Latest Update in the SMM Rare Earth Metals Market

Ex-China rare earth prices were largely stable this week, with only terbium oxide, terbium metal, and cerium oxide edging lower, while other products consolidated in a narrow range and actual transaction volumes were sluggish. On the resource side, Greenland's Tanbreez mining plan was approved through 2050, the US Colosseum mine faced a judicial delay, and Australia's Jupiter finalized its first indicated resources. Indonesia initiated cooperation talks on rare earths and phosphates with Gabon and Congo Republic. In terms of supply reshaping, Lynas acquired Meteoric for AUD 968 million, securing Brazil's largest ionic clay project, while Arafura raised the five-year offtake annual NdPr supply from the Nolans project to 850 mt. Midstream, the Japanese JV at Lofdal in Namibia is expected to complete approvals within 30 days, and Chile's Aclara molten salt electrolysis metallization demonstration plant commenced production, gradually filling the gaps in Western rare earth processing capabilities.

[SMM Rare Earth Daily Review: Rare earth prices move sideways, with no improvement in inquiry activity] In the short term, Pr-Nd series prices are likely to move sideways amid insufficient transaction follow-through, and the strength shift between the metal side and the raw material side will still depend on the pace of downstream order releases. For medium-heavy rare earths, after the weakening of gadolinium series, attention should be paid to whether it spreads to other varieties. After consecutive price increases of erbium products, attention should be paid to whether transactions can sustain the gains. Terbium and dysprosium series are likely to remain stable in the short term.

[SMM Rare Earth Morning Meeting Summary: Pr-Nd Oxide Continues to Rise, Terbium Series Stops Falling and Stabilizes] The quote center for Pr-Nd oxide continued to edge higher, with low-priced offers hard to find; dysprosium oxide's decline paused for now, with prices stabilizing; terbium oxide consolidated at low levels, with no further downward movement for the time being.

[SMM Recycled Rare Earth Weekly Review: Scrap Prices Consolidate at Highs; Recycling Purchases Remain Cautious at Elevated Levels] Overall, this week, scrap Pr-Nd prices stabilized first and then rose, stabilizing at highs from mid-week onward. Recycling enterprises followed market trends and remained cautious about chasing higher prices. Suppliers' willingness to sell shifted from wait-and-see to recovering, and market trading gradually improved. In the short term, scrap Pr-Nd prices are expected to continue consolidating at highs, with future trends still dependent on Pr-Nd oxide price movements and recycling enterprises' procurement pace.

[SMM Rare Earth Weekly Review: Pr-Nd Firm at Highs with Stalled Gains; Dy and Tb Weaken, While Ho and Er Lead the Rise] Terbium oxide was lowered to 6.36-6.4 million yuan/mt, consolidating at low levels with the decline temporarily slowing, but the weak sentiment remained unchanged. Metal plants turned more conservative in purchasing, with actual deals mostly concluded at the low end of the range. Gadolinium oxide prices remained at 190,000-192,000 yuan/mt, with both supply and demand appearing calm, and suppliers mainly holding prices steady while waiting on the sidelines. Holmium oxide prices adjusted to 647,000-653,000 yuan/mt, with the holmium segment clearly strengthening and oxide gains leading the market, though whether transactions can follow through remains to be seen. Erbium oxide prices were further raised to 690,000-705,000 yuan/mt, with quote centers continuing to move higher. Suppliers offered limited shipments, and downstream buyers purchased on an as-needed basis. Yttrium oxide (5N) was at 58,000-60,000 yuan/mt, and yttrium oxide (3N) at 28,000-30,000 yuan/mt, with demand mediocre and actual orders insufficient, leaving prices lacking upward support.

[SMM Rare Earth Daily Review: Rare Earth Prices Overall Stable; Holmium Series Strengthens While Terbium Series Stops Falling] Currently, rare earth market prices are running steadily overall, with most varieties holding at previous prices and individual products strengthening. Focusing on the Pr-Nd market, the quotation range for Pr-Nd oxide narrowed slightly, with low-priced supply further decreasing and suppliers' quotation center edging up slightly. Pr-Nd alloy quotations remained unchanged, as the metal side lacked new adjustment drivers on both the cost and transaction fronts, with metal enterprises mainly maintaining their quotations. On the transaction side, downstream procurement continued to follow a just-in-time pace, with overall inquiry activity remaining weak and limited actual orders following through.

[SMM Rare Earth Morning Meeting Summary: Pr-Nd Stabilizes at High Levels, Terbium Series Decline Narrows] Pr-Nd oxide prices remain firm at high levels, with quotes showing no signs of easing; dysprosium oxide prices pulled back slightly; terbium oxide consolidated at low levels, with the downward trend temporarily slowing.