Overseas Market Dynamics:
Price Side:
This week's oxide prices:Cerium oxide FOB was at $1,718-1,802/mt, CIF (Rotterdam) at $2,375-2,385/mt; praseodymium oxide FOB was at $137-141/kg, up $15/kg; neodymium oxide FOB was at $165-195/kg, up $20/kg, CIF (Rotterdam) at $235-255/kg, up $20/kg; lanthanum oxide FOB was at $870-930/mt; dysprosium oxide FOB was at $280-330/kg, up $14/kg; terbium oxide FOB was at $1,140-1,230/kg, up $36/kg.
This week's metal prices:Praseodymium metal FOB was at $180-186/kg, up $16.5/kg; neodymium metal FOB was at $163-183/kg, up $20/kg; terbium metal FOB was at $1,400-1,480/kg, up $30/kg; yttrium metal FOB was at $33-38/kg; lanthanum metal FOB was at $3-3.1/kg, overall holding steady.
Trading Side:Lanthanum oxide FOB, lanthanum metal FOB, and yttrium metal FOB prices held steady this week, with no significant changes in market supply and demand recently. Supply side, major producers maintained stable production; demand side, application demand in traditional fields such as catalysts and glass additives remained stable.
Praseodymium oxide FOB, neodymium oxide FOB/CIF, praseodymium metal FOB, neodymium metal FOB, dysprosium oxide FOB, terbium oxide FOB, and terbium metal FOB prices showed a clear upward trend. Key drivers included continued rapid increases in domestic Chinese spot prices boosting FOB quotes, coupled with persistently tight supply due to factors like restricted operations at domestic separation enterprises, leading to reduced export supply, and compounded by pre-Chinese New Year holiday effects, resulting in an overseas rare earth spot market with quoted prices but thin trading activity.
Overseas Rare Earth Market News Briefing
This week, the global rare earth sector saw frequent developments, mainly centered on futures market construction, new resource exploration progress, various countries' supply chain strategies, and technological R&D breakthroughs. The following is a summary of key facts from the week.
According to Reuters citing three informed sources, CME Group is developing a plan to launch the world's first rare earth futures contract. The contract will combine the two most important rare earth elements—neodymium and praseodymium (NdPr). This move aims to provide governments, companies, and banks with tools to hedge their exposure in the rare earth sector, which is dominated by China. Meanwhile, competitor Intercontinental Exchange is also studying rare earth futures, but according to two of the sources, its planning progress lags behind that of CME. CME declined to comment on this, while Intercontinental Exchange did not immediately respond to a request for comment. Analysis generally suggests that one of the main obstacles for the West to reduce reliance on China is banks' reluctance to finance Western projects due to significant price fluctuations in the industry; the launch of futures contracts is expected to alleviate this challenge.
In terms of resource exploration, Key Metals confirmed the presence of high-grade heavy rare earth elements (HREEs) at its Tanbreez project in Greenland. The company emphasized that the proportion of so-called "heavy rare earths" is as high as 27%, which is in line with its overall project expectations. Additionally, Meteoric Resources Ltd (ASX: MEI) announced encouraging results from the mixed rare earth carbonate (MREC) pilot plant at its Caldeira rare earth project in Minas Gerais, Brazil. The pilot plant achieved an average magnetic rare earth recovery rate of 70%, consistent with test results from the Australian Nuclear Science and Technology Organisation (ANSTO), validating the process flow. The plant has reached a nameplate MREC production capacity of approximately 2.0 kg/day, with a recent peak production of 2.6 kg/day. The MREC product contains 32.7% magnetic rare earth oxides, including 1.0% dysprosium and terbium oxides. Samples are being provided to offtake partners for product qualification. Managing Director Stuart Gale stated that these results reduce project risks and provide a basis for supporting downstream processing in Brazil.
Rainbow Rare Earths Ltd. updated investors that its large-scale pilot plant in Johannesburg, South Africa, has recently commenced operations and is currently running the optimized Phalaborwa primary process as expected, having successfully produced approximately 2 kg of high-grade mixed rare earth hydroxide. The product grade is about 55% total rare earth oxides (TREO), higher than the industry average of 42-44% TREO specified by Chinese mixed rare earth carbonate standards. The company stated that the high-grade product has been confirmed as an ideal raw material for the planned solvent extraction separation circuit, aimed at producing praseodymium-neodymium oxide with a purity exceeding 99.5% and a SEG+ product rich in medium-heavy rare earths. CEO George Bennett described this as a significant de-risking event for the project.
At the national strategic level, India announced the establishment of rare earth metal corridors in seven states to support electric vehicle manufacturing and reduce dependence on imported materials, particularly from China. BMW India CEO Brar Hardeep described the corridor as "very positive" but cautioned that its impact would only manifest in the long term, as execution matters more than announcement. He pointed out that the real challenge lies in downstream processes beyond mining, such as separation, metal smelting, and sintered magnet production, all of which require specialized expertise and years of R&D.
South Korea's Ministry of Trade, Industry and Energy announced on Thursday a comprehensive plan covering all stages of the rare earth supply chain, aimed at strengthening the supply chains for rare earths and other critical minerals. The plan spans from raw material extraction to processing and finished product manufacturing. To mitigate short-term supply risks, the government plans to enhance trade cooperation with China (accounting for 60% to 70% of global rare earth production) while managing risks such as export controls. The medium and long-term goal is to diversify the supply chain. The government will form a team comprising enterprises and public institutions to secure mining rights for overseas critical mineral mines. Officials stated that government intervention aims to reduce the high failure risks commonly associated with resource development.
In the field of technological R&D, a research team from the University of New Hampshire announced on February 9, 2026, the creation of a searchable database containing 67,573 magnetic materials, named the "Northeast Materials Database." The team used an AI system to automatically analyze decades of scientific literature, rapidly screening 25 new-type high-temperature stable magnetic compounds. The research, led by physics doctoral student Itani Suman, aims to reduce reliance on rare earth elements, thereby lowering costs for EVs and clean energy equipment. The team noted that AI is breaking through traditional experimental screening bottlenecks, providing a viable path for the development of sustainable permanent magnets.
Regarding international cooperation, on February 4, 2026, US Secretary of State Marco Rubio chaired the inaugural Ministerial Conference on Critical Minerals in Washington, D.C., with about 50 countries participating, aimed at discussing the establishment of technology supply chain partnerships that could bypass China. As a follow-up, on Wednesday, the Philippines and the US signed a memorandum of understanding aimed at developing the Philippines' critical minerals and rare earth industry. The agreement was signed by Philippine Environment Secretary Raphael Lotilla and US Under Secretary of State for Economic Affairs Jacob Helberg. Philippine officials stated that this move is expected to position the country as a key global rare earth processing center.
In summary, this week, the overseas rare earth market exhibited distinct characteristics: accelerated exploration of futures financialization, global resource projects flourishing at multiple points, deepened supply chain strategies among major consumer countries, progress in alternative technology R&D, and continued expansion of international cooperation networks. All parties' actions point to the long-term theme of reducing dependence on China's supply chain and ensuring the security of their own rare earth supplies.
