SMM Rare Earth Afternoon Trading Comment on September 10

[SMM Rare Earth Weekly Review: Rare earth prices overall in the doldrums, with divergent trends across products and stagnant trading] Pr-Nd oxide prices were reported at 730,000-732,000 yuan/mt, falling first and then stabilizing during the week. From the beginning of the week to Wednesday, prices pulled back continuously along with the futures market, and low-priced offers increased at one point. On Thursday, the futures market stopped falling and recovered, and suppliers tentatively raised their quotations. Low-priced sources were somewhat reduced compared with the earlier period, but downstream willingness to chase higher prices remained limited, and actual transaction volumes continued to be constrained. Demand-side order growth was not obvious, and raw material purchases were mainly based on buying on dips.

[SMM Rare Earth Daily Review: Pr-Nd in the rare earth market stops falling and rebounds; downstream buying interest remains limited, with few transactions] Overall, the rare earth market currently lacks a clear unilateral driver, with bullish and bearish factors intertwined across varieties, and prices and transactions continuing the previous divergence trend. Although Pr-Nd series saw a slight upward probe, downstream willingness to chase higher prices remains limited, with actual negotiations mostly centered on low-priced cargoes and no significant expansion in overall transaction volume. On the medium-heavy rare earth side, dysprosium series still faces shipment pressure with lukewarm inquiries, while terbium series prices remain stable for now, with buyers and sellers turning to a wait-and-see stance. In the short term, whether Pr-Nd prices can continue to move higher still depends on the actual implementation of downstream orders, and prices may remain in a narrow consolidation range.

[Pr-Nd series stops falling and stabilizes, dysprosium and terbium metals continue to decline, magnetic material operating rates diverge with average activity] Yesterday, some suppliers of Pr-Nd oxide made relatively small price concessions on shipments, while factory offers remained relatively firm. Downstream inquiries and purchases were cautious, and transactions progressed slowly. Dysprosium oxide showed relatively strong resistance to declines, with little change in inquiries and limited variation in actual trading. Terbium oxide was difficult to transact at high prices, as downstream acceptance remained insufficient.