Australia and Canada have signed a Joint Declaration of Intent on Critical Minerals Collaboration, deepening their bilateral partnership on critical minerals.

According to a Reuters report cited by Mining Weekly, Malaysia's trade minister said on Wednesday that despite signing a key minerals agreement with the US this week, the country will continue to ban the export of rare earth raw materials to protect domestic resources.

SMM October 31: In October, China's recycled oxide market saw a decline in production and weakening prices. Specifically, national recycled oxide production decreased by approximately 16% MoM. This significant change was mainly due to leading scrap recycling enterprises conducting concentrated equipment maintenance in October. As a result, the operating rate of scrap recycling enterprises dropped significantly, leading to a substantial reduction in recycled oxide production. 

In October 2025, China's NdFeB magnetic material production decreased by approximately 5% MoM. This round of production contraction was mainly driven by a combination of factors, including declining prices, fewer effective working days, adjustments to export policies, and changes in external news sentiment toward the month-end. However, spurred by positive news developments and active stockpiling, NdFeB production is expected to rebound against the trend in November, with an estimated increase of around 10% MoM. 

[SMM Rare Earth Weekly Review: Market Boosted by Positive News, Rare Earth Prices Significantly Increased] Pr-Nd oxide prices rose rapidly this week. As of today, Pr-Nd oxide prices had increased to 538,000-545,000 yuan/mt. Influenced by news factors, market sentiment reversed quickly, suppliers' offers also rose substantially, and low-priced supplies in the market tightened.

On October 26, 2025, the China-US economic and trade talks concluded in Kuala Lumpur, with the US pledging to suspend the planned 100% tariff hike on Chinese goods. In response, China decided to postpone its rare earth export control measures by one year. The news directly boosted market confidence. On October 27, the price of Pr-Nd oxide, a benchmark in the rare earth market, rose by approximately 9,000 yuan/mt in a single day, with spot quotations approaching the 510,000 yuan/mt mark. Subsequently, on October 30, Chinese leaders departed for Busan, South Korea, to attend the APEC meeting and are scheduled to hold talks with US President Donald Trump, where the two sides are expected to further discuss issues such as semiconductor and rare earth trade. According to an SMM survey, recent inquiries for NdFeB permanent magnets and Pr-Nd alloy, both at home and abroad, have shown a significant increase, and purchase willingness among end-users has also improved compared to the previous period.

On October 24, the ASEAN meeting held in Kuala Lumpur once again discussed regional cooperation on rare earth elements. Earlier, Malaysia announced strengthened cooperation with China in the rare earth industry and welcomed the establishment of joint ventures. As a key region for rare earth reserves in Asia, how will Malaysia's rare earth industry develop in the future, and what practical challenges does it face? In this article, let's explore these questions together.

After China strengthened its export control policies in early October, countries have continued to enhance the autonomy of their rare earth industry chains. This week, the overseas rare earth market saw frequent activity, with the US-Australia key minerals cooperation being the most prominent. In addition to the US and Australia, Brazil and Malaysia have also begun advancing their own rare earth industry chain autonomy processes.