Over the past week, rare earth prices in Europe have remained largely stable. There has been widespread attention on the Sino-US trade negotiations held in London at the beginning of the week, with observers watching to see if China will more broadly relax export restrictions on medium and heavy rare earths and magnets. Recently, US President Donald Trump claimed that China had agreed to supply rare earths and magnets to the US in a preliminary agreement. However, the Chinese Ministry of Commerce has not fully confirmed this news. A major Chinese magnet manufacturer stated that they have obtained some export licenses, allowing them to ship magnets containing medium and heavy rare earths to the US, Europe, and Southeast Asia. If China accelerates the approval of export licenses for rare earth materials, it could lead to a significant influx of rare earth or magnetic material products into the international market, rapidly driving down the prices of restricted heavy rare earths. This risk of a sudden price drop has made traders and end-users more cautious. Although the European spot market has not yet shown a significant reaction to price changes, the supply of restricted rare earths remains very tight, maintaining relatively high market prices.