[SMM Rare Earth Daily Review: Rare Earth Prices Diverge, Pr-Nd Weakens, Medium-Heavy Rare Earth Holds Steady] Overall, market inquiry activity remained low, the trading atmosphere was sluggish, and rare earth prices diverged: affected by the pullback in futures prices, some suppliers slightly lowered their quotations; medium-heavy rare earth prices were relatively firm and held steady overall. In the short term, affected by the trading stalemate in the market, Pr-Nd product prices may maintain a pattern of moving sideways in a narrow range.

[Pr-Nd series: firm quotes, weak transactions; medium-heavy rare earths steady; magnetic materials slightly recover] Yesterday, influenced by the relatively firm price of Pr-Nd oxide, quotes from metal enterprises saw no significant adjustments. However, downstream purchasing attitudes remained cautious, leading to lackluster market transactions and a sluggish trading atmosphere. In the medium-heavy rare earth market, although inquiry activity remained limited, suppliers' quotes were relatively firm, and the overall market operated stably.

[SMM Rare Earth Daily Review: Stalemate in Upstream-Downstream Tug-of-War Holds Rare Earth Prices Steady] Overall, downstream inquiries have yet to increase significantly, while upstream suppliers maintain a strong intent to hold prices firm. The rare earth market remains in a stalemate of tug-of-war between upstream and downstream, with prices showing no significant fluctuations overall. In the short term, affected by the stagnant market trading, Pr-Nd product prices are expected to maintain a pattern of moving sideways in a narrow range.

This week, FOB quotations in the ex-China rare earth market generally declined, with varieties such as terbium oxide and terbium metal seeing noticeable drops. However, affected by policies and weak demand, actual transaction volumes were thin, and heavy rare earth prices stayed high. Meanwhile, supply chain restructuring moves were frequent: resources at Namibia's Kameelburg increased by another 35%, Japanese capital officially entered the Lofdal project; Malaysia considered conditionally liberalizing raw ore exports; US-based Energy Fuels advanced the final investment decision for the Donald project in Australia, and Lockheed Martin signed a long-term scandium supply agreement. A survey in Japan showed that 80% of manufacturing executives considered rare earth procurement a major risk, highlighting anxiety in the industry chain.

[SMM Rare Earth Daily Review: Trading Sluggish Near Weekend, Rare Earth Prices Hold Steady] Overall, as the weekend approaches, downstream inquiry enthusiasm is low, and the trading atmosphere in the rare earth market is sluggish. However, suppliers' quotations remain relatively firm, and rare earth prices are generally stable. The stalemate in the tug-of-war between upstream and downstream persists. In the short term, influenced by the market's tug-of-war stalemate, Pr-Nd product prices may maintain a sideways movement pattern.

[SMM Rare Earth Daily Review: Rare Earth Prices Generally Weak, Downstream Wait-and-See Keeps Transactions Sluggish] Overall, affected by downstream magnetic material enterprises' wait-and-see approach to inquiries, market trading activity remains persistently sluggish, rare earth prices are generally in the doldrums, and actual transactions are still weak. In the short term, influenced by the stalemate in the tug-of-war between upstream and downstream, Pr-Nd product prices may continue to move sideways.