[SMM Rare Earth Morning Meeting Summary] Pr-Nd Eases from Highs, Terbium Series Holds Steady in Wait-and-See Mode

SMM, October 19:

Rare earth ore:

Prices:Rare earth carbonate prices were about 60,200 yuan/mt, chlorinated rare earth flake prices were about 63,500 yuan/mt, and medium-yttrium, europium-rich ore was about 247,500 yuan/mt.

Supply and demand:Ore prices held steady, with the stalemate between buyers and sellers unchanged; the pace of raw material inventory drawdown at separation plants remained slow, restocking was still limited to production necessities, miners continued to hold their original offers, price expectations between the two sides remained difficult to converge, and actual transactions were still few.

Rare earth oxides:

Prices:Pr-Nd oxide offer prices held steady with no new direction; dysprosium oxide offers remained unchanged; terbium oxide consolidated at lows with no fluctuations.

Supply and demand:Last week, Pr-Nd oxide sellers did not ease their offers, metal producers entered the market at a moderate pace, mostly making just-in-time procurement according to production plans, and acceptance of high-priced resources was average; the dysprosium market saw sluggish inquiries, with the stalemate between buyers and sellers unresolved; terbium buyers remained cautious, with transactions mostly concentrated at lower offers, and overall activity showed no improvement.

Rare earth metals:

Prices:Pr-Nd alloy offers eased slightly from highs, with insufficient transaction follow-through; dysprosium-iron alloy offers continued to consolidate; terbium metal offers held steady.

Supply and demand:Last week, Pr-Nd alloy offers moved slightly lower, with the high end pulling back, as the metal side gave up some room amid insufficient transaction follow-through; raw material prices pulled back in tandem, weakening cost support, and the daily center shifted lower; downstream inquiries were light, dominated by just-in-time procurement, with limited actual deals. For medium-heavy rare earths, terbium metal entered a wait-and-see mode after stopping falling; dysprosium-iron alloy offers showed no fluctuations, with only sporadic transactions.

NdFeB blanks:

Prices:NdFeB blank N35 (Ce) was quoted at 208-218 yuan/kg, NdFeB blank 35M at 253-263 yuan/kg, and NdFeB 35UH at 353-373 yuan/kg.

Supply and demand:Last week, NdFeB blank offers showed no significant changes, mainly because raw material prices remained unchanged. In terms of trading, affected by the overall end-use consumption environment, motor plants saw sluggish end-user transactions, which transmitted to the magnetic material procurement side; most motor plants maintained short-term, small-batch just-in-time restocking and had yet to release large-volume orders.

NdFeB scrap:

Prices:Pr-Nd recycled from NdFeB scrap prices ran steadily, while dysprosium recycled from NdFeB scrap and terbium recycled from NdFeB scrap prices held stable.

Supply and demand:Last week, the scrap market continued to run steadily, mainly influenced by oxide prices stabilizing at highs. Recycling enterprises made no significant adjustments to their external purchase offers, just-in-time procurement activity was limited, the market trading atmosphere was sluggish, and actual trading performance was average.