Over the past two weeks, the average price of praseodymium-neodymium (Pr-Nd) metal has drifted lower, from 897,500 yuan/t to 865,000 yuan/t. Unlike the sharp sell-off seen in March, the daily moves this time have been modest. What stands out is the persistence: prices have declined for nearly half a month without a meaningful rebound. In our view, the price action itself reflects a shift in expectations. The market is reassessing how much NdFeB magnet demand it can count on in 2027.
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