Rare earth prices overall in the doldrums; downstream inquiries and purchases cautious, limited transaction follow-through [SMM Rare Earth Daily Review]

Published: Sep 09, 2026 13:54 (GMT+8)

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[SMM Rare Earth Daily Review: Rare earth prices overall in the doldrums, downstream inquiries and purchases cautious with limited transaction follow-through] Overall, although rare earth price trends and market trading activity weakened in tandem, the overall price decline was limited. Pr-Nd quotes continued to pull back but transaction volumes still showed no sign of expansion, with the buy-sell stalemate persisting. Within medium-heavy rare earths, trading was divergent: terbium saw increased discount-driven shipments, with transactions mostly concentrated in low-priced cargoes, while dysprosium, holmium, and erbium saw steady inquiries and stable quotes. In the short term, the price trend for Pr-Nd products still needs to be assessed against market trading conditions, and is likely to consolidate within a narrow range.

SMM, September 9: Rare earth market prices were broadly in the doldrums today. Specifically, in the oxide market, Pr-Nd oxide prices fell by 1,500 yuan/mt, dysprosium oxide prices were flat, terbium oxide prices fell by 20,000 yuan/mt, gadolinium oxide prices fell by 1,000 yuan/mt, holmium oxide prices were flat, and erbium oxide prices were flat.

In the metal market, Pr-Nd alloy prices fell by 2,500 yuan/mt, dysprosium-iron alloy prices fell by 5,000 yuan/mt, terbium metal prices fell by 25,000 yuan/mt, gadolinium-iron alloy prices fell by 1,000 yuan/mt, holmium-iron prices were flat, and lanthanum-cerium metal (alloy grade) prices were flat.

In markets outside China, this week's FOB prices for Pr-Nd oxide and medium-heavy rare earth products broadly followed the Chinese market lower: terbium oxide FOB and terbium metal FOB each fell by $7/kg, and neodymium oxide FOB fell by $5/kg; praseodymium oxide FOB, dysprosium oxide FOB, Pr-Nd oxide (FOB China), Pr-Nd alloy (FOB China), praseodymium metal FOB, and neodymium metal FOB held steady.

Currently, rare earth market prices are broadly consolidating on a subdued note. Focusing on the Pr-Nd market, Pr-Nd oxide futures prices continued to run in the doldrums, with suppliers trimming offers slightly, but factory quotes remained relatively firm, limiting the overall decline. On the metal side, quotes were lowered slightly in tandem with weaker raw material prices, but downstream magnetic material enterprises were cautious in inquiries and purchases, showed limited acceptance of high-priced cargoes, and actual transactions failed to gain traction. With metal enterprises facing losses, they had limited willingness to concede on prices, leaving buyers and sellers in a stalemate and the market in a wait-and-see mood.

In the medium-heavy rare earth market, terbium products posted the steepest declines. Terbium oxide extended its pullback and terbium metal moved lower in tandem, mainly pressured by persistently blocked high-priced transactions and insufficient downstream acceptance, with more suppliers selling at concessions. Dysprosium products were relatively resilient, with dysprosium oxide holding steady for now; although dysprosium-iron alloy edged lower, the decline on the metal side was relatively limited thanks to raw material cost support. Gadolinium products slipped modestly, while holmium and erbium products remained stable.

Overall, although rare earth price trends and market trading activity weakened in tandem, the overall price decline was limited. Pr-Nd quotes continued to pull back but transactions still showed no volume increase, and the buyer-seller stalemate persisted. Within medium-heavy rare earths, trading was divergent: more suppliers of terbium products sold at concessions, with deals concentrated in low-priced cargoes, while inquiries for dysprosium, holmium, and erbium were steady and quotes held firm. In the near term, Pr-Nd product price trends will still need to be assessed against market trading conditions, and prices may continue to move sideways.

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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