Summary: SMM’s September 11 morning review showed stable NdFeB blank quotations and moderate magnet-sector activity. Higher operating rates at main-drive motor plants were not enough to offset softer industrial-motor demand and limited export recovery, so buyers should treat stable prices as a market balance signal rather than evidence of broad demand growth.
NdFeB blank quotations remained stable
Shanghai Metals Market reported indicative quotations of 207-217 yuan per kilogram for N35 cerium-containing NdFeB blanks, 252-262 yuan per kilogram for 35M blanks, and 352-372 yuan per kilogram for 35UH blanks. According to the report, overall raw-material prices were steady enough to support finished magnetic-material quotations.
The demand picture was mixed. Operating rates at main-drive motor plants improved, but industrial-motor activity continued to trend lower. Export recovery was also limited. The result was moderate overall activity rather than a clear expansion in NdFeB orders.
Pr-Nd firmed while buyers resisted higher offers
Pr-Nd oxide futures edged higher and suppliers raised their offer levels as low-priced cargoes became less available. Pr-Nd alloy quotations also moved up with the raw-material recovery. However, downstream magnetic-material buyers remained reluctant to chase the increase, and most negotiations continued to focus on lower-priced material.
Dysprosium moved in the opposite direction. Weak inquiries and difficulty closing high-priced transactions kept shipment pressure on suppliers, while terbium stabilized after earlier declines. These movements matter for high-temperature NdFeB grades, but a change in one input does not produce an immediate one-for-one change in a machined, coated and tested magnet price.
What industrial magnet buyers should check
A stable blank quotation does not define the final cost or availability of a custom magnet. Grade, heavy rare-earth content, magnetic orientation, coating, tolerance, inspection requirements, tooling and order volume can all affect the commercial offer. Production-slot availability may also differ among suppliers even when they quote from the same raw-material reference.
For current RFQs, buyers should request a validity period for the quotation and confirm the exact magnet grade, maximum working temperature, coating system, dimensional tolerance and test method. It is also useful to separate sample lead time from mass-production lead time. That approach gives procurement teams a clearer basis for comparison than a single daily raw-material movement.