Summary: Shanghai Metals Market reported that Pr-Nd oxide prices were consolidating, major-producer tenders helped revive inquiries for Pr-Nd alloy, and terbium prices continued to weaken. NdFeB blank quotations were broadly stable, but downstream buying remained cautious and no large-volume order release was reported.
Pr-Nd inquiries improve without a broad demand rebound
SMM’s 12 October rare-earth morning report described a market that was more active in selected areas but still restrained overall. Pr-Nd oxide quotations stayed within a relatively narrow range, while metal producers made selective purchases and completed only sporadic transactions.
On the alloy side, tenders from major producers helped inquiries recover. However, SMM said actual negotiations remained concentrated on lower-priced material and transaction volumes had not expanded materially. That distinction matters for buyers: a rise in inquiries can be an early market signal, but it is not the same as confirmed demand growth or sustained price momentum.
Terbium weakens while dysprosium remains firmer
SMM reported that terbium oxide continued to pull back and that terbium metal moved from stable conditions into decline. Dysprosium oxide and dysprosium-iron alloy were described as comparatively steady, with limited willingness among suppliers to reduce offers.
The different behavior of Pr-Nd, dysprosium and terbium shows why procurement teams should avoid treating “rare earth prices” as a single market. Each material can respond differently to inventory, end-use demand, producer tenders and the availability of lower-priced cargoes.
NdFeB quotations hold, but downstream restocking stays cautious
SMM listed NdFeB blank N38 with cerium at RMB 213–223 per kilogram, grade 38M at RMB 251–271 per kilogram and grade 38UH at RMB 358–378 per kilogram. It said quotations showed no significant change because the underlying raw-material market was relatively stable.
Downstream motor plants were mainly collecting monthly orders after the holiday, while end-use consumption remained weak and willingness to build inventory was limited. SMM also described the NdFeB scrap market as steady but sluggish.
What magnet buyers should monitor
Industrial buyers should compare supplier quotation validity, grade-specific raw-material exposure and confirmed delivery schedules rather than reacting to one headline price movement. For high-temperature NdFeB grades, dysprosium and terbium assumptions should be reviewed separately from Pr-Nd costs. Buyers should also distinguish between market inquiries, negotiated orders and physically delivered material when planning inventory.
Source: Shanghai Metals Market, 12 October 2026, 09:29 GMT+8.
Feature image: original conceptual illustration; it is not a photograph of an SMM facility, a supplier site or an HK Magnet operation.