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High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":710,"relatedVideos":711},112467797753360,"8d2afa5f-b776-4a2d-a0d8-c28f0c112bc0","Terbium prices spike following China rare earths export restrictions","terbium-prices-spike-following-china-rare-earths-export-ban","article/terbium-prices-spike-following-china-rare-earths-export-ban",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":690,"featured":50,"reporter":691,"_editable":695,"component":696,"seo_title":543,"categories":697,"visibility":703,"author_company":49,"featured_image":704,"seo_description":690,"author_full_name":49,"author_job_title":49,"formattedDate":708,"formattedArticleDate":709},"ec7a5f25-9f40-4c68-aac2-bbde78726975","2025-04-17 00:00",[550,553,556],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"export-restrictions","Export restrictions",{"slug":557,"name":558},"rare-earth-prices","rare earth prices",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":570,"content":571},"doc",[572,589,610,615,627,632,639,644,649,662,667,672,677,685],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576,579,587],{"text":577,"type":578},"Terbium prices have spiked this month amid market turbulence following China’s restrictions on exports of medium and heavy rare earth elements (MHREs) that came in response to US President Trump’s “","text",{"text":580,"type":578,"marks":581},"Liberation Day",[582],{"type":583,"attrs":584},"link",{"href":585,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/us-launches-section-232-investigation-into-imports-of-critical-minerals-and-rare-earths?_branch_match_id=1544413144635972797&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz4soyMr3rjJwCU6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAFlU97UgAAAA%3D","url",{"text":588,"type":578},"” reciprocal tariffs.",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592,594,600,602,608],{"text":593,"type":578},"In particular, both prices and equities for heavy ",{"text":595,"type":578,"marks":596},"rare earth elements",[597],{"type":583,"attrs":598},{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/the-importance-of-evs-to-the-rare-earths-market?_branch_match_id=1544413131844400309&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD83JNva2LDdwCU6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPOqe8EgAAAA%3D",{"text":601,"type":578}," (HREEs) like terbium (Tb) are reacting sharply to tightening supply dynamics and ",{"text":603,"type":578,"marks":604},"escalating geopolitical risk",[605],{"type":583,"attrs":606},{"href":607,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/the-trade-war-begins-what-does-it-mean-evs-batteries-and-critical-minerals?_branch_match_id=1544413139837851293&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz01Jy%2FXNNQp2Ck6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAeEW9WUgAAAA%3D",{"text":609,"type":578},".",{"type":573,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":578},"This rise is driven largely by bullish price sentiment amid the uncertainty, as the spot market tightens rapidly, and buyers rush to secure supply.",{"type":616,"attrs":617},"blok",{"id":618,"body":619},"ac4f56c1-fd5f-40e2-bac8-cabf0b9c9f19",[620],{"id":621,"_uid":622,"type":623,"_editable":624,"component":625,"fixed_height":626,"use_fixed_height":50,"fixed_height_mobile":626,"fixed_height_tablet":626},"22712208","i-94a44b87-dfcc-45e4-86a7-d8f4ee4b37c7","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-94a44b87-dfcc-45e4-86a7-d8f4ee4b37c7\", \"id\": \"\"}-->","ContentFlourish","",{"type":573,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":578},"Rare earths underpin modern defense systems. An F-35 fighter jet contains around 418 kilograms of rare earth materials, used in engines, radar, electronics, and other essential systems. As military procurement ramps up globally, securing a stable supply of these materials is a matter of national security.",{"type":633,"attrs":634,"content":636},"heading",{"level":635,"textAlign":49},4,[637],{"text":638,"type":578},"How have the export restrictions impacted the market?",{"type":573,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":578},"Since the export restrictions were implemented earlier this month, Benchmark contacts report that export licenses will now take from 45 days up to several months to be approved. This is up from a couple of weeks prior to the controls.",{"type":573,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":578},"Industry contacts report to Benchmark that the Chinese government is increasingly unlikely to issue a license if the buyer is a US-based defence contractor—amounting to a de facto export ban.",{"type":573,"attrs":650,"content":651},{"textAlign":49},[652,654,660],{"text":653,"type":578},"MP Materials is the only operational ",{"text":655,"type":578,"marks":656},"rare earths mine in the US",[657],{"type":583,"attrs":658},{"href":659,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/chart-can-the-us-meet-its-critical-mineral-needs-domestically?_branch_match_id=1544413152990175316&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNw42cvYOLSw3C0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAAEdk5kgAAAA%3D",{"text":661,"type":578},", though is yet to produce Dy or Tb at commercial scale, highlighting the strategic urgency of bringing more capacity online.",{"type":573,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":578},"Rare earth exports from China have been slower since the export restrictions began, market participants have told Benchmark, although demand for rare earths is typically slower at this time of year. The slow down in exports suggests there are sufficient stockpiles to meet near-term demand.",{"type":573,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":578},"However, were this disruption to last beyond the second quarter of 2025, Benchmark expects the market to approach balance and enter a period of nominal deficit by the end of the year.",{"type":633,"attrs":673,"content":674},{"level":635,"textAlign":49},[675],{"text":676,"type":578},"Could this catalyse supply diversification?",{"type":616,"attrs":678},{"id":679,"body":680},"4a28b0ff-87d9-48e4-98f5-b7dc7d1b7050",[681],{"id":682,"_uid":683,"type":623,"_editable":684,"component":625,"fixed_height":626,"use_fixed_height":50,"fixed_height_mobile":626,"fixed_height_tablet":626},"22705628","i-6c5c6d46-199f-4492-b24d-83dbb9f90a9a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6c5c6d46-199f-4492-b24d-83dbb9f90a9a\", \"id\": \"\"}-->",{"type":573,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":578},"China’s export restrictions underscore the need for supply chain diversification. Improved financial incentives, expedited permitting, and strategic funding for vertically integrated efforts by governments outside of China could help to spur this investment.","Terbium prices have spiked this month amid market turbulence following China’s restrictions on exports of medium and heavy rare earth elements (MHREs) that came in response to US President Trump’s “Liberation Day” reciprocal tariffs. In particular, both prices and equities for heavy rare earth elements (HREEs) like terbium (Tb) are reacting sharply to tightening supply […]",[692],{"slug":561,"name":562,"content":693},{"job_title":564,"image":694,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ec7a5f25-9f40-4c68-aac2-bbde78726975\", \"id\": \"\"}-->","article",[698,701],{"slug":699,"name":700},"critical-minerals","Critical Minerals",{"slug":702,"name":414},"rare-earths","private",{"id":49,"alt":626,"name":626,"focus":626,"title":626,"source":626,"filename":705,"copyright":626,"fieldtype":706,"meta_data":707,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/96d8a6ecdb/bm-rare-earths-mine.jpg","asset",{"alt":626,"title":626,"source":626,"copyright":626},"Apr 17, 2025","17th April 2025",[],[],1781615387028]