MP Materials Ceases Exporting Rare Earth Concentrate to China, Pr-Nd Prices Begin to Stabilize [SMM Analysis]

SMM April 18 News: The rare earth market was in the doldrums this week, with Pr-Nd prices falling relatively faster. The price of Pr-Nd oxide dropped by nearly 3% during the week. However, due to more active acquisitions of dysprosium and terbium products by top-tier enterprises, the pullback of medium-heavy rare earths was relatively slower. It is reported that MP Materials has stopped exporting rare earth concentrate to China. According to customs data, China's rare earth metal ore imports in January and February 2025 were 7,780.5 mt and 2,886 mt, up 40% YoY. February imports decreased 63% MoM and 18% YoY. On April 11, China announced an increase in import tariffs on all US goods to 125%. US congressmen pointed out that selling critical materials at a 125% tariff is neither reasonable nor in the national interest of the US. Following this news, rare earth market quotations gradually firmed, and low-grade Pr-Nd oxide supplies began to tighten. However, some industry players remain pessimistic about the future, believing that weak downstream demand persists and is difficult to resolve in the short term, making it unlikely for Pr-Nd product prices to rise significantly. Overall, although mine-side product supply has decreased, downstream demand has also been reduced due to export restrictions, leading to fewer orders for magnetic material enterprises. Therefore, Pr-Nd products currently face a situation of weak supply and demand. SMM expects Pr-Nd prices to fluctuate rangebound in the near future, with no significant changes. Apply for a free trial of the SMM Metal Industry Chain Database.