Summary: SMM’s September 18 daily review found rare-earth oxides broadly stable while dysprosium-iron alloy and terbium metal moved lower. Transaction volume remained limited, with downstream users buying mainly for immediate needs.
Oxides held while selected metals weakened
Shanghai Metals Market described a divided rare-earth market on September 18: major oxide quotations were stable, while dysprosium-iron alloy and terbium metal continued to ease. Pr-Nd oxide and Pr-Nd alloy were unchanged for a second day, and previously adjusted gadolinium, holmium and erbium products moved into consolidation.
SMM reported that the metal-side reductions produced only limited improvement in actual shipments. Buyers and sellers remained apart at relatively low trading levels, and high-priced transactions met resistance.
Demand was mainly just in time
Magnetic-material companies continued to compare prices and seek purchases near the lower end of quotations. Orders were mostly sporadic and linked to immediate production requirements rather than broad inventory building. SMM identified pre-holiday stocking as an important variable, but the assessment did not show that such stocking had begun at scale.
For magnet buyers, this pattern can create mixed quotations. An oxide may be stable while a metal or alloy input softens, yet the finished component price may not move proportionally because conversion costs, grade chemistry, machining, coating and inspection remain significant.
Practical purchasing implications
When comparing NdFeB or SmCo quotations during a quiet market, buyers should normalize the commercial assumptions before focusing on unit price:
- confirm the exact grade, temperature requirement and magnetic acceptance criteria;
- separate tooling or sample costs from repeat-production pricing;
- compare coating, tolerances, magnetization and inspection scope;
- check the price-validity period and raw-material adjustment clause; and
- avoid over-ordering solely because one upstream metal moved lower.
Near-term stabilization still lacks a strong demand base
SMM’s review suggests that the pace of further declines in dysprosium and terbium metal could narrow if oxide prices continue to hold. However, the report also states that the market does not yet have the foundation for a broad trend reversal. Procurement plans should therefore use current quotations and confirmed production demand rather than assume either a rebound or continued decline.
Source: Shanghai Metals Market, September 18, 2026 at 11:42.