[SMM Flash News: Tight Supply of Dysprosium and Terbium Overseas, Widening Price Spread Between Domestic and Overseas Rare Earth Markets] As the dominant force in the global rare earth supply chain, China commands approximately 85% of the global smelting capacity. The export controls have directly led to an expansion of the supply gap for medium-heavy rare earths in overseas markets, particularly affecting key varieties such as dysprosium and terbium. Developed countries such as the US, Europe, Japan, and South Korea are highly dependent on China's supply of medium-heavy rare earths. For instance, 70% of the rare earths imported by the US come from China. Within a month after the rare earth export controls were implemented, overseas prices for medium-heavy rare earths surged rapidly. In the past month, the price of dysprosium oxide in Europe has nearly tripled, while the price of terbium oxide has more than doubled. However, domestic prices for dysprosium and terbium have remained stable, further widening the price spread between domestic and overseas markets.