Highlights

• Praseodymium-neodymium (Pr-Nd) oxide prices surge to ¥455,000/mt due to strong downstream manufacturer procurement.
• NdFeB magnet makers are experiencing price increases, particularly for higher-grade products like 45SH
• The rare earth market shows mixed signals, with price momentum varying across different rare earth elements.

The latest Shanghai Metals Market (SMM) report shows continued upward pressure on key light rare earth prices, with Praseodymium-Neodymium (Pr-Nd) oxide and alloy leading the charge. Strong procurement from downstream manufacturers is pushing Pr-Nd oxide to ¥455,000/mt and Pr-Nd alloy above ¥558,000/mt. Dysprosium oxide also held firm, hovering around ¥1.67 million/mt amid steady demand from large buyers. Meanwhile, terbium oxide and metal prices remain largely flat, with weak enthusiasm reflecting tepid demand.

Downstream, magnet makers are feeling the squeeze, according to the China-based pricing media. Prices for NdFeB blanks nudged higher as raw material costs rose, especially for higher-grade products like 45SH. Yet scrap markets show hesitation—suppliers are holding inventory amid rising oxides, waiting for firmer signals.

While the Pr-Nd market is hot, the broader rare earth sector remains mixed, with signs of polarization and mounting caution. For investors, the message is clear: price momentum is real, but not universal. Monitor closely, especially terbium’s lag and scrap market sluggishness.

Consider discussing this and other investor perspectives at the Rare Earth Exchanges (opens in a new tab) (REEx) Forum.