[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide futures weaken, offers lowered; dysprosium and terbium metals follow the decline; magnetic material orders limited

Published: Sep 09, 2026 09:55 (GMT+8)

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[SMM Rare Earth Morning Meeting Summary: Pr-Nd Oxide Futures Weak, Offers Lowered; Dysprosium and Terbium Metals Follow Down; Magnetic Material Orders Limited] Yesterday, spot Pr-Nd oxide offers were lowered along with the futures, low-priced offers increased, downstream inquiries turned quiet, and actual transaction volume remained difficult to expand. Dysprosium oxide pulled back slightly after several days of stability, with limited follow-through in actual deals. Terbium oxide offers remained stable, while high-priced transactions continued to face resistance.

SMM, September 9:

Rare earth ore:

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

Supply and demand: Currently, Southeast Asian rare earth ion-adsorption ore supply has edged down slightly compared with the previous period, 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 expand; dysprosium oxide pulled back slightly after several days of flat movement, with limited 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 generally moderate market inquiry activity; dysprosium-iron alloy and terbium metal quotes continued to pull back.

Supply and demand: Yesterday, Pr-Nd alloy prices declined. Although metal producers had limited willingness to concede on prices under cost-inversion pressure, downstream buyers showed insufficient acceptance of high-priced supply and orders followed slowly, resulting in inadequate actual transaction volumes and a stalemate between buyers and sellers. For medium-heavy rare earth metals, high-priced transactions of dysprosium and terbium products remained persistently blocked, metal producers made small concessions to sell, dysprosium-iron alloy and terbium metal quotes continued to move lower, and market inquiry activity remained subdued.

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, limited end-use demand recovery in September meant that although motor plant operating rates were raised, they 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 moved steadily, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices held stable.

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