American Rare Earths Resumes Exploration of Rare Earth Elements, Asia Accelerates Investment in Vietnam's Rare Earth Industry [SMM Rare Earth Overseas Weekly Review]

Overseas Market Dynamics

Price-wise:

FOB prices for samarium oxide remained stable at $870-930/mt, FOB prices for cerium oxide held steady at $1,677-1,762/mt, CIF (Rotterdam) prices for cerium oxide were $2,330-2,340/mt, FOB prices for neodymium oxide were raised to $116-136/kg, CIF (Rotterdam) prices for neodymium oxide were $165-185/kg, FOB prices for dysprosium oxide were lowered to $267-307/kg, and FOB prices for neodymium metal were reduced to $110-130/kg.

Transaction Level:

Stable FOB prices for samarium oxide/cerium oxide: No significant changes were observed recently on both the supply and demand fronts. Supply side, major producers maintained stable production; demand side, application demand in traditional sectors like catalysts and glass additives remained steady. Market inquiries and transactions were relatively sluggish, hence prices remained stable. Slight increase in FOB prices for neodymium oxide: The main momentum for this round of increase came from the domestic Chinese market. Domestic neodymium oxide prices rose steadily due to persistently tight spot supply, coupled with the impact of relevant Chinese policies, collectively driving up the offshore cost. Although overseas demand did not see a significant increase, seller quotations remained firm supported by costs. Slight decrease in FOB prices for dysprosium oxide: The price decline followed the downward fluctuation of domestic dysprosium oxide prices in China, and coincided with the widespread Christmas holidays overseas, leading to a significant reduction in purchasing activities by downstream magnetic material enterprises and end-users, with mediocre demand performance, putting pressure on prices. Slight decrease in FOB prices for neodymium metal: Immediate demand for neodymium metal in mainstream overseas markets, particularly Europe and North America, was mediocre. Meanwhile, current domestic neodymium metal prices in China are at a relatively high level, dampening the purchase willingness of some overseas buyers, with rigid demand temporarily pausing, awaiting clearer market conditions after the new year.
 

Overseas Market News Updates

North America Developments

Energy Fuels announced that the 99.9% pure dysprosium oxide produced at its White Mesa plant in Utah has passed the initial purity and quality control processes of a major South Korean permanent magnet manufacturer, marking a key advancement for U.S.-produced heavy rare earth oxides in permanent magnet applications. The company plans to achieve large-scale production of terbium oxide and potentially samarium oxide in early 2026.

Lodestar Minerals Ltd commenced exploration at the Virgin Mountain project in Arizona, USA, aiming to develop yttrium and other heavy rare earth resources. Historical sampling data indicates that heavy rare earth elements (including yttrium, dysprosium, terbium, etc.) account for 57% of the total rare earth oxides in the project. The initial exploration will focus on areas with high rare earth concentrations.

Asia Project Progress

Japan plans to conduct deep-sea rare earth mud mining trials in the waters near Minamitorishima in January 2026, targeting a depth of approximately 5,500-6,000 meters, aiming to verify the technical feasibility of extracting rare earth elements such as dysprosium, neodymium, and gadolinium from the seabed.

LS Eco Energy in South Korea's board of directors approved an investment of 28.5 billion won (approximately $19.25 million) in a rare earth metal business in Vietnam. A rare earth metal refining facility will be built in Ho Chi Minh City to convert rare earth oxides into metallic materials, thereby improving the supply chain layout from raw materials to permanent magnets.

South America and Other Regional Developments

Brazil's Acel Rare Earths announced an updated resource estimate for Zone B of the Carado Project: ore resources of 339 million mt with an average total rare earth oxide grade of 0.1075% and a gallium grade of 0.00366%. Combined with the Zone A data announced in August, the project's total resources reached 572 million mt, and the gallium metal content is estimated to be 22,900 mt.Brazil's Geological Survey Agency discovered high concentrations of rare earth elements in the eastern part of the Parnaíba Basin, with heavy rare earth (dysprosium, erbium, ytterbium, etc.) content reaching 259-2188 ppm, phosphate content up to 26.02%, and uranium content up to 1268 ppm, indicating potential for further exploration.

Egypt's Minister of Electricity and Renewable Energy visited Beijing and held talks with enterprises such as Norinco Group, Northern Mining, and China National Nuclear Corporation to explore cooperation in areas including rare earth and strategic mineral mining and technology transfer.