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market","rare-earths-price-rally-highlights-china-s-influence-on-market","article/rare-earths-price-rally-highlights-china-s-influence-on-market",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":802,"featured":51,"reporter":803,"component":814,"seo_title":543,"categories":815,"visibility":824,"data_vis_image":825,"featured_image":828,"seo_description":832,"formattedDate":833,"formattedArticleDate":834},"66b6d60a-cee7-4817-9a10-ebee44e98711","2026-02-20 00:00",[550,553,556],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"export-restrictions","Export restrictions",{"slug":557,"name":558},"japan","Japan",[560],{"slug":561,"name":562,"content":563},"matthew-bird","Matthew Bird",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Senior Editor - Supply Chains & Data Visualisation",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":570,"content":571},"doc",[572,601,623,659,670,680,688,696,704,712,720,742,748,770,778,786,794],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576,584,596],{"text":577,"type":578,"marks":579},"Domestic Chinese praseodymium-neodymium (PrNd) oxide prices have rallied in recent weeks to around $125/kg, the highest they have been since 2022, pushing up prices outside the country. Alongside this, China’s increased export controls on ","text",[580],{"type":581,"attrs":582},"textStyle",{"color":583},"#000000",{"text":585,"type":578,"marks":586},"heavy rare earths",[587,594],{"type":588,"attrs":589},"link",{"href":590,"uuid":591,"anchor":49,"target":592,"linktype":593},"/article/infographic-the-last-30-years-of-rare-earths-mining","eea4a449-1f70-4a33-b86f-23ddac7f333b","_self","story",{"type":581,"attrs":595},{"color":583},{"text":597,"type":578,"marks":598}," exports are tightening ex-China supply, widening regional bifurcation.",[599],{"type":581,"attrs":600},{"color":583},{"type":573,"attrs":602,"content":603},{"textAlign":49},[604,609,618],{"text":605,"type":578,"marks":606},"China’s dominance across mining, separation and magnet production mean international buyers typically price against Chinese benchmarks. As a result, policy decisions on quotas or export controls from China have a ",[607],{"type":581,"attrs":608},{"color":583},{"text":610,"type":578,"marks":611},"significant impact on the global market",[612,616],{"type":588,"attrs":613},{"href":614,"uuid":615,"anchor":49,"target":592,"linktype":593},"/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks","2ae4712d-a83a-477f-a268-79712ec75def",{"type":581,"attrs":617},{"color":583},{"text":619,"type":578,"marks":620},".",[621],{"type":581,"attrs":622},{"color":583},{"type":573,"attrs":624,"content":625},{"textAlign":49},[626,631,640,645,654],{"text":627,"type":578,"marks":628},"As such, Western consumers remain price-takers in rare earths markets where liquidity, transparency and alternative supply remain limited. This exposes manufacturers, ",[629],{"type":581,"attrs":630},{"color":583},{"text":632,"type":578,"marks":633},"particularly in electric vehicles,",[634,638],{"type":588,"attrs":635},{"href":636,"uuid":637,"anchor":49,"target":592,"linktype":593},"/article/how-many-rare-earths-are-needed-to-produce-ev-motors","84c76965-c659-4132-99f8-51138c521c8d",{"type":581,"attrs":639},{"color":583},{"text":641,"type":578,"marks":642}," wind turbines, defence systems and high-efficiency motors, to ",[643],{"type":581,"attrs":644},{"color":583},{"text":646,"type":578,"marks":647},"sudden input cost volatility ",[648,652],{"type":588,"attrs":649},{"href":650,"uuid":651,"anchor":49,"target":592,"linktype":593},"/article/rare-earths-enter-new-era-of-price-volatility","074100f3-405e-403f-a61e-8a18947257e4",{"type":581,"attrs":653},{"color":583},{"text":655,"type":578,"marks":656},"originating from policy shifts within China.",[657],{"type":581,"attrs":658},{"color":583},{"type":660,"attrs":661},"blok",{"id":662,"body":663},"69b3936c-d5ee-418f-92d6-f943f33f257d",[664],{"id":665,"_uid":666,"type":667,"component":668,"fixed_height":669,"use_fixed_height":50,"fixed_height_mobile":669,"fixed_height_tablet":669},"27713188","i-bf2f6552-2eca-4d05-b2b4-b581d7d26fd0","visualisation","ContentFlourish","",{"type":671,"attrs":672,"content":674},"heading",{"level":673,"textAlign":49},2,[675],{"text":676,"type":578,"marks":677},"What has driven the PrNd oxide price rally?",[678],{"type":581,"attrs":679},{"color":583},{"type":573,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":578,"marks":685},"A combination of strong magnet demand and supply management drove the surge. NdFeB magnet producers undertook concentrated restocking ahead of the Lunar New Year slowdown, tightening spot liquidity. At the same time, mining quota increases have slowed compared to earlier in the year, reinforcing perceptions of controlled supply growth.",[686],{"type":581,"attrs":687},{"color":583},{"type":573,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":578,"marks":693},"Large state-linked producers, including China Northern Rare Earth and Baotou Steel, have continued to guide prices upwards, supporting bullish sentiment.",[694],{"type":581,"attrs":695},{"color":583},{"type":573,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":578,"marks":701},"In parallel, Chinese authorities have reiterated their commitment to strengthening rare earth supply chain supervision, including crackdowns on illegal mining and smuggling. These policy signals have underpinned expectations that supply expansion will remain measured.",[702],{"type":581,"attrs":703},{"color":583},{"type":573,"attrs":705,"content":706},{"textAlign":49},[707],{"text":708,"type":578,"marks":709},"On the back of the rally in domestic Chinese prices, CIF North America prices have pushed up to ~$135/kg, reflecting how tightly bound Western prices are to developments in China.",[710],{"type":581,"attrs":711},{"color":583},{"type":671,"attrs":713,"content":714},{"level":673,"textAlign":49},[715],{"text":716,"type":578,"marks":717},"Bifurcation of heavy rare earths market widens",[718],{"type":581,"attrs":719},{"color":583},{"type":573,"attrs":721,"content":722},{"textAlign":49},[723,728,737],{"text":724,"type":578,"marks":725},"Chinese policy also drives the heavy rare earth markets such as dysprosium (Dy), terbium (Tb) and yttrium (Y). ",[726],{"type":581,"attrs":727},{"color":583},{"text":729,"type":578,"marks":730},"These are regionally bifurcated ",[731,735],{"type":588,"attrs":732},{"href":733,"uuid":734,"anchor":49,"target":592,"linktype":593},"/article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china","087ee693-546b-4bbb-9fcf-b00e664cae06",{"type":581,"attrs":736},{"color":583},{"text":738,"type":578,"marks":739},"due to Chinese export controls and regional supply constraints, leading to significant premiums for material outside of China.",[740],{"type":581,"attrs":741},{"color":583},{"type":660,"attrs":743},{"id":662,"body":744},[745],{"id":746,"_uid":747,"type":667,"component":668,"fixed_height":669,"use_fixed_height":50,"fixed_height_mobile":669,"fixed_height_tablet":669},"27714421","i-cf9e2023-e0e7-48cc-bb7c-65def8bf136e",{"type":573,"attrs":749,"content":750},{"textAlign":49},[751,756,765],{"text":752,"type":578,"marks":753},"Recently, China announced additional ",[754],{"type":581,"attrs":755},{"color":583},{"text":757,"type":578,"marks":758},"restrictions on exports to Japan",[759,763],{"type":588,"attrs":760},{"href":761,"uuid":762,"anchor":49,"target":592,"linktype":593},"/article/what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan","9ddd3f7e-bf73-4e2a-a28b-7311cc5fcf20",{"type":581,"attrs":764},{"color":583},{"text":766,"type":578,"marks":767},", a market that had previously been importing Dy and Tb relatively freely. These restrictions led Japanese consumers to aggressively secure supply outside China, seeking to lock in the majority of available ex-China production and inventories. With limited volumes available globally, this surge in procurement has pushed Tb prices up to highs of $5,000/kg and Dy to highs around $1,250/kg.",[768],{"type":581,"attrs":769},{"color":583},{"type":671,"attrs":771,"content":772},{"level":673,"textAlign":49},[773],{"text":774,"type":578,"marks":775},"Why does this matter for Western supply chains?",[776],{"type":581,"attrs":777},{"color":583},{"type":573,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":578,"marks":783},"The PrNd rally, combined with the heavy rare earth export tightening affecting Japan, reinforces the strategic vulnerability of western supply chains to Chinese domestic and trade policy decisions. As Europe and North America pursue diversification of rare earth supply, managing price risk becomes as important as securing physical volumes.",[784],{"type":581,"attrs":785},{"color":583},{"type":573,"attrs":787,"content":788},{"textAlign":49},[789],{"text":790,"type":578,"marks":791},"Developing ex-China supply will require substantial capital investment, long development timelines and sustained policy backing. At the same time, downstream manufacturers and investors will increasingly require risk management tools; including long-term offtake agreements, transparent pricing benchmarks and potentially financial hedging instruments to underpin project finance and bankability.",[792],{"type":581,"attrs":793},{"color":583},{"type":573,"attrs":795,"content":796},{"textAlign":49},[797],{"text":798,"type":578,"marks":799},"Without mechanisms to manage volatility, policy-driven price swings can deter the very investment needed to diversify supply. The recent PrNd rally, alongside the spike in Dy and Tb following tighter export controls, serve as a reminder of China’s central role in shaping rare earth economics; and of the importance of building resilient, risk-managed western supply chains.",[800],{"type":581,"attrs":801},{"color":583},"Domestic Chinese praseodymium‑neodymium (PrNd) oxide prices have rallied in recent weeks to around $125/kg, the highest they have been since 2022, pushing up prices outside the country. Alongside this, China’s increased export controls on heavy rare earths exports to China are tightening ex-China supply, widening regional bifurcation.\n\nChina’s dominance across mining, separation and magnet production mean international buyers typically price against Chinese benchmarks. As a result, policy decisions on quotas or export controls from China have a significant impact on the global market.\n\nAs such, Western consumers remain price‑takers in rare earths markets where liquidity, transparency and alternative supply remain limited. This exposes manufacturers, particularly in electric vehicles, wind turbines, defence systems and high‑efficiency motors, to sudden input cost volatility originating from policy shifts within China.",[804],{"slug":805,"name":806,"content":807},"george-ingall","George Ingall",{"job_title":808,"image":809,"bio":811,"linkedin":812,"markets_covered":813},"Price Analyst - Rare Earths & Battery Minerals",{"filename":810},"https://a.storyblok.com/f/287943243085208/2943x3679/899ad64a5e/george-ingall.jpg","George specialises in rare earths and battery minerals, with expertise in tracking market movements, pricing trends, and supply-demand dynamics across critical raw materials. Experienced in delivering clear market insights and analysis that support commercial strategy, investment decisions, and industry understanding in fast-evolving global commodities markets.","https://www.linkedin.com/in/georgeingall/","Rare Earths, Cobalt, Natural Graphite, Synthetic Graphite, Anode","article",[816,818,821],{"slug":817,"name":414},"rare-earths",{"slug":819,"name":820},"geopolitics","Geopolitics",{"slug":822,"name":823},"critical-minerals","Critical Minerals","private",{"id":49,"alt":49,"name":669,"focus":49,"title":49,"source":49,"filename":669,"copyright":49,"fieldtype":826,"meta_data":827},"asset",{},{"id":829,"alt":669,"name":669,"focus":669,"title":669,"source":669,"filename":830,"copyright":669,"fieldtype":826,"meta_data":831,"is_external_url":50},129070878933470,"https://a.storyblok.com/f/287943243085208/bb1abcf83f/bm-rare-earths-ndpr.jpg",{},"Domestic Chinese praseodymium‑neodymium (PrNd) oxide prices have rallied in recent weeks to around $125/kg, the highest they have been since 2022, pushing up prices outside the country.","Feb 20, 2026","20th February 2026",[],[],1781512916085]