[Pr-Nd Oxide Quotations Stall, Low-Price Shipments Persist; Metal Follows Decline, Transactions in Stalemate; Magnetic Material Orders Recover with Work Resumption] Last week, affected by fluctuations in futures prices, bearish sentiment spread in the market. The wait-and-see sentiment among downstream metal plants further intensified. Most upstream suppliers stopped quoting, but some traders indicated they could continue low-price shipments. In the medium-heavy rare earth market, dysprosium oxide and terbium oxide saw relatively small changes, with prices temporarily relatively stable.

[Pr-Nd Oxide Offers Firm, Low-Priced Supplies Tighten; Metals Stable but Transactions Weak; Medium-Heavy Rare Earths Slightly Follow Decline] Yesterday, driven by news-related factors, suppliers’ Pr-Nd oxide offers were overall relatively firm, and low-priced supplies tightened further, but most metal plants remained heavy with a wait-and-see sentiment, and their purchase willingness remained poor as orders had yet to see substantial improvement. For medium-heavy rare earths, downstream demand remained sluggish, some traders sold at low prices, and their actual transaction price center edged down slightly.

[SMM Rare Earth Weekly Review: Off-Season Demand and Weakening Raw Materials Lead to Sluggish Trading and Broad Price Corrections] This week, Pr-Nd oxide prices declined further. Affected by continued weak downstream orders and fluctuations in futures, trading in the Pr-Nd oxide market was sluggish. Some traders lost confidence in the market outlook and actively sold at low prices. Driven by the "rush to buy amid continuous price rise and hold back amid price downturn" sentiment, the market's wait-and-see sentiment intensified. As of today, Pr-Nd oxide prices dropped to 735,000-737,000 yuan/mt.

[Pr-Nd oxide continued to weaken, large factories’ evening purchases boosted confidence, medium-heavy rare earth followed the decline.] Yesterday, affected by wild swings in futures prices, most market participants had a strong wait-and-see sentiment. Factories were reluctant to sell and purchase, and some traders continued to sell small quantities at low prices. However, large factories’ purchases in the evening boosted some market confidence, and low-priced supply tightened again. In the medium-heavy rare earth market, prices of dysprosium oxide and terbium oxide also edged down with the market, but most factories kept their offers firm, and the decline was relatively small.

[Pr-Nd Oxide Continues to Decline, Dragging Metals Down, Magnetic Material Scrap Waits and Sees, Medium-Heavy Rare Earths Stable] Yesterday, some traders continued to sell at low prices, but metal plants' purchase willingness remained poor. Pr-Nd oxide prices further dropped, market confidence was unstable, and downstream inquiries and trading continued to be sluggish. For medium-heavy rare earths, downstream purchasing enthusiasm for dysprosium oxide and terbium oxide markets remained relatively low, plant quotations remained firm, and prices fluctuated relatively little for the time being.

[Stagnant Oxides Drag Down Ore Price Center, Metals See Slight Correction, Magnetic Material Scrap Wait-and-See Continues] Currently, the overall circulation frequency of rare earth ore remains poor, market trading is stagnant, and weak oxide prices have caused the center of actual transaction prices for rare earth ore to shift downward.

[Oxide Price Recovery Drives Up Metals, Magnetic Material Maintenance Weighs on Demand, Strong Wait-and-See Sentiment in Scrap] Last week, as oxide prices recovered, metal suppliers slightly raised their quotations, but market inquiries remained limited. Downstream magnetic material enterprises showed limited acceptance of high-priced metals, creating a sluggish trading atmosphere with actual transactions in the doldrums. In the medium-heavy rare earth market, inquiries remained scarce, and prices for terbium metal and dysprosium-iron alloy showed no significant fluctuations, maintaining overall stability.

[Stalemate Between Upstream and Downstream Persists, Metal Transactions Are Weak, and Magnetic Materials Enter High-Temperature Off-Season] Yesterday, NdFeB blank quotes were slightly lowered, primarily because raw material prices drove down NdFeB prices. In terms of transactions, as July drew to a close, regions across China experienced high temperatures, and motor factories and end-users gradually began their high-temperature holidays. The operating rates of motor factories and end-users weakened significantly, reducing demand for rare earth permanent magnets, which ultimately led to persistently sluggish trading activity in the NdFeB market.

[SMM Rare Earth Express] Harena Rare Earths announced that its Ampasindava rare earth project in Madagascar has received $4.48 million in funding from the U.S. International Development Finance Corporation (IDFC) to support pilot plant construction, laboratory testing, and environmental protection projects, laying the groundwork for subsequent financing. The Ampasindava ion-adsorption rare earth ore project plans to start production in mid-2028, with an expected annual output of approximately 4,000 mt of rare earth oxides, including about 1,700 mt of high-value magnetic rare earths such as Pr-Nd, dysprosium, and terbium, and a total investment of approximately $150 million. Harena is also evaluating building processing capacity in the US and Europe, and is in discussions with enterprises such as MP Materials, USA Rare Earth, and Solvay on cooperation.

[SMM Rare Earth Weekly Review: Weak Demand Persists, Industry Chain Prices Drift Lower] This week, affected by news factors and futures fluctuations, Pr-Nd oxide prices overall remained in the doldrums. Some traders sold at low prices, and metal plants' purchase willingness was poor during the price decline. As of today, Pr-Nd oxide prices were adjusted down to 743,000-748,000 yuan/mt.