October 16 SMM rare earth spot price: neodymium oxide down 2000 yuan / ton

[SMM Tungsten Analysis: Pre-Holiday Stockpiling Not Yet Realized, Chinese Market Continues to See Weak Supply and Demand] In the short term, the decline in domestic APT operating rates and the strong rigid constraints on mine-side supply still provide some support for tungsten upstream prices. However, downstream powder and cemented carbide enterprises are slow to digest previously high-priced inventory, and order recovery will take time, leaving prices lacking upward momentum.

[SMM Titanium Weekly Review: Titanium Industry Chain Trends Diverge as High-End Demand Underpins Overall Weak Stability] The upstream titanium concentrate market remains in the doldrums, with supply expansion coupled with weak end-use demand making it difficult for ore-side prices to improve significantly in the short term, and the market is expected to continue its weak and stable trajectory. In contrast, the titanium dioxide market has shown positive signals, with downstream orders gradually being released, the September peak season effect continuing to manifest, and producers showing strong willingness to hold prices firm, giving titanium dioxide a foundation for a rise in the short term. However, prices are unlikely to rebound sharply and quickly, and the market will most likely drift higher. Going forward, continued attention should be paid to downstream purchase willingness as well as order-taking and production schedules at titanium dioxide enterprises.

[SMM Flash] Critical Metals Corp reported further metallurgical results for its Tanbreez rare-earth project in Greenland, with testwork achieving more than 99% dissolution of eudialyte concentrate. The company's proposed Romanian joint-venture refinery is being designed to process up to 100,000 tonnes/year of eudialyte concentrate and produce 19 high-purity rare-earth and critical-metal products, including tantalum pentachloride (TaCl₅), niobium pentachloride and other products. The development is relevant to tantalum because it introduces potential recovery of a processed tantalum chemical within a proposed Greenland-to-Europe critical-minerals supply chain. Critical Metals currently models potential annual refinery revenue of approximately US$1.8–2.2 billion, but these figures and the proposed product slate remain forward-looking company estimates rather than established commercial production. Further engineering, feasibility work and project execution will therefore be required before the proposed tantalum output can be considered future supply.