Highlights

• Myanmar rare earth ore imports have resumed, causing price declines and weakening market sentiment.
• Downstream manufacturers are hesitant, adopting a wait-and-see approach with reduced transaction volumes.
• The rare earth sector is experiencing a price correction phase with uncertain short-term market liquidity.

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Citing a March 26 market update from Shanghai Metals Market (SMM), rare earth prices across multiple categories—including oxides, metals, and recycled materials—continued to decline this week as confirmed news of resumed rare earth ore imports from Myanmar triggered aggressive low-price selling by suppliers. Downstream buyers, meanwhile, remained cautious and hesitant, waiting for prices to stabilize.

Key Developments

• Myanmar Ore Imports Resume: The official confirmation of rare earth ore imports from Myanmar—a key source of heavy rare earths such as dysprosium and terbium—has alleviated previous supply concerns. This return of supply has weakened market sentiment and spurred suppliers to dump inventory at lower prices.
• Downstream Caution: Despite the price drops, downstream manufacturers and buyers remain hesitant, adopting a wait-and-see approach. This has led to weak transaction volumes and subdued demand across the board.

Shanghai Metals Market (opens in a new tab) (SMM), along with the Asian Metal report on pricing out of China, pointed to the most recent trends in “Rare Earth Morning Meeting Summary,” March 26, 2025.

Price Highlights (as of March 26)

Rare Earth Element	Summary
Rare Earth Oxides	Praseodymium-Neodymium (Pr-Nd) Oxide: ¥437,000–439,000/mtDysprosium Oxide: ¥1.62–1.64 million/mtTerbium Oxide: ¥6.38–6.43 million/mt
Rare Earth Metals	Pr-Nd Alloy: ¥538,000–542,000/mtDysprosium-Iron Alloy: ¥1.6–1.61 million/mtTerbium Metal: ¥8.03–8.07 million/mt
NdFeB Blanks (Magnet Precursor Materials)	Prices range from ¥145/kg for lower-grade material to ¥265/kg for high-grade blanks (45SH)
Recycled NdFeB Scrap	Recycled Pr-Nd: ¥469–474/kgRecycled Dysprosium: ¥1,613–1,635/kgRecycled Terbium: ¥5,232–5,341/kg

What are some Market Dynamics?

• Overhang of Supply: With Myanmar ore back on the market, separation plants have increased their deductions on processing charges, and suppliers are offloading inventory to avoid losses in a falling market.
• Muted Demand: Buyers are not responding aggressively to lower prices. Many downstream users are cautious, especially in the magnetic materials sector, where demand has become increasingly selective and purchase volumes have been reduced.
• Price-Driven Paralysis: As is typical in commodity markets, the fear of further price declines has created a self-reinforcing cycle of buyer reluctance, further pressuring transaction prices.

Outlook

The rare earth sector appears to be entering a phase of price correction following previous tightness linked to Myanmar’s export suspensions. While supply normalization may ease cost pressures for manufacturers in the medium term, the short-term implications include poor transaction liquidity, tighter margins, and uncertainty across the rare earth supply chain.