[SMM Rare Earth Morning Meeting Summary] Pr-Nd and terbium both stop falling and stabilize, dysprosium series remains stable, magnetic material scrap continues to wait and see

SMM News, September 18:

Rare earth ore:

Prices:Medium-yttrium, europium-rich ore was priced at around 247,000 yuan/mt, monazite at around 43,000 yuan/mt, and rare earth carbonate at around 59,000 yuan/mt.

Supply and demand:At present, although the supply of rare earth ion-adsorption ore in Southeast Asia has recovered slightly, oxide prices were overall steady, and overall transaction prices for rare earth ore remained in a stalemate.

Rare earth oxides:

Prices:Pr-Nd oxide quotations stopped falling and stabilized, with no further loosening in the afternoon; dysprosium oxide prices showed no fluctuation, while terbium oxide shifted from falling to flat.

Supply and demand:Yesterday, Pr-Nd oxide quotations did not move down further. Metal enterprises’ inquiries and purchases leaned toward price comparisons, with weak willingness to place actual orders, and the center of negotiations was close to the lower end of the quotation range; inquiries for dysprosium oxide were few, with sparse actual orders; terbium oxide steadied after a sharp drop the previous day, suppliers’ willingness to continue offering concessions weakened, and progress in transactions for high-priced cargoes remained sluggish.

Rare earth metals:

Prices:Pr-Nd alloy quotations stopped falling and stabilized, but trading showed no obvious improvement; quotations for dysprosium-iron alloy and terbium metal held steady.

Supply and demand:Yesterday, Pr-Nd alloy offers stabilized, and metal plants’ room for concessions narrowed; however, downstream demand was still dominated by tentative inquiries, with transactions mainly small orders for rigid demand, and trading showed no obvious improvement. For medium-heavy rare earth, terbium metal stopped falling and moved flat, suppliers’ willingness to continue offering concessions weakened, but high-priced transactions were still hindered; dysprosium-iron alloy quotations held steady, with sluggish inquiries.

NdFeB blank:

Prices:NdFeB blank N35 (Ce) closed at 207-217 yuan/kg, NdFeB blank 35M closed at 252-262 yuan/kg, and NdFeB 35UH closed at 352-372 yuan/kg.

Supply and demand:Yesterday, NdFeB blank quotations temporarily held steady. The core reason was that stable raw material prices supported stable NdFeB prices. In terms of transactions, on the domestic demand side, affected by the overall consumption environment, end-user production growth in September was limited. Although the operating rate of major drive motor plants increased somewhat, it could not offset the overall downward adjustment trend in industrial motors. Coupled with limited recovery in exports, overall NdFeB activity was average.

NdFeB scrap:

Prices:Pr-Nd recycled from NdFeB scrap continued in the doldrums, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap held steady.

Supply and demand:Yesterday, scrap market prices continued in the doldrums, mainly affected by weak oxide prices. Recycling enterprises continued to lower their quotations for external purchases, but scrap suppliers were less willing to sell at low prices. Overall wait-and-see sentiment was strong, circulation volume in the compliant, VAT-included scrap market decreased, and overall market trading performance was poor.