Summary: SMM’s September 10 morning review showed stable NdFeB blank quotations and only moderate magnet-sector activity, even as Pr-Nd stopped falling and dysprosium and terbium metal quotations continued lower. The practical message for industrial buyers is to separate raw-material movement from finished-magnet capacity, specification and lead-time risk.
NdFeB blank prices held steady
Shanghai Metals Market reported indicative quotations of 217-227 yuan per kilogram for N40 cerium-containing NdFeB blanks, 258-268 yuan per kilogram for 40M blanks, and 362-382 yuan per kilogram for 40UH blanks. SMM said the quotations were stable because overall raw-material prices had stopped moving lower and were providing support to magnetic-material pricing.
Demand was less supportive. Main-drive motor factories increased operating rates, but that improvement was not enough to offset weakness in industrial motors. Limited export recovery also kept overall NdFeB activity at a moderate level. This mix suggests that stable posted prices should not be interpreted as proof of broad order growth.
Pr-Nd stabilized, but heavy rare-earth metals weakened
Pr-Nd oxide sellers made small concessions while factory offers remained comparatively firm. Downstream inquiries and purchases were cautious, and transactions progressed slowly. Pr-Nd alloy quotations were also stable as producers facing losses resisted further cuts.
Dysprosium-iron alloy and terbium metal moved differently. High-priced transactions remained difficult, and metal producers increased concessions to move material. For high-temperature NdFeB grades that may use heavy rare earths, this is relevant input-cost information, but it does not automatically translate into an immediate or equal reduction in finished-part prices.
Scrap supply remained tight and trading moderate
Recycled Pr-Nd, dysprosium and terbium recovered from NdFeB scrap were broadly stable. Recycling companies made no major changes to purchase quotations, while suppliers were reluctant to sell low and the circulation of compliant tax-inclusive scrap remained limited. That points to a scrap channel with its own availability and traceability constraints.
For RFQs, buyers should request the exact magnet grade, coating system, dimensional tolerance, magnetic orientation, working-temperature requirement and test method. They should also confirm whether quoted lead times reflect real production slots. These checks are more reliable than using one day’s raw-material move as a substitute for a finished-magnet sourcing decision.