Rare Earth Prices Pulled Back, with Strong Wait-and-See Sentiment Downstream [SMM Rare Earth Weekly Review]

March 5 Update:

Rare earth ore:

Today, the price range of rare earth carbonate was 68,400-68,800 yuan/mt, monazite was adjusted to 5.9-6.3 yuan/mt, and medium-yttrium, europium-rich ore was priced at approximately 278,000-275,000 yuan/mt. Recently, most ore suppliers reported that sales on the rare earth ore side were currently relatively difficult; downstream separation plants showed weak purchase willingness, with strong bargaining pressure on inquiries, and actual selling prices on the ore side fell significantly.

Rare earth oxides:

This week, market prices for certain rare earth oxide products began to pull back due to news-related factors. Lanthanum oxide prices were relatively stable this week, remaining at 5,000-5,200 yuan/mt; cerium oxide supply was tight, and its price continued to be raised this week to 13,500-13,800 yuan/mt. In the Pr-Nd oxide market, affected by news-related factors, wait-and-see sentiment among downstream metal plants intensified; some traders proactively cut prices to drive shipments, and as of today, Pr-Nd oxide pulled back to 845,000-850,000 yuan/mt. For medium-heavy rare earth, dysprosium oxide quotes, amid sluggish activity in downstream inquiry-based purchasing, also began to show a clear pullback, with dysprosium oxide moving down within the week to 1.52-1.53 million yuan/mt. Terbium oxide suppliers’ quotes also started to move down, with prices adjusted to 6.33-6.37 million yuan/mt; downstream inventory was currently relatively sufficient, and restocking willingness was weak. Gadolinium oxide prices saw a slight downward adjustment as market sentiment cooled, with suppliers’ quotes pulling back to 250,000-253,000 yuan/mt. Holmium oxide market quotes also pulled back noticeably, with prices adjusted to the 550,000-555,000 yuan/mt range. Erbium oxide suppliers’ quotes remained firm, with low-priced supply hard to find in the market; its price was further raised after the holiday to 400,000-410,000 yuan/mt. Yttrium oxide saw relatively active inquiries, with relatively tight market supply, and its market price was raised within the week to 71,000-75,000 yuan/mt.

Rare earth metals:

This week, after a continued pullback, Pr-Nd alloy prices stabilized, with Pr-Nd alloy adjusted down to 1.03-1.05 million yuan/mt. This week, amid disruptions from market news, downstream purchasing sentiment shifted to a wait-and-see stance, with a relatively cautious purchasing attitude, mostly limited to just-in-time restocking for rigid demand. Meanwhile, some oxide traders proactively cut prices to drive shipments; with a lack of cost support, Pr-Nd alloy prices continued to be adjusted downward. As rigid-demand inquiry activity from downstream magnetic material enterprises increased, Pr-Nd alloy prices stopped falling and stabilized; however, due to limited actual transactions, prices overall ran steadily, and wait-and-see sentiment in the market was strong. In the medium-heavy rare earth market, dysprosium-iron alloy closed at 1.47-1.49 million yuan/mt. Affected by reduced inquiry-based purchasing activity from magnetic material enterprises and a pullback in raw material prices, metal enterprises’ quotes saw a clear downward adjustment, but actual transactions did not improve. Terbium metal prices were also affected by reduced inquiry activity from magnetic material enterprises. Suppliers’ offers continued to pull back, with prices lowered to 7.9-7.93 million yuan/mt. This week, gadolinium-iron alloy saw prices continue to pull back due to the ongoing pullback in Pr-Nd product prices. Meanwhile, downstream inquiry and purchasing activity decreased, prompting suppliers to lower their offers to 238,000-240,000 yuan/mt.

Rare Earth Permanent Magnets:

Currently, NdFeB blank N38 (Ce) closed at 240-250 yuan/kg; NdFeB blank 40M closed at 286-296 yuan/kg; NdFeB blank 40H closed at 290-300 yuan/kg; NdFeB blank 45SH (ce) closed at 340-360 yuan/kg.

In terms of prices, NdFeB prices edged down slightly this week, while the overall trend remained basically stable. The core reason was that the continued pullback in prices of Pr-Nd oxide and metal, the raw material for NdFeB, drove NdFeB prices lower. In trading, market activity this week showed no significant change compared with earlier. On the one hand, at the beginning of the month, downstream motor plants and end-users restocked to meet rigid demand, and inquiry frequency increased. On the other hand, amid significant fluctuations in bulk raw material prices and many unstable factors, major motor producers and end-users maintained strong wait-and-see sentiment and were reluctant to place orders, waiting for subsequent changes.

Rare Earth Scrap:

This week, Pr-Nd recycled from NdFeB scrap closed at 795-805 yuan/kg; dysprosium recycled from NdFeB scrap closed at 1,440-1,460 yuan/kg; terbium recycled from NdFeB scrap closed at 5,900-6,100 yuan/kg.

This week, scrap market prices pulled back, mainly due to the continued pullback in oxide market prices, prompting recycling enterprises to correspondingly lower their scrap purchase offers. As scrap prices continued to pull back, suppliers’ willingness to sell was weak. Coupled with magnetic material enterprises’ low spot cargo inventory of scrap, scrap circulation in the market was limited, and overall trading sentiment was sluggish.