Overseas Market Dynamics
Price-wise: Lanthanum oxide FOB prices held steady at $870-930/mt, cerium oxide FOB prices remained stable at $1,677-1,762/mt, cerium oxide CIF (Rotterdam) prices were at $2,330-2,340/mt, praseodymium oxide FOB prices were raised to $112-116/kg, neodymium oxide FOB prices were raised to $140-160/kg, neodymium oxide CIF (Rotterdam) prices were at $195-215/kg, terbium oxide prices were at $1,130-1,168/kg, dysprosium oxide FOB prices remained stable at $271-311/kg, lanthanum metal prices held steady at $3-3.1/kg, neodymium metal FOB prices were raised to $131-151/kg, praseodymium metal FOB prices were raised to $155-158/kg, terbium metal prices remained at $1,400-1,420/kg, yttrium metal FOB prices held at $33-38/kg.
Transaction-wise: Lanthanum oxide/cerium oxide FOB/cerium oxide CIF (Rotterdam)/lanthanum metal FOB/cerium metal FOB prices remained stable, as no significant changes occurred in the supply and demand landscape recently. Supply side, major producers maintained stable production; demand side, application demand in traditional sectors such as catalysts and glass additives remained steady.
Neodymium oxide FOB/CIF and praseodymium oxide FOB prices showed a clear upward trend, primarily driven by the rapid increase in domestic Chinese neodymium oxide/praseodymium oxide spot prices boosting offshore quotations. Simultaneously, supply remained tight due to factors like restricted operations at domestic separation enterprises, leading to reduced export supply, resulting in a situation where overseas neodymium oxide had prices but limited market activity.
Dysprosium oxide FOB/terbium oxide FOB/terbium metal FOB prices remained stable. Although domestic prices were gradually declining, international circulation volumes were low due to various constraints, so prices did not fall significantly.
Neodymium metal FOB/praseodymium metal FOB prices were noticeably raised. This slight increase was due to rising domestic neodymium metal prices; constrained by cost support, export prices increased rapidly.
Overseas Rare Earth Sector News Briefs
This week, the diversification of the global rare earth supply chain accelerated significantly, with key developments in the US, Asia, and Latin America. The US government strengthened domestic rare earth capacity through large-scale funding injections, a Malaysia-France cooperative project made substantial progress, Brazil formulated a national rare earth strategy to unlock resource potential, and India contemplated mining policy adjustments to enhance extraction efficiency. These measures collectively reflect high priority on supply chain security, but technical, cost, and capacity bottlenecks remain common challenges.
US: $1.6 Billion Capital Injection into Domestic Rare Earth Companies, Supply Chain Autonomy Strategy Upgraded
The Trump administration announced this week that it will provide $1.6 billion in funding to USA Rare Earth through a combination of equity and debt in exchange for a 10% stake, marking the single largest investment in the US rare earth industry to date. The funds will be used for the construction of the Sierra Blanca rare earth mine in Texas (expected to commence operation in 2028) and the magnet plant in Oklahoma (scheduled for H2 2026), aiming to meet demand in high-end sectors such as national defense and EVs. Previously, the US had provided subsidies to enterprises like MP Materials through the CHIPS and Science Act and attracted capital investment by setting price floors (e.g., a guaranteed price of $110/kg for Pr-Nd oxide). However, domestic US rare earth capacity still faces constraints from high costs (smelting costs are approximately 1.5 times those in China) and insufficient technological accumulation, with a full realization of supply chain autonomy requiring a cycle of over 10 years.
Asia: Malaysia-France Project Enters Pilot Phase, India Optimizes Mining Rights Policy
The collaborative project between Malaysia and the French rare earth technology company Carester has entered the pilot plant stage. The two parties will jointly develop rare earth separation technology, focusing on breakthroughs in light and heavy rare earth refining capabilities and extending downstream to magnet manufacturing. This project has attracted attention from the Japanese government and may attract more international partners in the future, promoting Malaysia as a regional rare earth processing hub. Meanwhile, the Indian government plans to tighten its mining rights auction policy, requiring bidding enterprises to undergo pre-qualification based on financial strength and imposing penalties on miners that fail to commence operations over the long term. This move aims to address the issue where only 82 out of 594 auctioned blocks have commenced production since 2015, but India still needs to concurrently overcome structural issues such as technological backwardness and inadequate infrastructure.
Brazil: Launches National Rare Earth Strategy, Aims for Entire Industry Chain Layout
Brazil's Ministry of Mines and Energy led the formulation of a national rare earth development strategy this week, clarifying the goal of transitioning from primary mining to high value-added processing. The plan involves attracting private capital through policy guidance and providing technical support in collaboration with institutions like the Inter-American Development Bank. Brazil holds 23% of global rare earth reserves but accounts for only 1% of production, currently relying on foreign investment to develop heavy rare earth resources in states like Minas Gerais (e.g., Viridis Company's $360 million Colossus Project). The government emphasized balancing resource development with environmental protection and leveraging renewable energy advantages to reduce the carbon footprint, but faces challenges such as a lack of separation technology and financing pressure.
