Rare Earth Prices in China Drop, Pr-Nd Oxide and Alloy See Significant Decline

According to data released by the General Administration of Customs, from January to February 2026, China’s rare earth exports reached 10,468 mt, up 23% YoY, while the export value was approximately 480 million yuan, down 17.6% YoY. During the same period, exports of rare earths and their products totaled 22,745 mt, up 13.6% YoY, and the export value was approximately 4.51 billion yuan, up 11.4% YoY.

[SMM Rare Earth Weekly Review: Rare Earth Prices Pulled Back Significantly, Downstream Inquiries and Procurement Decreased] Affected by fluctuations in futures prices, confidence in the Pr-Nd oxide market dropped sharply. Traders proactively sold off cargoes at low prices, causing transaction prices in the Pr-Nd oxide market to fall rapidly. As of today, Pr-Nd oxide prices had already pulled back to 690,000-700,000 yuan/mt.

UK rare earth exploration company Harena Rare Earths signed an exclusivity agreement to evaluate the acquisition of Paradigm Critical Minerals’ heavy rare earth and uranium assets in California. The asset is located in San Bernardino County, about 100 miles from Mountain Pass mine, MP Materials’ rare earth mine, the only producing rare earth mine in North America. Historical drilling showed significant potential for the project, with surface exploration identifying a light-to-heavy rare earth ratio of about 50:50 and grab samples with TREO grades of up to around 2%. Uranium grades reached 10 times those of currently operating projects worldwide. Harena will conduct due diligence to advance the transaction, and the project will complement its ionic clay rare earth project in Madagascar.