Highlights

• Rare earth prices are experiencing a moderate decline across oxides, metals, and recycled materials due to persistently weak end-use demand.
• Upstream ore prices remain firm.
• Midstream and downstream activities have softened, with manufacturers and traders showing cautious market sentiment.
• Price reductions are evident in key rare earth materials like Pr-Nd oxide, dysprosium and terbium oxides, and NdFeB magnet segments.
• These trends reflect reduced confidence in EV and industrial markets.

A broad but moderate decline in rare earth prices across oxides, metals, and recycled materials appears to be driven by persistently weak end-use demand and cautious downstream buying reports Shanghai Metals Market (opens in a new tab) (SMM).

While upstream ore prices like monazite and europium-rich concentrates remain firm, the midstream and downstream activity has softened.

Factories are reluctant to offer, traders are discounting to offload inventory, and overall market sentiment remains subdued.

Prices for Pr-Nd oxide now range between ¥425,000–427,000/mt, with dysprosium and terbium oxides trading at ¥1.62–1.64 million/mt and ¥7.15–7.18 million/mt, respectively. Pr-Nd alloy has slipped to ¥527,000–529,000/mt, while dysprosium-iron alloy and terbium metal are quoted around ¥1.58–1.59 million/mt and ¥8.85–8.9 million/mt.

In the magnet segment, NdFeB blanks and scrap prices are also down, reflecting muted confidence among manufacturers and weak demand from EV and industrial motor sectors.

According to the China-based pricing source, miners are holding back supply at elevated ore prices, and buyers are hesitant to commit. The market faces a growing disconnect between upstream strength and downstream fragility. Unless end-use demand rebounds, further price corrections appear likely. Rare Earth Exchanges will continue to track market movements and SMM data to identify potential turning points across the rare earth value chain.