September Pr-Nd oxide production rebounds about 3% MoM; will the tight supply pattern persist? [SMM Analysis]

Published: Oct 10, 2026 14:19 (GMT+8)

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[SMM Analysis: September Pr-Nd Oxide Production Rebounds About 3% MoM, Will the Tight Supply Pattern Continue?] SMM statistics show that China's Pr-Nd oxide production rose about 3.0% MoM in September 2026. Looking at the monthly trend, September Pr-Nd oxide production saw a slight rebound after a brief pullback in August.

SMM, October 10: According to SMM statistics, China's Pr-Nd oxide production in September 2026 rose by approximately 3.0% MoM. Looking at the monthly trend, Pr-Nd oxide production in September rebounded slightly after a brief pullback in August.

Since late August, Pr-Nd oxide prices have recovered from lows, and operating rates at some scrap recycling enterprises have increased, serving as the main support for the MoM production growth in the month. However, the growth in oxide supply remains constrained by total rare earth mining, smelting and separation control indicators and separation enterprises' capacity, keeping the overall pace of supply release relatively slow. This has also led to a strong willingness among upstream holders to hold prices firm. Although downstream demand remained persistently weak, Pr-Nd oxide prices drifted higher overall.

Looking ahead to October, a small number of separation enterprises may resume production after the National Day holiday, while rigid purchasing by downstream metal plants is expected to continue amid Q4 stockpiling expectations. Pr-Nd oxide supply is likely to remain stable with slight growth. However, given the rigid constraints of total volume indicators, the probability of a significant supply surge is limited, and prices are expected to move sideways within a range.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

Images in this article contain AI-translated captions for reference only.

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