Markets Outside China Updates
Prices:
Rare earth oxides: Cerium oxide FOB closed at $2,035-2,119/mt, raised by $25/mt; cerium oxide CIF (Rotterdam) closed at $2,765-2,775/mt, raised by $25/mt; lanthanum oxide FOB closed at $1,008-1,068/mt, remaining stable for now. Praseodymium oxide FOB closed at $132-136/kg, raised by $6/mt; neodymium oxide FOB closed at $167-199/kg, raised by $10/mt; neodymium oxide CIF (Rotterdam) closed at $245-265/kg, raised by $10/mt; dysprosium oxide FOB closed at $265-319/kg; terbium oxide FOB closed at $1,096-1,184/kg, raised by $5/kg.
Rare earth metals: Praseodymium metal FOB closed at $177-185/kg, raised by $6/kg; neodymium metal FOB closed at $166-186/kg, raised by $7/kg; terbium metal FOB closed at $1,379-1,459/kg, raised by $10/mt; yttrium metal FOB closed at $33-38/kg; lanthanum metal FOB priced at $3-3.1/kg, remaining generally stable.
Trading:Driven by rising domestic prices, Pr-Nd prices in markets outside China showed a notable upward trend this week, with significant premiums on both oxides and metals. On the trading front, Pr-Nd exports declined markedly due to undersupply in China, while export controls on heavy rare earths such as dysprosium and terbium remained in effect, keeping exports at low levels.
Weekly News Highlights from Markets Outside China
I. European Supply Chain Integration and Technological Breakthroughs
Norwegian government takes over development rights of the Fen deposit: The Norwegian government announced a national development plan to directly intervene in the planning of the Fen deposit (located in the Telemark region), Europe's largest rare earth deposit. The deposit's updated resource estimate reached 15.9 million mt (an 81% increase from 2024), with Pr-Nd oxides accounting for approximately 19%. The target is to commence production in H2 2031 and achieve annual Pr-Nd production of 800 mt by 2032 (approximately 5% of EU demand). This move aims to balance land-use disputes and accelerate domestic mining, reducing Europe's dependence on imported rare earths.
Estonia's Silmet plant commissions heavy rare earth separation: Neo Performance Materials announced that its Silmet plant in Estonia achieved terbium and dysprosium separation production for the first time, with the solvent extraction (SX) production line reaching rated capacity. The plant is linked to the 2,000 mt magnet plant in Narva, establishing Europe's first "rare earth-to-magnet" vertically integrated value chain. However, production scale remains limited and relies on external raw materials, highlighting that Europe's heavy rare earth separation segment still depends on Chinese supply.
UK's HyProMag accelerates magnet recycling commercialization: HyProMag, a subsidiary of Mkango Resources, achieved key progress at its recycling plant at Tyseley Energy Park in Birmingham. Its hydrogen processing (HPMS) equipment produced 9.2 mt of recycled NdFeB alloy powder (7.4 mt shipped). The company plans to expand production in phases starting from 2027, with an initial target of 100-350 mt/year of NdFeB alloy and magnets, scaling up to 1,000 mt/year subsequently. Siemens has applied recycled magnets to industrial automation equipment rotors, with related products showcased at the Hannover Messe.
II. Americas Resource Acquisitions and Project Development
US Rare Earths acquires Brazil's Serra Verde: US Rare Earths (USAR) signed a definitive agreement to acquire 100% of Brazilian rare earth developer Serra Verde for $300 million in cash plus 126.8 million common shares (valued at approximately $2.8 billion). Serra Verde owns the Pela Ema rare earth mine and processing plant in Goiás state. The transaction is expected to close in Q3 2026, strengthening US positioning in Brazil's rare earth resource sector.
Saga Metals acquires Labrador's Wolverine project: Canadian Saga Metals Corp. acquired 100% interest in the Wolverine rare earth project in Labrador. The project's near-surface mineralized zones contain 24%-28% heavy rare earth oxides (HREO) (including dysprosium and terbium), with drill intercepts of 48.8 meters @ 0.77% TREO (peak grade exceeding 2%). However, the project lacks a NI 43-101 resource estimate and verified metallurgical processes, and commercialization requires resolving processing partnerships and offtake agreements.
US environmental protection organization sues Mojave rare earth project: Environmental protection law firm Earthjustice, representing the National Parks Conservation Association, filed a lawsuit against the Department of the Interior's approval of the Colosseum mine project (located in the Mojave National Preserve) developed by Australia's Dateline Resources, alleging that the project lacks a valid operations plan and necessary permits and may impact the preserve's ecological environment.
III. International Cooperation and Resource Diplomacy
Brazil and Germany sign critical minerals cooperation declaration: Brazilian President Lula and German Chancellor Merz signed a joint statement of intent in Hannover, with both countries' science and technology departments jointly promoting R&D and innovation cooperation in critical minerals (including rare earths). Brazil, as one of the world's most resource-rich countries in critical minerals, emphasized that mineral development must go beyond raw material sales and extend downstream along the industry chain, with cooperation focusing on energy transition technology areas such as batteries and wind turbine technologies.
![Rare Earth Prices Continue to Be in the Doldrums, with Intense Tug-of-War Between Upstream and Downstream [SMM Rare Earth Daily Review]](https://imgqn.smm.cn/usercenter/THqPM20251217171743.jpeg)
![[SMM Rare Earth Morning Briefing] Pr-Nd oxide continues to decline, dragging down metals; magnetic material scrap market takes a wait-and-see approach; medium-heavy rare earths remain stable.](https://imgqn.smm.cn/usercenter/UoswK20251217171743.jpeg)
