[SMM Rare Earth Weekly Review: Rare Earth Prices Pulled Back Significantly, Downstream Inquiries and Procurement Decreased] Affected by fluctuations in futures prices, confidence in the Pr-Nd oxide market dropped sharply. Traders proactively sold off cargoes at low prices, causing transaction prices in the Pr-Nd oxide market to fall rapidly. As of today, Pr-Nd oxide prices had already pulled back to 690,000-700,000 yuan/mt.

This week, Pr-Nd alloy prices generally fell first and then rose, and have now stabilized in the range of 980,000-1 million yuan/mt. This price fluctuation was mainly driven by the impact of news factors on market sentiment.

[SMM Rare Earth Weekly Review: Rare Earth Prices Fell First, Then Rose; Pr-Nd, Dysprosium, and Terbium Saw Wide Swings] Due to the combined impact of market news and falling futures prices, suppliers in the Pr-Nd oxide market lacked confidence in the future market and proactively cut prices for shipments. However, upstream separation plants believed that the tight supply pattern of Pr-Nd oxide had not changed. Therefore, Pr-Nd oxide prices pulled back to 760,000-780,000 yuan/mt before rebounding to 790,000-800,000 yuan/mt.

[SMM Rare Earth Weekly Review: Rare Earth Prices Pulled Back, Strong Wait-and-See Sentiment Downstream] Affected by news-related factors, the Pr-Nd oxide market saw heightened wait-and-see sentiment among downstream metal plants, and some traders proactively cut prices to boost shipments. As of today, Pr-Nd oxide prices had pulled back to 845,000-850,000 yuan/mt.

[SMM Rare Earth Weekly Review: Rare Earth Prices Rose Across the Board After the Holiday, Market Trading Showed Signs of Recovery] The supply of Pr-Nd oxide remained tight, and most industry participants held optimistic expectations for the future market. Although post-holiday procurement activity did not show significant improvement, suppliers maintained relatively high quotations. As of today, the price of Pr-Nd oxide was further raised to 885,000-890,000 yuan/mt.

The market quotation for praseodymium-neodymium oxide is in the range of 880,000 - 890,000 yuan/tonne, representing an increase of approximately 35,000 yuan/tonne compared to pre-holiday levels, a rise exceeding 4.12%. This marks a staggering 98% increase year-on-year. The quotation for praseodymium-neodymium metal stands at 1.07 - 1.08 million yuan/tonne, up by 50,000 yuan/tonne (4.88%) from pre-holiday prices, also reflecting a 95% year-on-year increase.

"The market has gone absolutely crazy." That's the shared sentiment among many executives at magnetic material and motor plants. As of February 9, 2026, the price of praseodymium-neodymium (Pr-Nd) metal has reached 975,000 - 985,000 yuan per ton, marking a single-day surge of 7%. This represents a 9.4% increase compared to last week​ and a staggering over 88% jump compared to the same period last year​

[SMM Rare Earth Weekly Review: Pr-Nd Prices Remain High, Downstream Procurement Activities Decrease] This week, the market quotation for Pr-Nd oxide remained high. Suppliers held optimistic expectations for the future market and were unwilling to sell at low prices. However, downstream buyers gradually began holidays and halted procurement, leading to a noticeable decline in the actual trading activity of Pr-Nd oxide. As of today, the price of Pr-Nd oxide fluctuated and rose to 747,000-753,000 yuan/mt.

Although the China-U.S. dialogue in London sent a signal of easing tensions in rare earth magnetic material trade, the current situation in the industry is still marked by a contraction in short-term orders and a strong wait-and-see sentiment in the market. In the long run, Chinese magnetic material enterprises are leveraging this momentum to accelerate their transformation towards high-end and green development, with technological breakthroughs and supply chain restructuring becoming key bargaining chips for restarting cooperation in the future.

[SMM Rare Earth Daily Review: Traders Lower Quotations, Rare Earth Prices Slightly Weaken] Currently, rare earth market prices have slightly softened, mainly influenced by weak end-use demand. Due to orders from magnetic material enterprises falling short of expectations, the demand for metal procurement has also decreased. Additionally, the tender prices from large manufacturers are relatively low, leading to a further expected decline in market prices, with the overall rare earth market performing sluggishly. Some traders have proactively lowered their quotations to sell off and cash in, but factory quotations remain firm due to cost support, and there is a strong sentiment of wait-and-see in the market.