[Pr-Nd prices steady, terbium price strengthens, driving up medium-heavy rare earth activity] Yesterday, scrap market prices edged up slightly. Influenced by a slight recovery in oxide offers, recycling enterprises’ external purchase quotes rose in tandem, while suppliers’ shipment attitude remained wait-and-see, and overall market trading was moderate.

[Pr-Nd prices pull back slightly, rare earth market trading atmosphere subdued] Yesterday, scrap market prices pulled back slightly. Affected by the pullback in oxide quotes, recycling enterprises' external purchase quotes also fell in tandem. Suppliers were more cautious about shipments, and overall market trading was mediocre.

[Pr-Nd prices continue to rise, rare earth market transactions turn light but confidence remains strong] Last week, scrap market prices continued to be raised, mainly affected by the continuous raising of oxide offer prices. Recycling enterprises' external purchase offer prices also continued to be raised. However, with the implementation of the new national standard for rare earth recycling, suppliers' attitude toward shipments was more wait-and-see, and overall market trading was moderate.

[Top-tier players' purchases drive Pr-Nd price surge, boosting trading activity in rare earth market] Yesterday, scrap market prices continued their upward trend, mainly due to sustained increases in oxide price quotations, leading recycling enterprises to raise their external purchase quotes further. However, with the implementation of the new national standard for rare earth recycling, suppliers adopted a wait-and-see approach to shipments, making procurement more difficult for recycling enterprises.

[Pr-Nd Oxide Quotations Raised, High-Price Transactions in Rare Earth Market Remain Difficult] Yesterday, scrap market prices edged up slightly, mainly influenced by the slight increase in oxide quotations. Recycling enterprises raised their external purchase quotations in tandem, but downstream suppliers showed strong overall wait-and-see sentiment, and actual market transactions were mediocre.

[SMM Analysis：Rare Earth Scrap Recycling Slows as Tax Compliance Tightens, Impacting Production Rates]Recently, multiple rare earth scrap recycling enterprises reported that operating rates may decline in June-July. Large enterprises, with a higher proportion of self-procurement, are seeing more significant production reductions; small and medium-sized enterprises, relying less on self-procurement and more on processing orders, are relatively less affected.