SMM, October 19: Rare earth market prices were mixed today. Specifically, in the oxide market, Pr-Nd oxide prices fell by 3,000 yuan/mt, gadolinium oxide prices fell by 1,500 yuan/mt, dysprosium oxide prices were flat, terbium oxide prices were flat, holmium oxide prices rose by 5,000 yuan/mt, and erbium oxide prices rose by 5,000 yuan/mt.
In the metals market, Pr-Nd alloy prices fell by 2,500 yuan/mt, gadolinium-iron alloy prices fell by 1,500 yuan/mt, dysprosium-iron alloy prices were flat, terbium metal prices were flat, holmium-iron prices were flat, and lanthanum-cerium metal prices were flat.
Currently, rare earth market prices are mixed overall, with the Pr-Nd chain weakening while holmium and erbium bucked the trend and moved higher. Focusing on the Pr-Nd market, the overall downward shift in Pr-Nd oxide quotes was mainly driven by lower futures prices. Suppliers' quotes loosened accordingly, their willingness to hold prices firm weakened notably from earlier levels, and low-priced cargoes increased. For Pr-Nd alloy, the pullback in raw material prices weakened cost support, and combined with persistently difficult high-priced transactions, metal enterprises lowered their quotes correspondingly. As oxide prices fell more than metal prices, the price spread between metal and oxide actually widened slightly. On the transaction front, downstream procurement maintained a need-based pace, inquiry activity showed no improvement, and actual deals were limited.
In the medium-heavy rare earth market, the gadolinium segment followed Pr-Nd prices lower, with gadolinium oxide and gadolinium-iron quotes falling in tandem, marking the third consecutive trading day of weakness. The terbium and dysprosium segments remained stable, with no changes in quotes for either oxides or corresponding metals. The holmium and erbium products both moved higher, mainly driven by increased export orders, with the growth concentrated in the oxide segment while the metal segment had yet to follow suit.
Overall, the rare earth market today showed a divergent pattern of "Pr-Nd and gadolinium weakening while holmium and erbium bucked the trend and strengthened": the Pr-Nd chain was triggered by lower futures prices, prompting suppliers to lower prices, with the metal segment following suit and weakening slightly; the gadolinium segment weakened alongside Pr-Nd; holmium and erbium, meanwhile, benefited from increased oxide export orders and moved higher against the trend. On the transaction front, downstream procurement remained primarily need-based, inquiry activity showed no improvement, and price fluctuations mainly stemmed from adjustments on the quote side.
In the short term, the Pr-Nd segment may continue to consolidate on a subdued note amid insufficient transaction follow-through and loosening upstream quotes, and whether it can stabilize will depend on the pace of downstream order releases. For medium-heavy rare earths, the gadolinium segment is linked to Pr-Nd, and its future direction still hinges on whether Pr-Nd can stop falling. Holmium and erbium may remain firm supported by export orders, but the sustainability of oxide export growth needs to be monitored. The terbium and dysprosium segments will likely remain stable in the short term.
![[SMM Rare Earth Morning Meeting Summary] Pr-Nd Eases from Highs, Terbium Series Holds Steady in Wait-and-See Mode](https://imgqn.smm.cn/usercenter/iUuCJ20251217171744.jpeg)
