily, mainly affected by relatively small fluctuations in oxide prices. Recycling enterprises did not significantly adjust their external purchase quotes, scrap suppliers maintained a strong wait-and-see sentiment, the circulation of compliant tax-inclusive scrap in the market was relatively small, and overall market trading was average.