Rare Earth Prices Remain Stable Overall, Market Trading Continues to Be Weak [SMM Rare Earth Daily Review]

SMM, September 11: Rare earth prices were largely stable today. Specifically, in the oxide market, Pr-Nd oxide prices were flat, dysprosium oxide prices were flat, terbium oxide prices fell by 30,000 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 were flat, dysprosium-iron alloy prices were flat, terbium metal prices fell by 10,000 yuan/mt, gadolinium-iron alloy prices were flat, holmium-iron prices were flat, and lanthanum-cerium metal (alloy grade) prices were flat.

In markets outside China, FOB prices for Pr-Nd oxide and medium-heavy rare earths were mostly soft this week: terbium oxide FOB and terbium metal FOB prices fell by $7/kg each, while neodymium oxide FOB prices 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 prices were stable.

Currently, rare earth prices are largely stable, with mixed trends in medium-heavy rare earths. In the Pr-Nd market, offers were steady, with no notable adjustments in oxide and metal prices, mainly because raw material and metal sides remained in a weak balance: metal producers found it hard to raise offers further or had little room to cut prices amid losses, while downstream magnetic material enterprises remained cautious in inquiries and purchases, with actual deals focused on low-priced cargoes, limited follow-through, and a strong wait-and-see sentiment.

In the medium-heavy rare earth market, terbium products posted the steepest declines, with terbium oxide down sharply and terbium metal moving lower in tandem, mainly due to persistent resistance to high-priced deals and insufficient downstream acceptance, prompting more suppliers to sell at discounts. Dysprosium products were stable, with dysprosium oxide and dysprosium-iron alloy prices both flat. Gadolinium products edged lower slightly, with gadolinium oxide down a touch while gadolinium-iron held steady. Holmium and erbium products remained stable.

Overall, the market lacked clear directional guidance, with most product prices unchanged and trading activity remaining weak: Pr-Nd inquiries saw limited follow-through, with actual deals concentrated on low-priced cargoes; terbium products saw more discount selling, with transactions mostly at low levels; dysprosium, gadolinium, holmium, and erbium inquiries were steady, with deals mainly small orders for immediate needs. In the short term, with the Mid-Autumn Festival holiday approaching, Pr-Nd product prices may drift higher, supported by pre-holiday stockpiling from magnetic material enterprises, but whether gains can be sustained will depend on actual downstream order placements.