[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.

[SMM Rare Earth Daily Review: Rare Earth Prices Remain in the Doldrums, Intense Tug-of-War Between Upstream and Downstream] Overall, hampered by weak downstream orders and low purchase willingness from magnetic material enterprises when inquiring and sourcing, rare earth market inquiries continue to be under pressure, with an intense tug-of-war between upstream and downstream. Additionally, as Pr-Nd oxide futures prices keep softening, rare earth market prices remain in the doldrums, and actual trading performance is poor. In the short term, affected by the stalemate in market trading, Pr-Nd product prices are expected to move sideways.

[SMM Rare Earth Daily Review: Rare Earth Prices in the Doldrums, Tug-of-War Between Buyers and Sellers Continues] Overall, inquiry activity in the rare earth market is currently low, and combined with the decline in futures prices for Pr-Nd oxide, rare earth prices are in the doldrums. However, upstream producers' quotes remain relatively firm, with limited actual declines, and the tug-of-war between upstream and downstream is intense. In the short term, affected by the stalemate in market trading, Pr-Nd product prices are likely to move sideways within a narrow range.

[SMM Rare Earth Daily Review: Rare Earth Prices Stable, Trading Stalemate Limits Pr-Nd Gains] Overall, constrained by low downstream inquiry and purchasing enthusiasm, the rare earth market saw a sluggish trading atmosphere and generally stable prices. Although Pr-Nd product quotes were slightly raised driven by the rally in futures, the actual gains were limited, with supply-side price-holding and demand-side wait-and-see continuing to game. In the short term, affected by the trading stalemate, Pr-Nd product prices may continue to move sideways.

[SMM Rare Earth Daily Review: Rare Earth Prices Extend Weakness, Trading Atmosphere Sluggish] Overall, under the dual pressure of declining Pr-Nd oxide futures and sluggish market inquiries, the trading atmosphere in the rare earth market was subdued, actual transactions stalemated, and prices continued to be in the doldrums. In the near term, affected by the tug-of-war stalemate between buyers and sellers, Pr-Nd product prices are likely to maintain a narrow sideways movement pattern.