SMM, August 14:
In H1, Pr-Nd prices rose significantly, and the results of 10 rare earth industry chain-related companies that have already reported increased to varying degrees. Meanwhile, boosted by the sharp year-to-date rise in spot prices of minor metals such as germanium, tantalum, and indium, the semi-annual report results of dispersed-metal companies such as Yunnan Germanium also recorded notable growth. On the other hand, the expansion logic for AI computing hardware continued to build, and the market focused on expectations for incremental demand for dispersed metals from optical modules and semiconductor targets. Coupled with early positioning by some market funds in the minor metals sector, the minor metals sector rose against the trend on August 14. As of 14:00 on August 14, the sector was up 1.8%. Among individual stocks: China Rare Earth rose 9.6%, while Orient Tantalum, Zhongxi Nonferrous, Shenghe Resources, Huaxi Nonferrous, China Northern Rare Earth, and Xiamen Tungsten were among the top gainers.
Spot Market
Germanium
According to SMM quotes, on August 14, the average price of germanium ingot was 24,500 yuan/kg, unchanged from the previous trading day. Compared with its average price of 13,500 yuan/kg on December 31, 2025, the average price of germanium ingot has risen 81.48% year-to-date.
The rise in germanium ingot prices this year was mainly supported by tight supply, while overall steady end-use industry demand provided demand-side support for firm germanium prices. Whether germanium prices can sustain their upward momentum in the future will depend on the intensity of the tug-of-war between upstream and downstream and on marginal changes in supply-demand fundamentals.
Tantalum
The SMM price for tantalum ingot (Ta≥99.95%) on August 14 was 6,200-6,300 yuan/kg, with an average price of 6,250 yuan/kg. Compared with the average price of 2,980 yuan/kg on December 31, 2025, that average price has risen 109.73% year-to-date.
Indium
On August 14, the average price of refined indium was 5,450 yuan/kg, unchanged from the previous trading day. Compared with the average price of 2,825 yuan/kg on December 31, 2025, the average price has risen by 2,625 yuan/kg since the start of this year, an increase of 92.92%.
Pr-Nd Oxide
Pr-Nd oxide recorded significant gains in H1 this year, boosting the results of related companies in the rare earth industry chain. A review of the price performance of Pr-Nd oxide in H1 this year shows that the average price on June 30 was 742,500 yuan/mt, up 136,000 yuan/mt from 606,500 yuan/mt on December 31, 2025, representing an H1 increase of 22.42%. Meanwhile, the H1 average daily price of Pr-Nd oxide this year was 740,530.17 yuan/mt, up 3,095,771.8 yuan/mt YoY from 430,952.99 yuan/mt in H1 2025, a YoY increase of 71.84%.
On August 14, the average price of Pr-Nd oxide was 722,000 yuan/mt, up 0.98% from the previous trading day.
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