MP Materials Q2 2026: Pr-Nd Oxide Production Up 41%, Sales Surge 127%, New Supply Deal and Magnet Shipments Ahead

Praseodymium-neodymium (PrNd) metal prices in China held near recent highs this week, edging higher before flattening out. As of October 16, PrNd metal was quoted at RMB 895,000-900,000/t on a delivered basis including 13% VAT, having touched RMB 903,000/t during the week. The weekly average of RMB 898,400/t was up just 0.10% from the previous week, based on the midpoint of daily high and low quotes.

Ex-China rare earth prices were largely stable this week, with only terbium oxide, terbium metal, and cerium oxide edging lower, while other products consolidated in a narrow range and actual transaction volumes were sluggish. On the resource side, Greenland's Tanbreez mining plan was approved through 2050, the US Colosseum mine faced a judicial delay, and Australia's Jupiter finalized its first indicated resources. Indonesia initiated cooperation talks on rare earths and phosphates with Gabon and Congo Republic. In terms of supply reshaping, Lynas acquired Meteoric for AUD 968 million, securing Brazil's largest ionic clay project, while Arafura raised the five-year offtake annual NdPr supply from the Nolans project to 850 mt. Midstream, the Japanese JV at Lofdal in Namibia is expected to complete approvals within 30 days, and Chile's Aclara molten salt electrolysis metallization demonstration plant commenced production, gradually filling the gaps in Western rare earth processing capabilities.