[SMM Rare Earth Morning Meeting Summary] Pr-Nd series stopped rising and shifted to a stable weak balance, dysprosium series temporarily stable while terbium continued to decline, magnetic material activity was average

SMM, September 14:

Rare earth ore:

Prices: Rare earth carbonate prices stood at approximately 59,200 yuan/mt, chlorinated rare earth sheet prices at approximately 63,500 yuan/mt, and monazite at approximately 43,000 yuan/mt.

Supply and demand: Currently, although supply of ion-adsorption ore from Southeast Asia has recovered slightly, oxide prices remained broadly stable overall, and rare earth ore transaction prices remained in a stalemate.

Rare earth oxides:

Prices: Pr-Nd oxide quotes were flat last Friday; dysprosium oxide prices were also flat, while terbium oxide continued to decline.

Supply and demand: Last week, Pr-Nd oxide consolidated within a narrow range, with upstream and downstream temporarily in a weak balance, and demand-side inquiries remained cautious; dysprosium oxide quotes were stable, with limited changes in market inquiries, and transactions were mainly small rigid-demand orders; terbium oxide continued to decline, with higher prices still difficult to gain acceptance, suppliers increasingly selling at lower prices, and transactions mostly concluded at low levels.

Rare earth metals:

Prices: Pr-Nd alloy quotes remained stable, with market inquiries performing generally; dysprosium-iron alloy quotes edged down slightly, and terbium metal quotes remained stable.

Supply and demand: Last week, Pr-Nd alloy prices stopped rising and turned stable, with downstream acceptance of high prices limited, inquiries mainly for small rigid-demand orders, actual negotiations still centered on low-priced sources, high-priced transactions scarce, and trading activity showing no improvement; in the medium-heavy rare earth market, dysprosium series remained broadly stable, terbium prices saw a slight correction, downstream wait-and-see sentiment was relatively strong, and transactions were sluggish.

NdFeB blanks:

Prices: NdFeB blank N38 (Ce) was quoted at 212-222 yuan/kg, NdFeB blank 40M at 258-268 yuan/kg, and NdFeB 40UH at 362-382 yuan/kg.

Supply and demand: Last week, NdFeB blank quotes edged down slightly, mainly because raw material prices fell slightly, driving NdFeB prices lower. In terms of trading, domestic demand was affected by the overall consumption environment, with end-user production growth limited in September. Although operating rates at main drive motor plants increased somewhat, this could not offset the overall downward trend in industrial motors. Combined with limited export recovery, overall NdFeB activity was mediocre.

NdFeB scrap:

Prices: Pr-Nd recycled from NdFeB scrap prices continued to remain stable, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices held steady.

Supply and demand: Last week, the scrap market continued to run steadily, mainly affected by relatively small fluctuations in oxide prices. Recycling enterprises made no significant adjustments to external purchase quotes, scrap suppliers showed weak willingness to sell at low prices, the circulation of compliant tax-inclusive scrap in the market remained relatively small, and overall market trading activity was mediocre.