Highlights

• Pr-Nd oxide prices rebounded, improving market acceptance and buying interest
• Heavy rare earth oxides remain strong, but downstream demand remains constrained
• NdFeB segment shows price stability amid export restrictions and limited global orders

Shanghai Metals Market (SMM) reports (opens in a new tab) a noticeable uptick in rare earth trading activity, with prices for Pr-Nd oxide rebounding after falling below the psychological threshold of ¥430,000/mt. If this report accurately depicts unfolding dynamics, this price correction improved market acceptance and triggered renewed buying interest.

Heavy rare earth oxides, including dysprosium and terbium, remained strong, while gadolinium and holmium showed early gains before retreating. Despite higher oxide prices, metal producers held firm on alloy pricing, with Pr-Nd alloy quoted at ¥528,000–¥532,000/mt and terbium metal reaching ¥9 million/mt. However, downstream demand remains constrained, particularly from magnetic material manufacturers, with procurement marked by hesitant negotiation and tight liquidity.

In the NdFeB segment, price stability masks deeper uncertainty as export restrictions continue to chill global shipments. While NdFeB blanks maintain stable quotations (e.g., 45SH quoted at ¥242–¥262/kg), many enterprises remain in a wait-and-see mode, citing limited overseas orders. The scrap market also saw subdued volume, with suppliers reluctant to sell at low prices, suggesting short-term stagnation may persist.

Overall, while SMM’s latest update confirms a market in technical recovery, underlying pressure from geopolitical tensions and supply-side caution signals that volatility remains the rare earth sector’s new normal.