[SMM Rare Earth Weekly Review: Rare Earth Prices Continued to Decline, Stopping Falling Near Weekend] The Pr-Nd oxide market remained in the doldrums overall this week. Affected by the continuous decline in futures prices, downstream metal plants were relatively cautious in procurement, and market trading remained sluggish. However, mid-week, driven by concentrated procurement from major downstream plants, market procurement volume recovered slightly, and suppliers raised their quotes again. As of today, Pr-Nd oxide prices fluctuated downward to 700,000-705,000 yuan/mt.

[SMM Rare Earth Weekly Review: Overall Decline in Rare Earth Prices Driven by Futures Disruptions] The Pr-Nd oxide market was in the doldrums overall this week. Affected by price fluctuations in futures, traders made shipments at low prices. Meanwhile, the "rush to buy amid continuous price rise and hold back amid price downturn" sentiment intensified the wait-and-see sentiment among downstream metal plants, with poor purchase willingness. Market trading activity was very sluggish. As of today, Pr-Nd oxide prices had fluctuated downward to 745,000-750,000 yuan/mt.

[SMM Rare Earth Weekly Review: Market Sluggish around Holiday, Rare Earth Prices in the Doldrums] The Pr-Nd oxide market saw a poor trading atmosphere recently. Downstream metal plants showed low enthusiasm in inquiries and procurement around the holiday, but upstream suppliers maintained firm offers amid tight spot cargo availability, and low-priced sources remained difficult to find. Overall, Pr-Nd oxide price fluctuations were relatively small. As of today, Pr-Nd oxide prices adjusted slightly downward to 762,000-768,000 yuan/mt.

SMM April 30 — Recently, the General Administration of Customs released import and export data for January-March 2026. According to the latest data, China's imports of thorium ore and concentrates from January to March 2026 totaled 17,363 mt, down 5% YoY. March imports were 3,336 mt, down 21% MoM but up 47% YoY. Currently, as China's light rare earth separation enterprises experienced significant production cuts and suspensions in Q1 this year, market demand for thorium ore and concentrates declined notably. Actual transaction prices also continued to fall, reducing ore traders' enthusiasm for imports, which in turn led to the YoY decline in actual imports of thorium ore and concentrates. According to the latest data from the General Administration of Customs, China's imports of unlisted rare earth oxides from January to March 2026 totaled approximately 21,607 mt, up 242% YoY. In terms of reasons, on one hand, at the beginning of last year, rare earth ore exports from Myanmar — the primary source country for unlisted rare earth oxide imports — were affected by a series of negative factors, resulting in relatively low exports of unlisted rare earth oxides during the same period last year. On the other hand, from January to March this year, changes in tax policies in Myanmar prompted some ore traders to rush imports, causing a notable increase in imports of unlisted rare earth oxides.

[SMM Rare Earth Weekly Review: Rare Earth Price Fluctuations Narrowed Ahead of Labour Day Holiday] Pr-Nd oxide market prices pulled back slightly at the beginning of the week due to news-driven factors. However, given that spot supply of Pr-Nd oxide remained tight, upstream suppliers held firm on their offers, and low-priced cargoes remained hard to find. As of today, Pr-Nd oxide prices fluctuated and adjusted to 770,000-775,000 yuan/mt over the week.

[SMM Rare Earth Weekly Review: Rare Earth Prices Fluctuated Significantly This Week, Bearish News Severely Undermined Market Confidence] The Pr-Nd oxide market fluctuated significantly recently. Driven by expectations of tightening on the supply side, upstream suppliers raised their quotes one after another. However, as bearish news spread, market confidence was severely undermined. As of today, Pr-Nd oxide prices adjusted to 780,000-800,000 yuan/mt within the week.

[Nissan to Cut Rare Earth Usage in Leaf EV Motor by 90%] According to Nikkei, Nissan Motor collaborated with parts producers to develop an entirely new motor technology that significantly reduces dependence on rare earth ore. Leveraging this technology, the rare earth material consumption of the new Leaf EV motor was reduced by over 90% compared to the first-generation car model launched in 2010, with a key focus on substantially cutting heavy rare earth usage. EV motors typically incorporate rare earth materials such as dysprosium and terbium to enhance high-temperature resistance.

[SMM Rare Earth Weekly Review: Rare Earth Prices Continued to Rise This Week, Market Trading Activity Increased] Pr-Nd oxide market prices, supported by raw material costs and expectations of reduced upstream supply, saw a notable increase in downstream purchasing activity. Suppliers raised their offers one after another, and low-priced supplies tightened rapidly. As of today, Pr-Nd oxide prices rose to 773,000-778,000 yuan/mt over the week.

[SMM Rare Earth Weekly Review: Rare Earth Prices Hold Up Well, and Market Inquiry Activity Increases] The Pr-Nd oxide market as a whole continued to hold up well. Under the impact of expectations of tighter supply and pronounced fluctuations in futures prices, upstream suppliers kept raising their offers, while low-priced cargoes tightened rapidly, pushing Pr-Nd oxide prices up to 722,000-728,000 yuan/mt.

This week, the rare earth market outside China showed a divergent pattern of “cerium up, the rest down.” Driven by price increases in China and rising ocean freight rates, cerium oxide FOB and CIF prices rose by $55/mt and $60/mt, respectively, while FOB offers for mainstream magnetic material raw materials such as praseodymium, neodymium, dysprosium, and terbium were generally lowered by $3-19.5/kg due to lower prices in China and tight supply caused by export controls. Although limited trading volumes supported premiums in markets outside China, expectations of an industrial slowdown in Europe triggered by the Middle East situation may suppress subsequent demand. On industry developments, Lynas’ Malaysia plant started samarium oxide production ahead of schedule, consolidating its position as the only commercial heavy rare earth separator outside China and advancing its 2030 strategy. In Australia, Terrain discovered high-grade magnetic rare earth ore intervals during drilling at its Western Australia project, highlighting significant resource potential.