Ex-China NdPr prices slip below $110/kg price floor as oversupply builds

NdPr oxide prices have fallen below a key psychological and structural benchmark, dropping to $95,000/tonne CIF Europe and North America, beneath the $110/kg price floor established under MP Materials' agreement with the US Department of Defense. The decline, down 7.3% over the assessment period, highlights a widening gap between where the spot market is trading and the mechanisms designed to underpin domestic production economics, a divergence that carries different implications depending on where one sits in the supply chain. For producers benefiting from the floor price, the mechanism provides a guaranteed minimum return regardless of spot conditions, insulating them from the current downturn. For downstream buyers, however, the falling ex-China spot price represents a genuine cost benefit, offering access to NdPr oxide at levels meaningfully below the policy-supported floor.