Summary: Rare-earth quotations were largely stable on September 11, but terbium oxide and terbium metal moved lower as high-priced deals remained difficult. For NdFeB buyers, the report points to a cautious market in which specification, order timing and verified supplier capacity remain more useful than assuming a broad price trend.
Most rare-earth prices held their ground
Shanghai Metals Market reported flat prices for Pr-Nd oxide, dysprosium oxide and Pr-Nd alloy. Gadolinium oxide edged down by 1,000 yuan per metric ton, while holmium and erbium were unchanged. The overall pattern was a weak balance: producers had limited room to reduce offers because of losses, but downstream buyers were also unwilling to accept higher prices.
Transactions remained concentrated in lower-priced cargoes and small orders for immediate needs. This indicates that stable headline quotations were not accompanied by strong spot-market volume.
Terbium recorded the clearest decline
Terbium oxide fell by 30,000 yuan per metric ton and terbium metal fell by 10,000 yuan per metric ton, according to the daily review. SMM attributed the movement to continued resistance to high-priced deals and greater willingness among some suppliers to offer discounts. Dysprosium products remained stable, while other medium-heavy rare-earth products showed only limited changes.
Outside China, the report said weekly FOB prices were softer for terbium oxide, terbium metal and neodymium oxide, while several other Pr-Nd and medium-heavy rare-earth quotations were stable. These are market reference points, not automatic price changes for finished magnets.
Pre-holiday demand is still a conditional signal
SMM noted that procurement before the Mid-Autumn Festival could provide some support to Pr-Nd prices. Whether that support lasts will depend on actual downstream order placement. Buyers should therefore distinguish confirmed purchase orders from short-term restocking expectations.
For high-temperature NdFeB parts, any potential benefit from a lower terbium reference should be evaluated against the exact grade design and heavy rare-earth strategy used by the manufacturer. A finished quotation also includes alloy conversion, pressing and sintering, machining, coating, magnetization, inspection and yield. Requesting a cost-validity window and confirming the approved specification can reduce the risk of making a sourcing decision from one input-price move alone.