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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":559,"relatedVideos":560},161520302068022,"ed825081-6a84-47fe-86ee-abc6541182ea","George Ingall","george-ingall","authors/george-ingall",{"x":547,"bio":548,"_uid":549,"email":547,"image":550,"linkedin":555,"component":556,"job_title":557,"markets_covered":558,"certification_name":547,"certification_recoginition":547,"certification_recoginition_url":547,"formattedDate":547,"formattedArticleDate":547},"","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.","8bf93e18-9e2b-4418-945e-537ec1d22dc3",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},161520530839870,"https://a.storyblok.com/f/287943243085208/2943x3679/899ad64a5e/george-ingall.jpg","asset",{},"https://www.linkedin.com/in/georgeingall/","author","Price Analyst - Rare Earths & Battery Minerals","Rare Earths, Cobalt, Natural Graphite, Synthetic Graphite, Anode",[],[],[562,741,952,1059,1313,1568,1822],{"id":563,"uuid":564,"name":565,"slug":566,"full_slug":567,"content":568},179294289152409,"4dc43d73-e0bb-4fb6-a6f7-e54fb33429a3","Cobalt market anchored by hidden inventories despite supply risks","cobalt-market-anchored-by-hidden-inventories-despite-supply-risks","article/cobalt-market-anchored-by-hidden-inventories-despite-supply-risks",{"_uid":569,"date":570,"tags":571,"editor":584,"content":594,"excerpt":720,"featured":51,"reporter":721,"component":725,"seo_title":565,"categories":726,"visibility":732,"data_vis_image":733,"featured_image":735,"seo_description":739,"formattedDate":740},"50771562-d5f4-44fe-b19a-4cc71fa03633","2026-05-22 00:00",[572,575,578,581],{"slug":573,"name":574},"cobalt-prices","Cobalt prices",{"slug":576,"name":577},"china","China",{"slug":579,"name":580},"africa","Africa",{"slug":582,"name":583},"madagascar","Madagascar",[585],{"slug":586,"name":587,"content":588},"benjamin-roche","Benjamin Roche",{"job_title":589,"image":590,"bio":592,"linkedin":593},"Editor – Energy Transition Supply Chains",{"filename":591},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":595,"content":596},"doc",[597,616,630,640,650,655,660,667,672,677,684,689,694,701,706],{"type":598,"attrs":599,"content":600},"paragraph",{"textAlign":49},[601,604,614],{"text":602,"type":603},"Cobalt prices remain broadly stable, with higher-than-expected inventory levels ","text",{"text":605,"type":603,"marks":606},"in China",[607],{"type":608,"attrs":609},"link",{"href":610,"uuid":611,"anchor":49,"target":612,"linktype":613},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635","_blank","story",{"text":615,"type":603}," continuing to offset emerging supply-side disruptions and rising upstream costs.",{"type":598,"attrs":617,"content":618},{"textAlign":49},[619,621,628],{"text":620,"type":603},"Market participants speaking to Benchmark said that ",{"text":622,"type":603,"marks":623},"cobalt demand remains soft",[624],{"type":608,"attrs":625},{"href":626,"uuid":627,"anchor":49,"target":612,"linktype":613},"/article/supply-strains-keep-prices-steady-cobalt-q1-2026-price-review","0b16c504-8e01-449c-9efe-b239dc7e8242",{"text":629,"type":603},", particularly across the consumer electronics sector, with no clear signs of recovery. Some producers have responded by curtailing output, contributing to limited spot market activity and cautious purchasing behaviour across the supply chain.",{"type":631,"attrs":632},"blok",{"id":633,"body":634},"af301b3f-fb94-4089-9d37-56f009c62f80",[635],{"id":636,"_uid":637,"type":638,"component":639,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29089953","i-e8268d9b-5888-4b39-a554-22425ba4d89e","visualisation","ContentFlourish",{"type":641,"attrs":642,"content":644},"heading",{"level":643,"textAlign":49},2,[645],{"text":646,"type":603,"marks":647},"China stockpiles anchoring market",[648],{"type":649},"bold",{"type":598,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":603},"A key theme across the market is the growing recognition that cobalt inventories in China have been significantly underestimated. Market consensus now places metal stocks at around 10kt, with additional material held across intermediate forms.",{"type":598,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":603},"These elevated inventories have acted as a buffer against supply disruptions, preventing prices from reacting more strongly to tightening conditions upstream. As a result, the market appears more balanced than previously expected, with stock overhang dampening volatility and capping near-term price upside.",{"type":641,"attrs":661,"content":662},{"level":643,"textAlign":49},[663],{"text":664,"type":603,"marks":665},"Supply disruptions fail to translate into price gains",[666],{"type":649},{"type":598,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":603},"On the supply side, logistical constraints and policy-driven export controls have limited the immediate availability of raw materials. While most export quotas from the DRC have now been approved and shipments are progressing, material remains in transit, delaying its arrival into China.",{"type":598,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":603},"At the same time, Indonesian supply faces growing pressure due to constrained sulphur availability, with some HPAL operations at risk of curtailment. Elsewhere, refined supply remains exposed to disruption, with Sherritt’s Cuban operations facing uncertainty linked to recent disruption to Venezuelan oil supplies, while production at Ambatovy in Madagascar remains halted following cyclone-related damage. Despite these risks, elevated inventory levels continue to absorb the impact, limiting any upward price response.",{"type":641,"attrs":678,"content":679},{"level":643,"textAlign":49},[680],{"text":681,"type":603,"marks":682},"Rising costs add pressure to the supply chain",[683],{"type":649},{"type":598,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":603},"Upstream cost pressures are building, with sulphuric acid and diesel prices rising sharply, particularly in the DRC. In Indonesia, limited sulphur availability is emerging as a key constraint, with some operations facing the risk of curtailment.",{"type":598,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":603},"While these factors point to tighter supply conditions later in the year, their immediate impact remains muted in the presence of ample inventories.",{"type":641,"attrs":695,"content":696},{"level":643,"textAlign":49},[697],{"text":698,"type":603,"marks":699},"Market outlook hinges on inventory drawdown",[700],{"type":649},{"type":598,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":603},"Looking ahead, the trajectory of cobalt prices will depend largely on how quickly these stockpiles are absorbed. As additional material arrives into China in the coming months, market participants will closely monitor whether producers choose to release units into the market or continue to build inventories.",{"type":598,"attrs":707,"content":708},{"textAlign":49},[709,711,718],{"text":710,"type":603},"For now, sentiment remains cautious, with participants broadly aligned in expecting limited downside but no immediate catalyst for a sustained rally. Instead, attention is shifting towards the second half of 2026, when tightening ",{"text":712,"type":603,"marks":713},"supply ",[714],{"type":608,"attrs":715},{"href":716,"uuid":717,"anchor":49,"target":612,"linktype":613},"/article/us-first-planned-cobalt-refinery-signs-850-million-offtake","ce2f9608-3c05-40e7-9719-0cae383680d8",{"text":719,"type":603},"and potential inventory drawdowns could begin to reshape market dynamics.","Cobalt prices remain broadly stable, with higher-than-expected inventory levels in China continuing to offset emerging supply-side disruptions and rising upstream costs.\n\nMarket participants speaking to Benchmark said that cobalt demand remains soft, particularly across the consumer electronics sector, with no clear signs of recovery. Some producers have responded by curtailing output, contributing to limited spot market activity and cautious purchasing behaviour across the supply chain.",[722],{"slug":544,"name":543,"content":723},{"job_title":557,"image":724,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"article",[727,729],{"slug":728,"name":115},"cobalt",{"slug":730,"name":731},"critical-minerals","Critical Minerals","private",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":734},{},{"id":736,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":737,"copyright":547,"fieldtype":553,"meta_data":738,"is_external_url":50},129066603174195,"https://a.storyblok.com/f/287943243085208/df62720a42/bm-cobalt-27-warehouse-e1527863094748.png",{},"Cobalt prices remain broadly stable, with higher-than-expected inventory levels in China continuing to offset emerging supply-side disruptions and rising upstream costs.","May 22, 2026",{"id":742,"uuid":743,"name":744,"slug":745,"full_slug":746,"content":747},166226238642468,"f85d8788-f2e7-451e-a4e9-ac8d2eb07c47","Tight supply and Chinese policy drive prices: Rare Earths Q1 2026 Price Review","tight-supply-and-chinese-policy-drive-prices-rare-earths-q1-2026-price-review","article/tight-supply-and-chinese-policy-drive-prices-rare-earths-q1-2026-price-review",{"_uid":748,"date":749,"tags":750,"editor":757,"content":767,"excerpt":934,"featured":51,"reporter":935,"component":725,"seo_title":939,"categories":940,"visibility":944,"data_vis_image":945,"featured_image":947,"seo_description":934,"formattedDate":951},"58b8210f-3480-4f79-b889-72c1fe9d31a8","2026-04-15 00:00",[751,754],{"slug":752,"name":753},"rare-earth-prices","rare earth prices",{"slug":755,"name":756},"quarterly-price-review","Quarterly Price Review",[758],{"slug":759,"name":760,"content":761},"matthew-bird","Matthew Bird",{"job_title":762,"image":763,"bio":765,"linkedin":766},"Senior Editor - Supply Chains & Data Visualisation",{"filename":764},"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":595,"content":768},[769,808,816,823,845,853,861,878,886,896,906,916,924],{"type":598,"attrs":770,"content":771},{"textAlign":49},[772,779,789,794,803],{"text":773,"type":603,"marks":774},"Rare earth prices ",[775],{"type":776,"attrs":777},"textStyle",{"color":778},"#18181B",{"text":780,"type":603,"marks":781},"surged through January and February",[782,787],{"type":608,"attrs":783},{"href":784,"uuid":785,"anchor":49,"target":786,"linktype":613},"/article/rare-earths-price-rally-highlights-china-s-influence-on-market","43bb65ef-102c-4f79-9f64-a8f6740ded80","_self",{"type":776,"attrs":788},{"color":778},{"text":790,"type":603,"marks":791}," before some grades, particularly ",[792],{"type":776,"attrs":793},{"color":778},{"text":795,"type":603,"marks":796},"magnet",[797,801],{"type":608,"attrs":798},{"href":799,"uuid":800,"anchor":49,"target":786,"linktype":613},"/article/benchmark-launches-industry-leading-rare-earth-permanent-magnet-prices","5955e2f6-a2c3-48aa-9bb8-3e1a96183b78",{"type":776,"attrs":802},{"color":778},{"text":804,"type":603,"marks":805}," materials, softened sharply in March. Over the quarter, Benchmark’s China praseodymium-neodymium (PrNd) oxide assessment rose by ~30%.",[806],{"type":776,"attrs":807},{"color":778},{"type":598,"attrs":809,"content":810},{"textAlign":49},[811],{"text":812,"type":603,"marks":813},"In early January, Chinese rare earth oxide prices showed a mixed trend, with light rare earths edging higher on year-end restocking whilst heavy rare earths saw a slight downtick, despite early signs of stabilisation after their recent decline. Later in the month, Chinese rare earth oxide prices rose across all grades, supported by tight mining quotas, higher raw material costs and stronger downstream restocking ahead of CNY. The rally quickly fed through into the European and North American markets, where buyers continued to take direction from Chinese benchmarks.",[814],{"type":776,"attrs":815},{"color":778},{"type":631,"attrs":817},{"id":818,"body":819},"cde450dc-65ed-4e9b-b135-a8b99d61d95f",[820],{"id":821,"_uid":822,"type":638,"component":639,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28540960","i-6d689a24-991c-416a-94d0-b2a767be1718",{"type":598,"attrs":824,"content":825},{"textAlign":49},[826,831,840],{"text":827,"type":603,"marks":828},"Throughout February, the rally continued, most notably in heavy rare earths, as export restrictions limited ex-China availability and ",[829],{"type":776,"attrs":830},{"color":778},{"text":832,"type":603,"marks":833},"more aggressive Japanese",[834,838],{"type":608,"attrs":835},{"href":836,"uuid":837,"anchor":49,"target":786,"linktype":613},"/article/what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan","9ddd3f7e-bf73-4e2a-a28b-7311cc5fcf20",{"type":776,"attrs":839},{"color":778},{"text":841,"type":603,"marks":842}," procurement added further pressure to already tight supply chains.",[843],{"type":776,"attrs":844},{"color":778},{"type":598,"attrs":846,"content":847},{"textAlign":49},[848],{"text":849,"type":603,"marks":850},"After the holiday period, rare earth prices remained firm, although trading became more cautious and volatile, with fewer large-volume deals taking place. In China, suppliers remained reluctant to sell aggressively, while raw material availability remained tight.",[851],{"type":776,"attrs":852},{"color":778},{"type":598,"attrs":854,"content":855},{"textAlign":49},[856],{"text":857,"type":603,"marks":858},"By mid- to late March, PrNd prices corrected lower as Chinese magnet makers adopted a more cautious stance and buyers resisted levels seen as ahead of near-term fundamentals. This weakness fed through into Europe and North America, where PrNd prices also moved downwards.",[859],{"type":776,"attrs":860},{"color":778},{"type":598,"attrs":862,"content":863},{"textAlign":49},[864,873],{"text":865,"type":603,"marks":866},"Heavy rare earths",[867,871],{"type":608,"attrs":868},{"href":869,"uuid":870,"anchor":49,"target":786,"linktype":613},"/article/ex-china-rare-earths-premium-to-grow-especially-for-heavies","15dc312f-8254-4eb3-a856-11af57feb532",{"type":776,"attrs":872},{"color":778},{"text":874,"type":603,"marks":875},", however, remained considerably tighter outside China. Dysprosium, terbium and particularly yttrium continued to be shaped by restricted Chinese exports, aggressive Japanese buying and strong aerospace demand for available material.",[876],{"type":776,"attrs":877},{"color":778},{"type":598,"attrs":879,"content":880},{"textAlign":49},[881],{"text":882,"type":603,"marks":883},"Overall, Q1 was defined by tight supply, policy-driven uncertainty and strong restocking early in the quarter, before shifting to a more cautious tone as downstream buying slowed and light rare earth prices corrected.",[884],{"type":776,"attrs":885},{"color":778},{"type":598,"attrs":887,"content":888},{"textAlign":49},[889],{"text":890,"type":603,"marks":891},"This is the fourth in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below:",[892,894],{"type":776,"attrs":893},{"color":778},{"type":895},"italic",{"type":598,"attrs":897,"content":898},{"textAlign":49},[899],{"text":900,"type":603,"marks":901},"Volatile, yet robust: Lithium Q1 2026 Price Review",[902],{"type":608,"attrs":903},{"href":904,"uuid":905,"anchor":49,"target":786,"linktype":613},"/article/volatile-yet-robust-lithium-q1-2026-price-review","fd98e9b3-113b-4179-b249-104c9389ba9f",{"type":598,"attrs":907,"content":908},{"textAlign":49},[909],{"text":910,"type":603,"marks":911},"Production quotas control nickel price: Nickel Q1 2026 Price Review",[912],{"type":608,"attrs":913},{"href":914,"uuid":915,"anchor":49,"target":786,"linktype":613},"/article/production-quotas-control-nickel-price-nickel-q1-2026-price-review","9e149244-10b5-4bac-a43c-079b19971251",{"type":598,"attrs":917,"content":918},{"textAlign":49},[919],{"text":920,"type":603,"marks":921},"Supply strains keep prices steady: Cobalt Q1 2026 Price Review",[922],{"type":608,"attrs":923},{"href":626,"uuid":627,"anchor":49,"target":786,"linktype":613},{"type":598,"attrs":925,"content":926},{"textAlign":49},[927],{"text":928,"type":603,"marks":929},"Strong demand, strong supply: Anode & Graphite Q1 2026 Price Review",[930],{"type":608,"attrs":931},{"href":932,"uuid":933,"anchor":49,"target":786,"linktype":613},"/article/strong-demand-strong-supply-anode-graphite-q1-2026-price-review","e8b8c2f1-cff3-4d8c-9b57-f21f00bbc6a8","Rare earth prices surged through January and February before some grades, particularly magnet materials, softened sharply in March. Over the quarter, Benchmark’s China praseodymium-neodymium (PrNd) oxide assessment rose by ~30%.",[936],{"slug":544,"name":543,"content":937},{"job_title":557,"image":938,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"Tight supply and Chinese policy: Rare Earths Q1 2026 Price Review",[941,942],{"slug":730,"name":731},{"slug":943,"name":414},"rare-earths","public",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":946},{},{"id":948,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":949,"copyright":547,"fieldtype":553,"meta_data":950,"is_external_url":50},128982460178240,"https://a.storyblok.com/f/287943243085208/2560x1705/845b994115/rare-earths-mine.jpg",{},"Apr 15, 2026",{"id":953,"uuid":627,"name":920,"slug":954,"full_slug":955,"content":956},165816271056404,"supply-strains-keep-prices-steady-cobalt-q1-2026-price-review","article/supply-strains-keep-prices-steady-cobalt-q1-2026-price-review",{"_uid":957,"date":958,"tags":959,"editor":964,"content":968,"excerpt":1045,"featured":51,"reporter":1046,"component":725,"seo_title":920,"categories":1050,"visibility":732,"data_vis_image":1052,"featured_image":1054,"seo_description":1045,"formattedDate":1058},"dd20c67a-892b-4993-964d-c8fc03add556","2026-04-14 00:00",[960,963],{"slug":961,"name":962},"pcam","pCAM",{"slug":573,"name":574},[965],{"slug":759,"name":760,"content":966},{"job_title":762,"image":967,"bio":765,"linkedin":766},{"filename":764},{"type":595,"content":969},[970,978,986,993,1001,1009,1017,1026,1036],{"type":598,"attrs":971,"content":972},{"textAlign":49},[973],{"text":974,"type":603,"marks":975},"Cobalt prices throughout the first quarter traded within a relatively tight range, yet with a distinctly bullish undertone supported by feedstock tightness rather than any notable real demand recovery. Supply delays from the DRC, limited spot availability and high input costs supported elevated cobalt sulphate, hydroxide and metal prices, even as buying interest remained cautious across much of the battery supply chain; Benchmark’s CIF Asia cobalt hydroxide price ended the quarter ~3% above its starting point on 7 January 2026.",[976],{"type":776,"attrs":977},{"color":778},{"type":598,"attrs":979,"content":980},{"textAlign":49},[981],{"text":982,"type":603,"marks":983},"In January, cobalt prices strengthened on expectations of tighter feedstock availability, alongside restocking by pCAM producers ahead of CNY following earlier inventory drawdowns. Delays to DRC exports, and expectations that new cargoes would not reach China until late Q1, reinforced expectations for sustained hydroxide tightness.",[984],{"type":776,"attrs":985},{"color":778},{"type":631,"attrs":987},{"id":988,"body":989},"56955827-8b99-49b1-a8df-6b36ba84b388",[990],{"id":991,"_uid":992,"type":638,"component":639,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28516805","i-161d92ad-ee0e-40ad-a407-9941f9e323b2",{"type":598,"attrs":994,"content":995},{"textAlign":49},[996],{"text":997,"type":603,"marks":998},"In February, spot activity weakened further as the CNY period constrained trading across the Chinese cobalt market, with many Chinese operations offline and logistics disrupted. However, there was little sign of notable price weakness as market remained anchored by continued global tightness in hydroxide and restricted upstream availability.",[999],{"type":776,"attrs":1000},{"color":778},{"type":598,"attrs":1002,"content":1003},{"textAlign":49},[1004],{"text":1005,"type":603,"marks":1006},"In March, the market remained subdued, though upstream tightness continued to provide support. Cobalt sulphate prices softened modestly as some traders offered discounted units and pCAM producers worked through elevated pre-holiday inventories. However, the continued absence of DRC exports kept hydroxide availability tight, whilst concerns surrounding sulphur supply for Indonesian HPAL production kept feedstock sentiment tight.",[1007],{"type":776,"attrs":1008},{"color":778},{"type":598,"attrs":1010,"content":1011},{"textAlign":49},[1012],{"text":1013,"type":603,"marks":1014},"That combination left cobalt broadly steady throughout Q1, with prices supported less by robust demand than by the market’s limited slack for further supply disruption.",[1015],{"type":776,"attrs":1016},{"color":778},{"type":598,"attrs":1018,"content":1019},{"textAlign":49},[1020],{"text":1021,"type":603,"marks":1022},"This is the third in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below:",[1023,1025],{"type":776,"attrs":1024},{"color":778},{"type":895},{"type":598,"attrs":1027,"content":1028},{"textAlign":49},[1029],{"text":900,"type":603,"marks":1030},[1031,1033],{"type":608,"attrs":1032},{"href":904,"uuid":905,"anchor":49,"target":612,"linktype":613},{"type":776,"attrs":1034},{"color":1035},"#000000",{"type":598,"attrs":1037,"content":1038},{"textAlign":49},[1039],{"text":910,"type":603,"marks":1040},[1041,1043],{"type":608,"attrs":1042},{"href":914,"uuid":915,"anchor":49,"target":612,"linktype":613},{"type":776,"attrs":1044},{"color":1035},"Cobalt prices throughout the first quarter traded within a relatively tight range, yet with a distinctly bullish undertone supported by feedstock tightness rather than any notable real demand recovery.",[1047],{"slug":544,"name":543,"content":1048},{"job_title":557,"image":1049,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1051],{"slug":728,"name":115},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1053},{},{"id":1055,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1056,"copyright":547,"fieldtype":553,"meta_data":1057,"is_external_url":50},129068926213597,"https://a.storyblok.com/f/287943243085208/bc831c2316/bm-jervois-cobalt-2.jpg",{},"Apr 14, 2026",{"id":1060,"uuid":800,"name":1061,"slug":1062,"full_slug":1063,"content":1064},161514806869884,"Benchmark launches industry-leading rare earth permanent magnet prices","benchmark-launches-industry-leading-rare-earth-permanent-magnet-prices","article/benchmark-launches-industry-leading-rare-earth-permanent-magnet-prices",{"_uid":1065,"date":1066,"tags":1067,"editor":1074,"content":1078,"excerpt":1287,"featured":51,"reporter":1288,"component":725,"seo_title":1302,"categories":1303,"visibility":944,"data_vis_image":1306,"featured_image":1308,"seo_description":1084,"formattedDate":1312},"418a6d97-c1be-4dbe-abea-55a5e0311bc8","2026-04-02 00:00",[1068,1071],{"slug":1069,"name":1070},"benchmark","Benchmark",{"slug":1072,"name":1073},"announcement","Announcement",[1075],{"slug":759,"name":760,"content":1076},{"job_title":762,"image":1077,"bio":765,"linkedin":766},{"filename":764},{"type":595,"content":1079},[1080,1088,1096,1116,1138,1146,1154,1175,1183,1191,1199,1207,1215,1223,1231,1239,1265,1274],{"type":598,"attrs":1081,"content":1082},{"textAlign":49},[1083],{"text":1084,"type":603,"marks":1085},"Benchmark Mineral Intelligence is pleased to announce the launch of 44 rare earth permanent magnet price grades, bringing a new level of transparency to one of the most opaque and strategically important markets in the energy transition supply chain.",[1086],{"type":776,"attrs":1087},{"color":1035},{"type":598,"attrs":1089,"content":1090},{"textAlign":49},[1091],{"text":1092,"type":603,"marks":1093},"The new service, launching Thursday 2 April, will cover rare earth permanent magnet prices across Japan/South Korea, Europe, North America and China, offering market participants an independent benchmark for tracking price movements across key magnet products and regional markets.",[1094],{"type":776,"attrs":1095},{"color":1035},{"type":598,"attrs":1097,"content":1098},{"textAlign":49},[1099,1104,1111],{"text":1100,"type":603,"marks":1101},"Benchmark’s new rare earth permanent magnet prices have been developed in response to growing demand for greater pricing visibility in a supply chain that remains highly fragmented, fast-evolving and ",[1102],{"type":776,"attrs":1103},{"color":1035},{"text":1105,"type":603,"marks":1106},"heavily centred on China",[1107,1109],{"type":608,"attrs":1108},{"href":784,"uuid":785,"anchor":49,"target":786,"linktype":613},{"type":776,"attrs":1110},{"color":1035},{"text":1112,"type":603,"marks":1113},". As geopolitical tensions, industrial policy shifts and changing demand patterns continue to reshape the market, understanding pricing dynamics across multiple regions is becoming increasingly important for producers, consumers and investors alike.",[1114],{"type":776,"attrs":1115},{"color":1035},{"type":598,"attrs":1117,"content":1118},{"textAlign":49},[1119,1124,1133],{"text":1120,"type":603,"marks":1121},"Rare earth permanent magnets are a critical component in a wide range of strategic industries, including electric vehicles, wind turbines, industrial automation, consumer electronics and ",[1122],{"type":776,"attrs":1123},{"color":1035},{"text":1125,"type":603,"marks":1126},"defence applications",[1127,1131],{"type":608,"attrs":1128},{"href":1129,"uuid":49,"anchor":49,"target":612,"linktype":1130},"https://source.benchmarkminerals.com/publications/special-issues/defence-the-new-driver-for-critical-raw-materials","url",{"type":776,"attrs":1132},{"color":1035},{"text":1134,"type":603,"marks":1135},". Despite their importance, pricing across the magnet supply chain has remained relatively opaque, with limited independent data available to support commercial decision-making and contract discussions.",[1136],{"type":776,"attrs":1137},{"color":1035},{"type":598,"attrs":1139,"content":1140},{"textAlign":49},[1141],{"text":1142,"type":603,"marks":1143},"Benchmark’s new assessments are designed to address that gap by providing market participants with robust, transparent reference prices across the major regional hubs for rare earth permanent magnets. The launch of 44 new prices will give the market a clearer view of how pricing differs by geography, product and end-use exposure, while also helping participants monitor regional shifts in supply-demand balance and market sentiment.",[1144],{"type":776,"attrs":1145},{"color":1035},{"type":598,"attrs":1147,"content":1148},{"textAlign":49},[1149],{"text":1150,"type":603,"marks":1151},"The new prices address one of the rare earth magnet market’s key challenges: lack of transparent regional benchmarks. While much of the industry remains focused on upstream rare earth oxide and metal pricing, magnets are where many of the supply chain’s most commercially significant negotiations take place. Greater transparency at the magnet level will support pricing discussions, improve procurement strategy and strengthen visibility across downstream markets.",[1152],{"type":776,"attrs":1153},{"color":1035},{"type":598,"attrs":1155,"content":1156},{"textAlign":49},[1157,1162,1170],{"text":1158,"type":603,"marks":1159},"“Rare earth permanent magnets sit at the heart of several critical supply chains, yet the market has long lacked transparent and independent pricing at the magnet level,” said ",[1160],{"type":776,"attrs":1161},{"color":1035},{"text":543,"type":603,"marks":1163},[1164,1168],{"type":608,"attrs":1165},{"href":1166,"uuid":1167,"anchor":49,"target":786,"linktype":613},"/videos/what-is-the-state-of-play-of-the-rare-earths-and-permanent-magnet-markets","c39708e6-89d7-42ee-9ee2-b3894a443e0c",{"type":776,"attrs":1169},{"color":1035},{"text":1171,"type":603,"marks":1172},", Rare Earths Price Analyst at Benchmark.",[1173],{"type":776,"attrs":1174},{"color":1035},{"type":598,"attrs":1176,"content":1177},{"textAlign":49},[1178],{"text":1179,"type":603,"marks":1180},"“With these new assessments, Benchmark is bringing much-needed clarity to a market that is becoming more strategically important by the day. Our new rare earth permanent magnet prices will help market participants track regional price developments, support negotiations and make more informed commercial decisions.”",[1181],{"type":776,"attrs":1182},{"color":1035},{"type":598,"attrs":1184,"content":1185},{"textAlign":49},[1186],{"text":1187,"type":603,"marks":1188},"The Benchmark rare earth permanent magnet prices add a significant new layer to Benchmark’s market-leading rare earths offering, complementing its existing rare earths price assessments and broader market intelligence.",[1189],{"type":776,"attrs":1190},{"color":1035},{"type":641,"attrs":1192,"content":1193},{"level":643,"textAlign":49},[1194],{"text":1195,"type":603,"marks":1196},"Why it matters:",[1197],{"type":776,"attrs":1198},{"color":1035},{"type":598,"attrs":1200,"content":1201},{"textAlign":49},[1202],{"text":1203,"type":603,"marks":1204},"• Greater transparency across a strategically important and traditionally opaque magnet supply chain",[1205],{"type":776,"attrs":1206},{"color":1035},{"type":598,"attrs":1208,"content":1209},{"textAlign":49},[1210],{"text":1211,"type":603,"marks":1212},"• Independent regional benchmarks to support negotiations and commercial decision-making",[1213],{"type":776,"attrs":1214},{"color":1035},{"type":598,"attrs":1216,"content":1217},{"textAlign":49},[1218],{"text":1219,"type":603,"marks":1220},"• Improved visibility into price movements across China, Japan, South Korea, Europe and North America",[1221],{"type":776,"attrs":1222},{"color":1035},{"type":598,"attrs":1224,"content":1225},{"textAlign":49},[1226],{"text":1227,"type":603,"marks":1228},"• Better tools for procurement planning, market tracking and internal price benchmarking",[1229],{"type":776,"attrs":1230},{"color":1035},{"type":598,"attrs":1232,"content":1233},{"textAlign":49},[1234],{"text":1235,"type":603,"marks":1236},"Benchmark Mineral Intelligence is the world’s leading price reporting agency and market intelligence provider for the lithium-ion battery, electric vehicle and energy transition supply chain.",[1237],{"type":776,"attrs":1238},{"color":1035},{"type":598,"attrs":1240,"content":1241},{"textAlign":49},[1242,1252,1256,1261],{"text":1243,"type":603,"marks":1244},"Register for Benchmark's webinar",[1245,1248,1251],{"type":608,"attrs":1246},{"href":1247,"uuid":49,"anchor":49,"target":612,"linktype":1130},"https://www.benchmarkminerals.com/events/ndpr-magnets-price-risk-rare-earths-webinar",{"type":776,"attrs":1249},{"color":1250},"inherit",{"type":895},{"text":1253,"type":603,"marks":1254}," on ",[1255],{"type":895},{"text":1257,"type":603,"marks":1258},"21st May",[1259,1260],{"type":649},{"type":895},{"text":1262,"type":603,"marks":1263}," to hear how our newly launched rare earths prices decode market shifts to unlock more effective procurement, policy design and value chain alignment.",[1264],{"type":895},{"type":598,"attrs":1266,"content":1267},{"textAlign":49},[1268],{"text":1269,"type":603,"marks":1270},"To learn more about Benchmark’s new rare earth permanent magnet prices, fill out the form below and one of the team will be in touch:",[1271,1273],{"type":776,"attrs":1272},{"color":1035},{"type":895},{"type":631,"attrs":1275},{"id":1276,"body":1277},"f2a2d3e5-0353-4fc9-a33c-a657af81a199",[1278],{"id":1279,"_uid":1280,"component":1281,"wrap_in_box":50,"redirect_url":1282,"success_file":1284,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":1286,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-7c576fac-d11c-4305-9d87-7b8d5d385a51","ContentHubspotForm",{"id":547,"url":547,"linktype":613,"fieldtype":1283,"cached_url":547},"multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1285},{},[],"Benchmark Mineral Intelligence is pleased to announce the launch of 44 rare earth permanent magnet price grades, bringing a new level of transparency to one of the most opaque and strategically important markets in the energy transition supply chain.\n\nThe new service, launching Thursday 2 April, will cover rare earth permanent magnet prices across Japan/South Korea, Europe, North America and China, offering market participants an independent benchmark for tracking price movements across key magnet products and regional markets.",[1289,1299],{"slug":1290,"name":1291,"content":1292},"daniel-fletcher-manuel","Daniel Fletcher-Manuel",{"job_title":1293,"image":1294,"bio":1296,"linkedin":1297,"markets_covered":1298},"Director of Indexing & Derivatives",{"filename":1295},"https://a.storyblok.com/f/287943243085208/512x512/fe2cf2ae67/daniel-fetcher-manuel.png","Daniel is Director of Indexing & Derivatives at Benchmark Mineral Intelligence and is responsible for Benchmark’s price reporting agency (PRA) business, the development of new indexing solutions and financial derivatives. He has almost 15 years of experience in commodity pricing and commodity offtake contracts, advising commercial, procurement and treasury teams on commodity risk management. Daniel was a member of UK’s Department of Business & Trade’s taskforce to map the national battery supply chain, and regularly advises legislators in the US and EU on commodity price support mechanisms and strategies. Daniel read Biomedical Sciences at the University of Newcastle and is studying his LLM (Law) at BPP, specialising in international trade.","https://www.linkedin.com/in/daniel-fletcher-manuel/","Lithium, nickel, cobalt, natural graphite, synthetic graphite, anode, cathode, rare earths, black mass",{"slug":544,"name":543,"content":1300},{"job_title":557,"image":1301,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"Benchmark launches rare earth permanent magnet prices",[1304,1305],{"slug":943,"name":414},{"slug":730,"name":731},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1307},{},{"id":1309,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1310,"copyright":547,"fieldtype":553,"meta_data":1311,"is_external_url":50},129070861066712,"https://a.storyblok.com/f/287943243085208/5537c4f740/bm-rare-earth-magnets.jpg",{},"Apr 02, 2026",{"id":1314,"uuid":870,"name":1315,"slug":1316,"full_slug":1317,"content":1318},158419419079183,"Ex-China rare earths premium to grow, especially for heavies","ex-china-rare-earths-premium-to-grow-especially-for-heavies","article/ex-china-rare-earths-premium-to-grow-especially-for-heavies",{"_uid":1319,"date":1320,"tags":1321,"editor":1325,"content":1329,"excerpt":1543,"featured":51,"reporter":1544,"component":725,"seo_title":1315,"categories":1557,"visibility":944,"data_vis_image":1560,"featured_image":1562,"seo_description":1566,"formattedDate":1567},"2027a55c-179c-4347-b5c3-833dc59350a5","2026-03-24 00:00",[1322],{"slug":1323,"name":1324},"data-visualisation","Data Visualisation",[1326],{"slug":759,"name":760,"content":1327},{"job_title":762,"image":1328,"bio":765,"linkedin":766},{"filename":764},{"type":595,"content":1330},[1331,1353,1374,1382,1391,1399,1419,1427,1447,1496,1504,1513,1522,1531,1541],{"type":598,"attrs":1332,"content":1333},{"textAlign":49},[1334,1339,1348],{"text":1335,"type":603,"marks":1336},"Since China introduced export restrictions on rare earths in April 2025, ",[1337],{"type":776,"attrs":1338},{"color":1035},{"text":1340,"type":603,"marks":1341},"significant regional bifurcation",[1342,1346],{"type":608,"attrs":1343},{"href":1344,"uuid":1345,"anchor":49,"target":786,"linktype":613},"/article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china","087ee693-546b-4bbb-9fcf-b00e664cae06",{"type":776,"attrs":1347},{"color":1035},{"text":1349,"type":603,"marks":1350}," of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices, with a similar difference for European prices in terbium.",[1351],{"type":776,"attrs":1352},{"color":1035},{"type":598,"attrs":1354,"content":1355},{"textAlign":49},[1356,1361,1369],{"text":1357,"type":603,"marks":1358},"By 2027, ",[1359],{"type":776,"attrs":1360},{"color":1035},{"text":1362,"type":603,"marks":1363},"Benchmark’s Rare Earths Service",[1364,1367],{"type":608,"attrs":1365},{"href":1366,"uuid":49,"anchor":49,"target":786,"linktype":1130},"https://www.benchmarkminerals.com/rare-earths",{"type":776,"attrs":1368},{"color":1035},{"text":1370,"type":603,"marks":1371}," forecasts that this relative difference will almost double to 8.3 times. Although the difference is expected to reduce to 2035, the regional disparities are expected to persist.",[1372],{"type":776,"attrs":1373},{"color":1035},{"type":598,"attrs":1375,"content":1376},{"textAlign":49},[1377],{"text":1378,"type":603,"marks":1379},"“Rare earths export controls imposed by China have created a two-tier global market, where access to critical rare earths increasingly depends on geopolitics rather than underlying fundamentals,” said George Ingalls, a rare earths price analyst at Benchmark. “This raises input costs for magnet supply chains outside China, weakens the competitiveness of downstream manufacturing in regions such as North America, Europe and Japan, and strengthens the case for policy support, strategic stockpiling and ex-China supply chain investment.”",[1380],{"type":776,"attrs":1381},{"color":1035},{"type":598,"attrs":1383,"content":1384},{"textAlign":49},[1385],{"type":1386,"attrs":1387},"image",{"id":1388,"alt":547,"src":1389,"title":547,"source":547,"copyright":547,"meta_data":1390},158427487780987,"https://a.storyblok.com/f/287943243085208/4000x5302/b6fc389a59/rare-earths-ex-china-prices-v5-01.png",{},{"type":641,"attrs":1392,"content":1393},{"level":643,"textAlign":49},[1394],{"text":1395,"type":603,"marks":1396},"What is the impact of rare earths price bifurcation?",[1397],{"type":776,"attrs":1398},{"color":1035},{"type":598,"attrs":1400,"content":1401},{"textAlign":49},[1402,1407,1414],{"text":1403,"type":603,"marks":1404},"This substantial increase in the price of ",[1405],{"type":776,"attrs":1406},{"color":1035},{"text":1408,"type":603,"marks":1409},"heavy rare earths outside of China",[1410,1412],{"type":608,"attrs":1411},{"href":784,"uuid":785,"anchor":49,"target":786,"linktype":613},{"type":776,"attrs":1413},{"color":1035},{"text":1415,"type":603,"marks":1416}," is a critical concern for regions globally as these minerals are of vital importance for the electrification of transport, with demand from the defence industry growing rapidly.",[1417],{"type":776,"attrs":1418},{"color":1035},{"type":598,"attrs":1420,"content":1421},{"textAlign":49},[1422],{"text":1423,"type":603,"marks":1424},"In 2025, China controlled 85% of total rare earth oxide production, including 99% of dysprosium oxide and terbium oxide.",[1425],{"type":776,"attrs":1426},{"color":1035},{"type":598,"attrs":1428,"content":1429},{"textAlign":49},[1430,1435,1442],{"text":1431,"type":603,"marks":1432},"Japan, in particular, is highly exposed to ",[1433],{"type":776,"attrs":1434},{"color":1035},{"text":1436,"type":603,"marks":1437},"non-Chinese prices",[1438,1440],{"type":608,"attrs":1439},{"href":836,"uuid":837,"anchor":49,"target":786,"linktype":613},{"type":776,"attrs":1441},{"color":1035},{"text":1443,"type":603,"marks":1444}," following China’s tighter expert controls on rare earths to the country.",[1445],{"type":776,"attrs":1446},{"color":1035},{"type":598,"attrs":1448,"content":1449},{"textAlign":49},[1450,1455,1463,1468,1477,1482,1491],{"text":1451,"type":603,"marks":1452},"The reality of China’s control over the rare earths and magnets supply chain has, in particular, pushed the US into action. The US DoW now has offtakes with ",[1453],{"type":776,"attrs":1454},{"color":1035},{"text":1456,"type":603,"marks":1457},"MP Materials",[1458,1461],{"type":608,"attrs":1459},{"href":1460,"uuid":49,"anchor":49,"target":786,"linktype":1130},"https://intelligence.benchmarkminerals.com/publications/price-analysis/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance-benchmark-rare-earths",{"type":776,"attrs":1462},{"color":1035},{"text":1464,"type":603,"marks":1465}," and ",[1466],{"type":776,"attrs":1467},{"color":1035},{"text":1469,"type":603,"marks":1470},"Lynas",[1471,1475],{"type":608,"attrs":1472},{"href":1473,"uuid":1474,"anchor":49,"target":786,"linktype":613},"/article/lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow","f74b2983-4b5a-494e-8eae-ce776123a85e",{"type":776,"attrs":1476},{"color":1035},{"text":1478,"type":603,"marks":1479}," backed by a price floor for praseodymium-neodymium (PrNd) oxide. Lynas also has a similar deal with ",[1480],{"type":776,"attrs":1481},{"color":1035},{"text":1483,"type":603,"marks":1484},"Japan Australia Rare Earths",[1485,1489],{"type":608,"attrs":1486},{"href":1487,"uuid":1488,"anchor":49,"target":786,"linktype":613},"/article/lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038","cdeaaca9-3844-44fb-bfe2-2517ccd954c9",{"type":776,"attrs":1490},{"color":1035},{"text":1492,"type":603,"marks":1493}," (JARE).",[1494],{"type":776,"attrs":1495},{"color":1035},{"type":598,"attrs":1497,"content":1498},{"textAlign":49},[1499],{"text":1500,"type":603,"marks":1501},"The price floor mechanism these deals include are focused on PrNd, which is less constrained by China’s export restrictions and so there is a less pronounced regional bifurcation for this oxide.",[1502],{"type":776,"attrs":1503},{"color":1035},{"type":598,"attrs":1505,"content":1506},{"textAlign":49},[1507],{"text":1508,"type":603,"marks":1509},"Benchmark's ex-China Rare Earth Price Forecast is a new addition to our comprehensive Rare Earths Service. ",[1510,1512],{"type":776,"attrs":1511},{"color":1035},{"type":895},{"type":598,"attrs":1514,"content":1515},{"textAlign":49},[1516],{"text":1517,"type":603,"marks":1518},"Subscribers rely on Benchmark's granular price data, supply/demand forecast, price outlook and cost analysis to make strategic decisions in the rare earths sector.",[1519,1521],{"type":776,"attrs":1520},{"color":1035},{"type":895},{"type":598,"attrs":1523,"content":1524},{"textAlign":49},[1525],{"text":1526,"type":603,"marks":1527},"To learn more or book a demo, contact us:",[1528,1530],{"type":776,"attrs":1529},{"color":1035},{"type":895},{"type":631,"attrs":1532},{"id":1533,"body":1534},"bb765be4-cc4f-406c-8b97-6acdff7e2789",[1535],{"id":1279,"_uid":1536,"component":1281,"wrap_in_box":50,"redirect_url":1537,"success_file":1538,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":1540,"show_on_intelligence":50},"i-9ec83f0c-4e98-4545-beec-6e9f11452e03",{"id":547,"url":547,"linktype":613,"fieldtype":1283,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1539},{},[],{"type":598,"attrs":1542},{"textAlign":49},"Since China introduced export restrictions on rare earths in April 2025, significant regional bifurcation of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices, with a similar difference for European prices in terbium.\n\nBy 2027, Benchmark’s Rare Earths Service forecasts that this relative difference will almost double to 8.3 times. Although the difference is expected to reduce to 2035, the regional disparities are expected to persist.",[1545,1548],{"slug":544,"name":543,"content":1546},{"job_title":557,"image":1547,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},{"slug":1549,"name":1550,"content":1551},"neha-mukherjee","Neha Mukherjee",{"job_title":1552,"image":1553,"bio":1555,"linkedin":1556,"markets_covered":414},"Senior Analyst - Rare Earths",{"filename":1554},"https://a.storyblok.com/f/287943243085208/512x512/687eb77e03/neha-mukherjee.jpeg","Neha is a Research Manager at Benchmark Mineral Intelligence, where she leads the market analysis of rare earth elements, covering supply, demand, cost, pricing, and ESG factors. She has two years of experience in the critical minerals sector and has executed consulting projects focused on market due diligence. Her background includes roles in energy market consulting and management consulting. Neha holds a Master’s degree in Sustainable Energy from the University of Glasgow and a B.Tech in Electrical Engineering from India.","https://www.linkedin.com/in/neha-mukherjee-5825b0135/",[1558,1559],{"slug":730,"name":731},{"slug":943,"name":414},{"id":1388,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1389,"copyright":547,"fieldtype":553,"meta_data":1561,"is_external_url":50},{},{"id":1563,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1564,"copyright":547,"fieldtype":553,"meta_data":1565,"is_external_url":50},129070861042134,"https://a.storyblok.com/f/287943243085208/373d029e01/bm-rare-earth-oxides-2.jpg",{},"Since China introduced export restrictions on rare earths in April 2025, significant regional bifurcation of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices.","Mar 24, 2026",{"id":1569,"uuid":785,"name":1570,"slug":1571,"full_slug":1572,"content":1573},147054957682431,"Rare earths price rally highlights China’s influence on market","rare-earths-price-rally-highlights-china-s-influence-on-market","article/rare-earths-price-rally-highlights-china-s-influence-on-market",{"_uid":1574,"date":1575,"tags":1576,"editor":1584,"content":1588,"excerpt":1803,"featured":51,"reporter":1804,"component":725,"seo_title":1570,"categories":1808,"visibility":732,"data_vis_image":1814,"featured_image":1816,"seo_description":1820,"formattedDate":1821},"66b6d60a-cee7-4817-9a10-ebee44e98711","2026-02-20 00:00",[1577,1578,1581],{"slug":576,"name":577},{"slug":1579,"name":1580},"export-restrictions","Export restrictions",{"slug":1582,"name":1583},"japan","Japan",[1585],{"slug":759,"name":760,"content":1586},{"job_title":762,"image":1587,"bio":765,"linkedin":766},{"filename":764},{"type":595,"content":1589},[1590,1612,1634,1670,1677,1685,1693,1701,1709,1717,1725,1745,1751,1771,1779,1787,1795],{"type":598,"attrs":1591,"content":1592},{"textAlign":49},[1593,1598,1607],{"text":1594,"type":603,"marks":1595},"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 ",[1596],{"type":776,"attrs":1597},{"color":1035},{"text":1599,"type":603,"marks":1600},"heavy rare earths",[1601,1605],{"type":608,"attrs":1602},{"href":1603,"uuid":1604,"anchor":49,"target":786,"linktype":613},"/article/infographic-the-last-30-years-of-rare-earths-mining","eea4a449-1f70-4a33-b86f-23ddac7f333b",{"type":776,"attrs":1606},{"color":1035},{"text":1608,"type":603,"marks":1609}," exports are tightening ex-China supply, widening regional bifurcation.",[1610],{"type":776,"attrs":1611},{"color":1035},{"type":598,"attrs":1613,"content":1614},{"textAlign":49},[1615,1620,1629],{"text":1616,"type":603,"marks":1617},"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 ",[1618],{"type":776,"attrs":1619},{"color":1035},{"text":1621,"type":603,"marks":1622},"significant impact on the global market",[1623,1627],{"type":608,"attrs":1624},{"href":1625,"uuid":1626,"anchor":49,"target":786,"linktype":613},"/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks","2ae4712d-a83a-477f-a268-79712ec75def",{"type":776,"attrs":1628},{"color":1035},{"text":1630,"type":603,"marks":1631},".",[1632],{"type":776,"attrs":1633},{"color":1035},{"type":598,"attrs":1635,"content":1636},{"textAlign":49},[1637,1642,1651,1656,1665],{"text":1638,"type":603,"marks":1639},"As such, Western consumers remain price‑takers in rare earths markets where liquidity, transparency and alternative supply remain limited. This exposes manufacturers, ",[1640],{"type":776,"attrs":1641},{"color":1035},{"text":1643,"type":603,"marks":1644},"particularly in electric vehicles,",[1645,1649],{"type":608,"attrs":1646},{"href":1647,"uuid":1648,"anchor":49,"target":786,"linktype":613},"/article/how-many-rare-earths-are-needed-to-produce-ev-motors","84c76965-c659-4132-99f8-51138c521c8d",{"type":776,"attrs":1650},{"color":1035},{"text":1652,"type":603,"marks":1653}," wind turbines, defence systems and high‑efficiency motors, to ",[1654],{"type":776,"attrs":1655},{"color":1035},{"text":1657,"type":603,"marks":1658},"sudden input cost volatility ",[1659,1663],{"type":608,"attrs":1660},{"href":1661,"uuid":1662,"anchor":49,"target":786,"linktype":613},"/article/rare-earths-enter-new-era-of-price-volatility","074100f3-405e-403f-a61e-8a18947257e4",{"type":776,"attrs":1664},{"color":1035},{"text":1666,"type":603,"marks":1667},"originating from policy shifts within China.",[1668],{"type":776,"attrs":1669},{"color":1035},{"type":631,"attrs":1671},{"id":1672,"body":1673},"69b3936c-d5ee-418f-92d6-f943f33f257d",[1674],{"id":1675,"_uid":1676,"type":638,"component":639,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27713188","i-bf2f6552-2eca-4d05-b2b4-b581d7d26fd0",{"type":641,"attrs":1678,"content":1679},{"level":643,"textAlign":49},[1680],{"text":1681,"type":603,"marks":1682},"What has driven the PrNd oxide price rally?",[1683],{"type":776,"attrs":1684},{"color":1035},{"type":598,"attrs":1686,"content":1687},{"textAlign":49},[1688],{"text":1689,"type":603,"marks":1690},"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.",[1691],{"type":776,"attrs":1692},{"color":1035},{"type":598,"attrs":1694,"content":1695},{"textAlign":49},[1696],{"text":1697,"type":603,"marks":1698},"Large state‑linked producers, including China Northern Rare Earth and Baotou Steel, have continued to guide prices upwards, supporting bullish sentiment.",[1699],{"type":776,"attrs":1700},{"color":1035},{"type":598,"attrs":1702,"content":1703},{"textAlign":49},[1704],{"text":1705,"type":603,"marks":1706},"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.",[1707],{"type":776,"attrs":1708},{"color":1035},{"type":598,"attrs":1710,"content":1711},{"textAlign":49},[1712],{"text":1713,"type":603,"marks":1714},"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.",[1715],{"type":776,"attrs":1716},{"color":1035},{"type":641,"attrs":1718,"content":1719},{"level":643,"textAlign":49},[1720],{"text":1721,"type":603,"marks":1722},"Bifurcation of heavy rare earths market widens",[1723],{"type":776,"attrs":1724},{"color":1035},{"type":598,"attrs":1726,"content":1727},{"textAlign":49},[1728,1733,1740],{"text":1729,"type":603,"marks":1730},"Chinese policy also drives the heavy rare earth markets such as dysprosium (Dy), terbium (Tb) and yttrium (Y). ",[1731],{"type":776,"attrs":1732},{"color":1035},{"text":1734,"type":603,"marks":1735},"These are regionally bifurcated ",[1736,1738],{"type":608,"attrs":1737},{"href":1344,"uuid":1345,"anchor":49,"target":786,"linktype":613},{"type":776,"attrs":1739},{"color":1035},{"text":1741,"type":603,"marks":1742},"due to Chinese export controls and regional supply constraints, leading to significant premiums for material outside of China.",[1743],{"type":776,"attrs":1744},{"color":1035},{"type":631,"attrs":1746},{"id":1672,"body":1747},[1748],{"id":1749,"_uid":1750,"type":638,"component":639,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27714421","i-cf9e2023-e0e7-48cc-bb7c-65def8bf136e",{"type":598,"attrs":1752,"content":1753},{"textAlign":49},[1754,1759,1766],{"text":1755,"type":603,"marks":1756},"Recently, China announced additional ",[1757],{"type":776,"attrs":1758},{"color":1035},{"text":1760,"type":603,"marks":1761},"restrictions on exports to Japan",[1762,1764],{"type":608,"attrs":1763},{"href":836,"uuid":837,"anchor":49,"target":786,"linktype":613},{"type":776,"attrs":1765},{"color":1035},{"text":1767,"type":603,"marks":1768},", 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.",[1769],{"type":776,"attrs":1770},{"color":1035},{"type":641,"attrs":1772,"content":1773},{"level":643,"textAlign":49},[1774],{"text":1775,"type":603,"marks":1776},"Why does this matter for Western supply chains?",[1777],{"type":776,"attrs":1778},{"color":1035},{"type":598,"attrs":1780,"content":1781},{"textAlign":49},[1782],{"text":1783,"type":603,"marks":1784},"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.",[1785],{"type":776,"attrs":1786},{"color":1035},{"type":598,"attrs":1788,"content":1789},{"textAlign":49},[1790],{"text":1791,"type":603,"marks":1792},"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.",[1793],{"type":776,"attrs":1794},{"color":1035},{"type":598,"attrs":1796,"content":1797},{"textAlign":49},[1798],{"text":1799,"type":603,"marks":1800},"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.",[1801],{"type":776,"attrs":1802},{"color":1035},"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.",[1805],{"slug":544,"name":543,"content":1806},{"job_title":557,"image":1807,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1809,1810,1813],{"slug":943,"name":414},{"slug":1811,"name":1812},"geopolitics","Geopolitics",{"slug":730,"name":731},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1815},{},{"id":1817,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1818,"copyright":547,"fieldtype":553,"meta_data":1819,"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",{"id":1823,"uuid":1824,"name":1825,"slug":1826,"full_slug":1827,"content":1828},133953813375087,"e542f7da-a136-47b6-ae07-b590262c5865","In conversation with UP Catalyst CTO Sebastian Pohlmann","in-conversation-with-up-catalyst-cto-sebastian-pohlmann","article/in-conversation-with-up-catalyst-cto-sebastian-pohlmann",{"_uid":1829,"date":1830,"live":50,"tags":1831,"editor":547,"content":1832,"excerpt":1946,"featured":50,"reporter":1947,"_editable":1961,"component":725,"seo_title":1825,"categories":1962,"visibility":944,"author_company":547,"data_vis_image":1976,"featured_image":1978,"seo_description":1982,"author_full_name":547,"author_job_title":547,"formattedDate":1983},"c0a5e184-d046-4ba7-be56-1dcdd7f73f38","2026-01-14 23:59",[],{"type":595,"content":1833},[1834,1839,1845,1850,1855,1860,1865,1872,1877,1882,1895,1908,1913,1918,1923,1928,1933,1938,1943],{"type":598,"attrs":1835,"content":1836},{"textAlign":49},[1837],{"text":1838,"type":603},"Estonian startup UP Catalyst is turning CO₂ emissions into battery-grade graphite. As one of the 47 strategic projects selected under the EU’s Critical Raw Materials Act (CRMA) and with funding from the European Investment Bank (EIB), UP Catalyst’s twin mission is to help Europe reduce its dependence on Chinese graphite and address decarbonisation. Following a site visit in Maardu, just outside Tallinn (Estonia), Benchmark sat down with Sebastian Pohlmann, Chief Technology Officer (CTO) at UP Catalyst, to learn more about the company, its low-carbon production process and the opportunities and challenges in accomplishing its twin mission.",{"type":641,"attrs":1840,"content":1842},{"level":1841,"textAlign":49},4,[1843],{"text":1844,"type":603},"UP Catalyst’s carbon-negative graphite production process and 2030 production target",{"type":598,"attrs":1846,"content":1847},{"textAlign":49},[1848],{"text":1849,"type":603},"UP Catalyst is a University of Tartu spin-off developing carbon-negative, battery-grade graphite from CO₂ emissions and biomass waste,  positioning itself as a low-carbon alternative to conventional graphite production. For this, it uses its patented Molten Salt Carbon Capture and Electrochemical Transformation (MSCC-ET) process, in which molten salt is heated to around 700°C and renewable electricity is used to convert CO₂ or biomass into oxygen and solid carbon materials, including graphite.",{"type":598,"attrs":1851,"content":1852},{"textAlign":49},[1853],{"text":1854,"type":603}," “The graphite produced by us is even carbon-negative, requiring 4 kg of CO₂ to produce 1 kg of graphite”, explained Pohlmann.",{"type":598,"attrs":1856,"content":1857},{"textAlign":49},[1858],{"text":1859,"type":603},"The company claims that the MSCC-ET process produces a carbon footprint up to 20 times lower than conventional routes to comparable carbon materials.",{"type":598,"attrs":1861,"content":1862},{"textAlign":49},[1863],{"text":1864,"type":603},"UP Catalyst sets a production target of 30,000 t/year of graphite by 2030, primarily for lithium-ion battery anodes in both electric vehicles (EVs) and stationary energy storage systems (BESS). However, Pohlmann emphasised that this depends on successful validation, scale-up, and supply chain integration. The company is now scaling up by constructing its first industrial production unit.",{"type":598,"attrs":1866,"content":1867},{"textAlign":49},[1868],{"type":1386,"attrs":1869},{"id":49,"alt":547,"src":1870,"title":49,"source":49,"copyright":49,"meta_data":1871},"https://res.cloudinary.com/benchmarkminerals/images/w_677,h_579,c_scale/f_auto,q_auto/v1768382247/www-production/image_13518308fc25/image_13518308fc25.jpeg?_i=AA",{},{"type":598,"attrs":1873,"content":1874},{"textAlign":49},[1875],{"text":1876,"type":603},"UP Catalyst’s facilities",{"type":641,"attrs":1878,"content":1879},{"level":1841,"textAlign":49},[1880],{"text":1881,"type":603},"UP Catalyst faces a funding gap and competitiveness challenges, even with the EU CRMA Strategic Project designation",{"type":598,"attrs":1883,"content":1884},{"textAlign":49},[1885,1887,1893],{"text":1886,"type":603},"Last year, UP Catalyst moved into the European spotlight as its project was designated as one of the ",{"text":1888,"type":603,"marks":1889},"47 strategic projects under the EU CRMA",[1890],{"type":608,"attrs":1891},{"href":1892,"uuid":49,"anchor":49,"target":49,"linktype":1130},"https://source.benchmarkminerals.com/article/eu-strategic-projects-could-help-progress-on-crma-goals",{"text":1894,"type":603},". Those projects are supposed to benefit from streamlined permitting, improved access to finance, and coordinated support from both national governments and EU institutions. The EIB provided an EUR18 million ($21 million) injection of venture debt in 2025 to support UP Catalyst’s early-stage scaling of its capital-intensive technology and industrial project. Next to EU funding, the Estonian start-up has received national backing from the Estonian government.",{"type":598,"attrs":1896,"content":1897},{"textAlign":49},[1898,1900,1906],{"text":1899,"type":603},"With China currently accounting for 96% of synthetic and 72% natural graphite production according to the ",{"text":1901,"type":603,"marks":1902},"Benchmark Natural and Synthetic Graphite Forecasts",[1903],{"type":608,"attrs":1904},{"href":1905,"uuid":49,"anchor":49,"target":49,"linktype":1130},"https://portal.benchmarkminerals.com/natural-graphite/data-reports/forecasts",{"text":1907,"type":603},", UP Catalyst must compete globally with low-cost Chinese producers and therefore balance sustainability with cost competitiveness. To illustrate this, Pohlmann outlined that the original equipment manufacturers (OEMs) usually show a strong interest in UP Catalyst’s low-carbon graphite. However, in practice, their purchasing decisions still tend to favour established Chinese suppliers, mainly because of cost, scale, and perceived supply security.",{"type":598,"attrs":1909,"content":1910},{"textAlign":49},[1911],{"text":1912,"type":603},"“Downstream players and consumers are not willing to pay a green premium”, emphasised Pohlmann.",{"type":598,"attrs":1914,"content":1915},{"textAlign":49},[1916],{"text":1917,"type":603},"Even though the EU has already implemented sustainability requirements in public procurement rules, as well as carbon footprint requirements in the EU Battery Regulation, he claims that more measures are needed to incentivise demand for low-carbon EV and ESS batteries, alongside classic supply-side support. Otherwise, UP Catalyst and other similar low-carbon CRM projects will struggle to displace incumbent CRM players, especially in the Chinese-dominated graphite and anode market.",{"type":598,"attrs":1919,"content":1920},{"textAlign":49},[1921],{"text":1922,"type":603},"Even with EU Strategic Project designation under the CRMA and multiple available EU funding tools, Pohlmann argued that a funding gap persists, especially for smaller players. He refers to the US, where it is usually easier for smaller technology companies to secure support from government institutions such as the US Department of Energy. European policy support and funding not only lag behind in scale but also in effectiveness, as accessing EU-level support often requires navigating complex, time-consuming application processes. “For a start-up with fewer than 50 employees, we do not have a dedicated team solely working on securing grants and navigating all EU funding schemes”, said Pohlmann.",{"type":641,"attrs":1924,"content":1925},{"level":1841,"textAlign":49},[1926],{"text":1927,"type":603},"A greater sense of urgency, more demand-side measures and public-private partnerships are needed",{"type":598,"attrs":1929,"content":1930},{"textAlign":49},[1931],{"text":1932,"type":603},"Finally, turning policy strategies and action plans into concrete action remains a challenge for Europe.",{"type":598,"attrs":1934,"content":1935},{"textAlign":49},[1936],{"text":1937,"type":603},"“Industrial policy strategies should be matched by urgency in implementation, which is currently lacking”, feels Pohlmann.",{"type":598,"attrs":1939,"content":1940},{"textAlign":49},[1941],{"text":1942,"type":603},"This disconnect is particularly apparent in the time required to move from CRM Strategic Project designation under the CRMA to full financial close and the construction of large-scale plants. In addition to the previously mentioned need for demand-side measures, blended finance and public-private partnerships were identified as ways to help close the funding and competitiveness gaps in Europe.",{"type":598,"attrs":1944,"content":1945},{"textAlign":49},[],"Estonian startup UP Catalyst is turning CO₂ emissions into battery-grade graphite. As one of the 47 strategic projects selected under the EU’s Critical Raw Materials Act (CRMA) and with funding from the European Investment Bank (EIB), UP Catalyst’s twin mission is to help Europe reduce its dependence on Chinese graphite and address decarbonisation. Following a...\n",[1948,1958],{"slug":1949,"name":1950,"content":1951},"bryan-bille","Bryan Bille",{"job_title":1952,"image":1953,"bio":1955,"linkedin":1956,"markets_covered":1957},"Lead Analyst - Government Policy",{"filename":1954},"https://a.storyblok.com/f/287943243085208/512x512/1491bc3cc9/bryan-bille.jpeg","Bryan has more than 8 years of policy and geopolitical experience covering numerous areas, such as international trade, industrial policy, critical minerals, battery and EV supply chains and the broader energy transition. Bryan currently oversees Benchmark Mineral Intelligence’s policy and geopolitical coverage and leads Benchmark’s strategic outreach to policymakers. Before joining Benchmark, Bryan obtained a degree in corporate law from the University of Antwerp and an international political economy degree from King’s College London. He also held various positions within the Belgian diplomatic corps and politics, where he was involved in multiple policy issues and international negotiations at the EU level. ","https://www.linkedin.com/in/bryanbille/","Critical Mineral, Battery and EV Supply ",{"slug":544,"name":543,"content":1959},{"job_title":557,"image":1960,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c0a5e184-d046-4ba7-be56-1dcdd7f73f38\", \"id\": \"\"}-->",[1963,1965,1968,1971,1972,1973],{"slug":1964,"name":261},"anode",{"slug":1966,"name":1967},"batteries","Batteries",{"slug":1969,"name":1970},"battery-technology","Battery Technology",{"slug":730,"name":731},{"slug":1811,"name":1812},{"slug":1974,"name":1975},"graphite","Graphite",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1977},{},{"id":1979,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1980,"copyright":547,"fieldtype":553,"meta_data":1981,"is_external_url":50},136407262543252,"https://a.storyblok.com/f/287943243085208/1200x600/8eb8d6b55d/img_7016_1351967eda0d.avif",{},"Estonian startup UP Catalyst is turning CO₂ emissions into battery-grade graphite. As one of the 47 strategic projects selected under the EU’s Critical Raw Materials Act (CRMA) and with funding from the European Investment Bank (EIB)","Jan 14, 2026",1780501056562]