[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.

According to industry sources on August 10, HL-GA selected LG Chem last month as a cathode materials supplier for electric vehicle batteries. The cathode materials will be used in 2029 model-year electric vehicles to be produced at Hyundai Motor Group Metaplant America (HMGMA). LG Chem will supply HL-GA with nickel-cobalt-manganese (NCM) ternary cathode materials, including both high-nickel and mid-nickel products.

[SMM Rare Earth Flash] US rare earth producer MP Materials (NYSE: MP) reported its Q2 2026 results, with Pr-Nd oxide production at 840 mt, up 41% YoY; sales reached 1,006 mt, up 127% YoY, marking the second consecutive quarter with sales exceeding 1,000 mt. The company expects Q3 production to exceed 1,000 mt. In May, the company completed mechanical completion of its heavy rare earth separation line, and plans to start producing dysprosium and terbium within the year. In July, it signed a multi-year supply agreement for gadolinium oxide with a US aerospace and defense manufacturer, with the contract valued at several hundred million dollars. The independent magnet factory in Texas has delivered magnets to General Motors for automotive certification testing, and commercial shipments are expected to start in Q4. Q2 revenue was $108 million, up 89% YoY; net loss narrowed to $20.3 million. The company's cash and short-term investments reached $1.45 billion.

[Pr-Nd Series Under Pressure and Weakening, Medium-Heavy Rare Earths Hold Steady, Magnetic Material Scrap Game Continues] Yesterday, affected by fluctuations in futures prices, bearish sentiment continued to spread in the market. The wait-and-see sentiment among downstream metal plants further intensified, with purchase willingness remaining sluggish; most upstream suppliers have stopped offering prices, while some traders were still selling at low prices, putting market transactions under pressure; in the medium-heavy rare earths sector, the markets for dysprosium oxide and terbium oxide saw relatively small changes, with prices remaining relatively stable.

This week, the industry chain as a whole remained in the doldrums. In the traditional consumption off-season, end-use demand recovery was limited, and market transactions were generally sluggish. Electrolytic products continued to grind lower, affected by loosening overseas quotes and weakening domestic salts and intermediate product prices, leading to rising bearish sentiment. The divergence between miners holding intermediate product prices firm and downstream pushing for lower prices widened, hindering actual transactions. The sulphate, chloride, tetroxide, and powder markets all faced insufficient demand and inventory pressure, with some low-priced supply increasing, keeping short-term prices under pressure. Ternary cathode precursor prices were temporarily stable; top-tier player production load recovered somewhat, and export orders performed well. Ternary cathode material prices rebounded slightly, with EV market orders in August stable and growing, but the consumer market improvement remained insignificant. LCO supply and demand remained mediocre, with prices still likely to decline. On the policy front, multiple regions continued to optimize auto consumption subsidies, the catalogue of vehicle models eligible for vehicle and vessel tax exemptions expanded, and end-use consumption stimulus policies continued to advance.

[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.

Maruti Suzuki India Ltd.’s Chairman RC Bhargava said the Indian car industry would grow to 6.1 million to 6.3 million units by fiscal year 2030-2031. The share of the small-car market would grow significantly faster than it has over the last five years. Bhargava shared this in his message to shareholders in the company’s 2025-2026 annual report. Maruti Suzuki India Limited is the Indian arm of Japanese automaker Suzuki Motor Corporation. It is the largest automobile manufacturer in India, specialising in small cars.

BMW is demonstrating that building a more environmentally friendly car involves far more than simply replacing a gasoline engine with an electric motor. Taking the latest X5 as an example, the German automaker has redesigned numerous aspects of the vehicle manufacturing process, incorporating recycled materials, renewable energy, and circular production models, which it claims can reduce emissions by up to 40%. At the material level, BMW has increased its use of aluminum semis produced with renewable energy, applying them to components such as wheel rims and brake calipers. Meanwhile, aluminum scrap generated during production is systematically collected and reintroduced into the manufacturing process through a closed-loop recycling system. According to the company, roughly one-third of the total weight of the iX5 60 xDrive, approximately 940 kg, comes from secondary raw materials, effectively reducing dependence on newly extracted resources. BMW states that this series of changes has helped reduce carbon dioxide equivalent (CO2e) emissions during the X5's product development process by about 40%, though this figure remains subject to independent third-party verification.

Jain Resource Recycling has commissioned its copper anode plant and resumed operations at Unit-2 following a July accident. Copper now contributes around 67% of revenue, while the company continues expanding downstream into copper cathode, wire rod and other value-added products. Its Ahmedabad recycling JV will also process motor and cable scrap as part of a planned 72,000 t/y scrap-processing operation.

On August 7, South Korean research firm SNE Research released global (excluding China) power battery installation data for electric vehicles (EVs, PHEVs, HEVs) in H1 2026. The data showed that in H1 2026, power battery installations ex-China reached approximately 269 GWh, up 26.3% YoY, continuing a steady growth trend.