Market Review This Week
Prices:
Rare earth oxides:Pr-Nd oxide FOB was quoted at $115-127/kg, Pr-Nd oxide CIF Rotterdam at $108-122/kg, praseodymium oxide FOB at $126-130/kg, lanthanum oxide FOB at $1,059-1,119/mt, neodymium oxide FOB at $141-143/kg, terbium oxide FOB at $1,186-1,274/kg, and cerium oxide FOB at $2,005-2,007/mt, holding steady for now. Cerium oxide CIF Rotterdam was quoted at $2,780-2,790/mt.
Rare earth metals:Pr-Nd alloy FOB was quoted at $136-142/kg, Pr-Nd alloy CIF Rotterdam at $140-144/kg, lanthanum metal FOB at $3/kg, praseodymium metal FOB at $158-166/kg, neodymium metal FOB at $148-160/kg, and terbium metal FOB at $1,490-1,574/kg, holding steady for now.
Trading:Prices outside China held steady this week. With domestic prices remaining stable and international demand limited by licensing, growth was modest and prices showed no significant fluctuations.
Overseas News Highlights This Week
EU Sanctions List Adjustment
At Estonia's request, the EU removed a Russian company and one associated individual from its 22nd sanctions package against Russia, because the enterprise supplies strategically important rare earth materials to Estonia's NPM Silmet. EU ambassadors reached agreement on October 7 on a package covering 743 individuals and 826 Russian military-industrial-linked companies; the final list had one fewer individual and one fewer company than the earlier version. Kerstin Lepik, spokesperson for Estonia's delegation in Brussels, confirmed that NPM Silmet depends on this Russian enterprise for materials of strategic importance to Europe, with downstream links to the EU's EV, wind power, electronics, automotive, and aviation industries. NPM Silmet is seeking alternative sources, and Estonia plans to reconsider re-listing the Russian company and individual next year. The sanctions still require formal approval at an EU Council ministerial meeting. Measures include asset freezes, travel bans, and restrictions on providing funds and economic resources. Ukraine called this the EU's largest sanctions package against Russia's military-industrial complex, with about 60% of the roughly 1,700 entries based on Kyiv's proposals.
Aclara Expands Separation and Metallization Demonstration
Aclara Resources has expanded the scope of the planned separation facility at Project Dynamo in Louisiana from Pr-Nd, dysprosium, and terbium to include yttrium, gadolinium, and samarium, and has added a solvent extraction unit at its pilot plant at Virginia Tech's research center. The pilot plant's scale and technical personnel have both doubled, to verify that ultra-pure rare earth carbonate from ionic adsorption ores in Chile and Brazil can be separated into these elements. Aclara and Chile's CAP have commissioned a demonstration plant in Talcahuano that uses molten salt electrolysis to convert neodymium-praseodymium oxide into rare earth metals and alloys, with capacity of up to 175 kg/day and purity of no less than 99.5%. A second phase plans to add dysprosium oxide to produce Pr-Nd-Dy alloy, with data supporting a US industrial-scale separation plant.
Rare Earth-Free Magnets: Moog, Honda, US Department of Defense
Moog and Niron Magnetics will showcase rare earth-free actuator solutions for ground vehicles, guided weapons, and other applications at AUSA 2026. Their collaboration began in December 2025, and Moog is testing Niron's iron nitride permanent magnets in electromechanical actuators. Honda Xcelerator Ventures has invested in Niron, supporting the commercialization and scale-up of iron nitride magnets, with target markets including automotive, robotics, and industrial automation. Niron announced that the US Department of Defense's Office of Strategic Capital has committed up to $150 million in a 20-year direct loan for construction of its plant in Sartell, Minnesota. Trump announced the conditional commitment at a mining rally. The iron nitride technology was developed at the University of Minnesota and has been scaled up over the past 13 years.
Resource Developments in North and South America
Volta Metals drilled 351 meters at hole SL26-29 at the Springer project in Ontario, intersecting 0.96% TREO and 68.6 g/t gallium from 69 meters, including 165.3 meters at 1.3% TREO, 37.5 meters at 2.2% TREO, and 114.9 g/t gallium. The company is preparing to release a new resource estimate within the year, and its share price rose. Origen Resources completed airborne geophysics, mapping of discovery zones, and first-phase soil sampling at the Picos project in Brazil to define new targets. Lynas acquired Meteoric Resources in an all-stock deal valued at A$968 million, gaining control of the Caldeira ionic clay rare earth project in Brazil. The project is the largest known JORC resource of its type outside China, giving Lynas its first major ore source outside Australia. The project still requires installation permits and $498 million in construction funding.
Korean Non-China Supply Chain Taking Shape
LS Cable & System injected 150 billion won into Korea Motion Works for a 100% stake, to build a permanent magnet plant in Gumi, North Gyeongsang Province. Payment is currently planned to be made in installments before December 31. LS Eco Energy invested 11.6 billion won in its Ho Chi Minh City subsidiary in Vietnam to build a 240 mt/year samarium metal facility, with trial production in December, capable of supporting 700-1,000 mt/year of samarium-cobalt magnets. LS Eco and Lynas each subscribed to 30 billion won in convertible bonds, with Lynas supplying rare earth oxides and LS Eco planning future expansion into dysprosium, terbium, and Nd-Pr. The chain runs from Lynas raw materials to Vietnamese metals to Korean magnets.
Indonesia-US Strategic Sector Engagement
Indonesian Trade Minister Budi Santoso met with the US Chamber of Commerce during the G20 Trade Ministers' Meeting, saying Indonesia is open to cooperation with the US private sector in downstream processing, value-added production, supplier development, and rare earth metals and renewable energy. The two sides discussed progress on a Reciprocal Trade Agreement. The US Chamber responded positively, with B20 priorities including reducing trade restrictions, WTO modernization, eliminating tariffs on digital trade, and cross-border investment. The US business community also proposed capacity building and digital payment cooperation with Indonesian MSMEs.
![September Pr-Nd oxide production rebounds about 3% MoM; will the tight supply pattern persist? [SMM Analysis]](https://imgqn.smm.cn/usercenter/PVQnj20251217171744.jpg)
![Bao Gang United Steel and China Northern Rare Earth Q4 rare earth concentrates transaction prices edge up QoQ; how will the market perform going forward? [SMM Commentary]](https://imgqn.smm.cn/usercenter/FHiZE20251217171722.jpeg)
