Summary: SMM’s September 17 weekly review reported weaker Pr-Nd and several medium-to-heavy rare-earth products, while quoted NdFeB blank prices were unchanged and transaction activity remained moderate. The snapshot suggests buyers should separate short-term raw-material movement from product-specific magnet quotations.
Rare-earth feedstock prices weakened during the week, but quoted NdFeB magnet blank prices did not move, according to a September 17 weekly market review from Shanghai Metals Market. The report described limited order growth, cautious downstream purchasing and a preference for lower-priced spot material.
Praseodymium-neodymium oxide was reported as stable early in the week before weakening. SMM also described softer terbium, gadolinium and holmium products, while dysprosium prices were comparatively stable. By the end of the week, the decline in Pr-Nd oxide had slowed and metal producers had limited room for further concessions because of losses.
NdFeB blank prices remained steady
SMM’s assessed ranges for the listed NdFeB blank grades were unchanged during the week. The report attributed the stable finished-blank quotations mainly to stable input costs in that segment, while describing domestic demand as subdued and overseas demand as cautious.
The same review said recycled Pr-Nd, dysprosium and terbium material recovered from NdFeB scrap faced weak trading as rare-earth metal prices softened. Recyclers reduced some purchase quotations, but suppliers were reluctant to sell at lower levels, leaving transaction follow-through limited.
Implications for magnet sourcing
A flat market assessment for standard blanks does not mean every custom magnet quotation will remain unchanged. Final pricing depends on grade, heavy-rare-earth content, geometry, machining yield, coating, magnetization, inspection, order volume, delivery schedule and payment terms. Export logistics and currency conditions can also affect a buyer’s landed cost.
Procurement teams should therefore use the weekly data as a directional input, not as a substitute for a current supplier quotation. When comparing offers, buyers should confirm the exact material grade and temperature requirement, dimensional tolerances, coating system, magnetic acceptance criteria, quotation validity and whether the price includes tooling, inspection and freight.
Source: Shanghai Metals Market weekly rare-earth review, September 17, 2026.