[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide futures weakened with lower offers, dysprosium and terbium metals followed the decline, and magnetic material orders remained limited.

Published: Sep 9, 2026 09:55

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[Pr-Nd oxide futures weaken with lower offers, dysprosium and terbium metals follow the decline, magnetic material orders remain limited] Yesterday, spot Pr-Nd oxide offers were lowered in line with the futures, with more low-priced offers emerging. Downstream inquiries turned subdued, and actual transaction volumes remained difficult to increase. Dysprosium oxide pulled back slightly after several days of stability, with limited follow-through in actual deals. Terbium oxide offers continued to hold steady, while high-priced transactions remained blocked.

SMM, September 9:

Rare earth ore:

Prices:Rare earth carbonate prices were about 59,300 yuan/mt, medium-yttrium, europium-rich ore prices were about 248,000 yuan/mt, and rare earth chloride flakes were about 63,500 yuan/mt.

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

Rare earth oxides:

Prices:Pr-Nd oxide futures prices continued to consolidate on a subdued note yesterday; dysprosium oxide pulled back slightly, while terbium oxide quotes remained stable.

Supply and demand:Yesterday, Pr-Nd oxide spot quotes were lowered in line with futures, low-priced offers increased, downstream inquiries turned subdued, and actual transaction volumes remained difficult to achieve; dysprosium oxide pulled back slightly after several days of flat trading, with limited follow-through in actual deals; terbium oxide quotes continued to hold steady, while high-priced transactions remained blocked.

Rare earth metals:

Prices:Pr-Nd alloy quotes were lowered, with average market inquiry activity; dysprosium-iron alloy and terbium metal quotes continued to pull back.

Supply and demand:Yesterday, Pr-Nd alloy prices were lowered. Although metal enterprises had limited willingness to concede on prices under cost-inversion pressure, downstream buyers showed insufficient acceptance of high-priced supply and orders were slow to follow through, resulting in inadequate actual transaction volumes and a stalemate between buyers and sellers. In medium-heavy rare earth metals, high-priced transactions for dysprosium and terbium products remained blocked, metal enterprises made small concessions to sell, dysprosium-iron alloy and terbium metal quotes continued to be lowered, and market inquiry activity remained low.

NdFeB blanks:

Prices:NdFeB blank N38 (Ce) closed at 212-222 yuan/kg, NdFeB blank 38M closed at 250-270 yuan/kg, and NdFeB 38UH closed at 357-377 yuan/kg.

Supply and demand:Yesterday, NdFeB blank quotes edged down, mainly because falling raw material prices dragged down NdFeB prices. In terms of trading, affected by limited end-use demand recovery in September, motor plant operating rates were raised but remained at relatively low levels overall, which translated into 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 traded steadily, mainly influenced by relatively small fluctuations in oxide prices. Recycling enterprises made no significant adjustments to external purchase quotes, scrap suppliers maintained a strong wait-and-see sentiment, the circulation of compliant tax-inclusive scrap in the market remained limited, and overall market trading activity was average.

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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