[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide pulls back slightly with more low-priced supplies, medium-heavy rare earths remain stable, magnetic material operating rates low with limited orders

SMM, September 8:

Rare earth ore:

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

Supply and demand: Currently, supply of ion-adsorption rare earth ore from Southeast Asia has edged down slightly 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 quotes were revised down slightly yesterday; dysprosium oxide and terbium oxide prices remained stable.

Supply and demand: Yesterday, spot Pr-Nd oxide quotes edged down, low-priced supply increased somewhat, downstream purchase willingness was weak, and actual trading volume was insufficient; dysprosium oxide quotes remained stable, with market inquiries driven mainly by rigid demand; terbium oxide also held flat, with high-priced supply facing considerable difficulty in closing deals.

Rare earth metals:

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

Supply and demand: Yesterday, Pr-Nd alloy prices pulled back slightly, mainly due to lower raw material prices and cautious purchasing by downstream magnetic material enterprises. Although metal producers had limited willingness to cut prices amid losses, downstream acceptance of high-priced supply was insufficient and orders followed slowly, leaving actual transactions in a stalemate. For medium-heavy rare earth metals, inquiry activity for dysprosium and terbium products was subdued, supplier quotes were generally stable, and the market remained in a weak balance.

NdFeB blanks:

Prices: NdFeB blank N35 (Ce) closed 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 held steady for the time being, mainly because raw material prices remained stable, keeping NdFeB prices steady. In terms of trading, limited recovery in September end-use demand meant that although motor plant operating rates were raised, they remained at relatively low levels overall, resulting in limited orders for magnetic material producers.

NdFeB scrap:

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

Supply and demand: Yesterday, the scrap market ran steadily, mainly due to relatively small fluctuations in oxide prices. Recyclers made no notable adjustments to external purchase quotes, scrap suppliers remained in a wait-and-see mood, compliant tax-paid scrap circulation was limited, and overall market trading was moderate.