Rare Earth Prices Remain Stable Overall; Post-Holiday Market Trading Awaits Recovery [SMM Rare Earth Daily Review]

SMM, October 8: Rare earth market prices were largely stable today. Specifically, in the oxide market, Pr-Nd oxide prices were flat, gadolinium oxide prices were flat, dysprosium oxide prices were flat, terbium oxide prices fell by 10,000 yuan/mt, holmium oxide prices were flat, and erbium oxide prices were flat.

In the metal market, Pr-Nd alloy prices were flat, gadolinium-iron alloy prices were flat, dysprosium-iron alloy prices were flat, terbium metal prices were flat, holmium-iron prices were flat, and lanthanum-cerium metal prices were flat.

In markets outside China, CIF prices were largely stable this week, while neodymium oxide CIF prices continued to decline: Pr-Nd oxide (CIF Rotterdam Port) and Pr-Nd alloy (CIF Rotterdam Port) were stable, and neodymium oxide CIF (Rotterdam Port) fell by $10/kg.

Currently, rare earth market prices are largely stable overall, with Pr-Nd products holding at pre-holiday levels on the first trading day after the holiday. Focusing on the Pr-Nd market, quotations for both Pr-Nd oxide and Pr-Nd alloy remained at pre-holiday levels. The quotation range for oxides narrowed compared with before the holiday, supplier quotations became more uniform, and low-priced cargo was hard to find in the market. On the metal side, prices remained stable, supported by firm raw material costs, and the willingness to sell at low prices remained weak. The market has not yet fully returned to its normal pace after the holiday. Downstream magnetic material enterprises were mainly digesting pre-holiday inventory and sorting out orders on hand, with limited interest in inquiries and few actual transactions. New concentrated procurement has not yet started.

In the medium-heavy rare earth market, terbium oxide quotations edged lower, extending the weak trend seen before the holiday, while terbium metal quotations remained unchanged, with the processing side not yet following the decline in raw materials. Dysprosium, gadolinium, and holmium products were stable across the board, with no changes in quotations for dysprosium oxide, gadolinium oxide, holmium oxide, or their corresponding metals. Erbium products held at pre-holiday levels, with the quotation center unchanged.

Overall, rare earth market prices were largely stable today. Pr-Nd products basically maintained pre-holiday quotations on the first day after the holiday. Most medium-heavy rare earth varieties returned to stability, with only terbium oxide posting a slight catch-up decline, and the metal side has not yet followed, leaving adjustment pressure concentrated in the raw material segment. In terms of transactions, the market was dominated by recovery-driven inquiries on the first day after the holiday. Downstream procurement has not yet started in a concentrated manner, and the follow-through on inquiries and actual orders remains to be seen.

In the short term, the market will gradually return to its normal pace after the holiday, and the price direction will depend on actual order fulfillment at downstream magnetic material enterprises. Currently, Pr-Nd quotations are firm and cost support remains in place. If post-holiday orders and restocking demand are gradually released, the price center is expected to stay firm. If downstream acceptance of current price levels is limited, the processing segment's efforts to hold prices firm may face a test. For medium-heavy rare earths, if terbium oxide continues to weaken, attention should be paid to whether the metal side follows with adjustments. Dysprosium, gadolinium, holmium, and erbium products lack independent drivers and will likely remain largely stable in the short term.