[SMM Rare Earth Morning Meeting Summary] Pr-Nd oxide consolidated on a subdued note in the afternoon with more seller concessions, dysprosium remained stable while terbium held steady at low levels, and magnetic material activity was moderate.

SMM, September 16:

Rare earth ore:

Prices: Medium-yttrium, europium-rich ore prices were about 247,500 yuan/mt, chlorinated rare earth flake prices were about 63,500 yuan/mt, and monazite was about 43,000 yuan/mt.

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

Rare earth oxides:

Prices: Pr-Nd oxide quotes consolidated on a subdued note in the afternoon; dysprosium oxide remained stable, and terbium oxide held steady at low levels.

Supply and demand: Yesterday, affected by fluctuations in Pr-Nd oxide futures prices, sellers made more concessions in the afternoon, magnetic material enterprises showed weak willingness to enter the market, low-priced cargoes remained the mainstay of transactions, and actual shipments were limited; dysprosium oxide quotes remained stable, inquiries were limited, and actual deals were sporadic; high-priced offers for terbium oxide were still difficult to secure, suppliers made small price concessions to promote sales, and actual negotiated prices were low.

Rare earth metals:

Prices: Pr-Nd alloy quotes remained stable, and market trading remained in a stalemate; dysprosium-iron alloy and terbium metal quotes held steady.

Supply and demand: Yesterday, Pr-Nd alloy quotes were lowered in the afternoon following weakness in raw material prices, but downstream inquiries did not increase, actual negotiations still centered on low-priced cargoes, and trading showed no improvement. For medium-heavy rare earths, dysprosium-iron alloy quotes held steady with sluggish inquiries; terbium metal saw a slight correction, with buyers and sellers mostly on the sidelines and overall transactions subdued.

NdFeB blanks:

Prices: NdFeB blank N38 (Ce) was quoted at 207-217 yuan/kg, NdFeB blank 35M at 252-268 yuan/kg, and NdFeB 35UH at 352-372 yuan/kg.

Supply and demand: Yesterday, NdFeB blank quotes were temporarily stable, mainly because stable raw material prices kept NdFeB prices steady. In terms of trading, domestic demand was affected by the overall consumption environment, terminal production growth in September was limited, and although operating rates at main drive motor plants increased, they could not offset the overall downward trend in industrial motors. Coupled with limited export recovery, overall NdFeB activity was mediocre.

NdFeB scrap:

Prices: Pr-Nd recycled from NdFeB scrap prices were stable, and dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices held steady.

Supply and demand: Yesterday, scrap market prices were stable, mainly affected by relatively small fluctuations in oxide prices. Recycling enterprises did not significantly adjust their external purchase quotes, scrap suppliers showed weak willingness to sell at low prices, the circulation of compliant tax-inclusive scrap in the market remained limited, and overall market trading was mediocre.