On March 10, 2026, Lynas and Japan’s JARE signed a long-term deal featuring PrNd floor prices, profit-sharing, and heavy rare earth priority. Analyzing 2025 production data, this report evaluates the partnership’s commercial terms, operational progress, and downstream demand security.

The recent bull run of minor metals such as antimony, tungsten, molybdenum and indium has prolonged the "spring" of minor metals.

On May 6, China Northern Rare Earth (Group) High-Tech announced its listing prices of rare earth products for May, with price hikes for many rare earth products.

Today, rare earth prices rose rapidly. According to SMM, mainstream transaction price in the PrNd oxide market rose to 396,000-400,000 yuan/ton. The price of dysprosium oxide increased to 2020-2040 yuan/kg. The price of terbium oxide also increased to 6420-6480 yuan/kg. The price of gadolinium oxide was raised to 186,000-190,000 yuan/ton, and the price of holmium oxide rose to 500,000-510,000 yuan/ton.

China Northern Rare Earth kept rare earth products prices in April flat from the previous month.

Prices of rare earths were mixed on Mar 27. According to SMM, mainstream transaction price in the PrNd oxide market continued to decrease slightly to 350,000-354,000 yuan/ton. The price of dysprosium oxide increased slightly to 1,810-1,830 yuan/kg.