[SMM Rare Earth Weekly Review: Rare Earth Prices Fluctuated, Upstream and Downstream Remained in Stalemate] Affected by futures price fluctuations combined with periodic restocking by some major producers, Pr-Nd oxide prices fluctuated relatively frequently. Upstream and downstream continued to remain in a stalemate, with suppliers maintaining relatively firm offers overall, while downstream metal producers maintained a strong wait-and-see sentiment. As of today, Pr-Nd oxide prices fluctuated downward to 682,000-688,000 yuan/mt.

The ex-China rare earth market this week exhibited a trend of "falling prices amid tight supply," with Pr-Nd oxide and metal prices generally marked down by approximately $5-10/kg. However, due to export controls and tightening supply, the premium on Chinese products outside China remained significant. Meanwhile, geopolitical rivalry and supply chain restructuring accelerated, with G7 finance ministers calling for urgent reduction of dependence on China and the establishment of recycling quota systems. On the capital front, Greenland Resources spent $35 million to acquire the high-grade Sarfartoq project to strengthen its magnetic material rare earth portfolio. Australia's Arafura officially finalised the final investment decision for the Nolans project. Combined with Brazil's launch of an antitrust investigation and Germany's Heraeus divesting its recycling business, these developments underscored the urgency of global decoupling and localization efforts.

[SMM Rare Earth News Flash] Australia's Arafura announced a final investment decision on the Nolan rare earth project, which has an annual output of 4,440 mt of Pr-Nd oxide. Construction, spanning 30 months, will commence in September, with commissioning expected in early to mid-2029. The project will also produce 470 mt per year of mixed medium-heavy rare earth oxides. Following Australian export finance support for 500 mt/year of Pr-Nd oxide, offtake agreements covered over 80% of capacity. The project has a mine life of 38 years and can meet 4% of global Pr-Nd demand.

[SMM Rare Earth Weekly Review: Rare Earth Prices Continued to Decline, Stopping Falling Near Weekend] The Pr-Nd oxide market remained in the doldrums overall this week. Affected by the continuous decline in futures prices, downstream metal plants were relatively cautious in procurement, and market trading remained sluggish. However, mid-week, driven by concentrated procurement from major downstream plants, market procurement volume recovered slightly, and suppliers raised their quotes again. As of today, Pr-Nd oxide prices fluctuated downward to 700,000-705,000 yuan/mt.

[SMM Rare Earth Weekly Review: Overall Decline in Rare Earth Prices Driven by Futures Disruptions] The Pr-Nd oxide market was in the doldrums overall this week. Affected by price fluctuations in futures, traders made shipments at low prices. Meanwhile, the "rush to buy amid continuous price rise and hold back amid price downturn" sentiment intensified the wait-and-see sentiment among downstream metal plants, with poor purchase willingness. Market trading activity was very sluggish. As of today, Pr-Nd oxide prices had fluctuated downward to 745,000-750,000 yuan/mt.

[SMM Rare Earth News Flash] US rare earth producer MP Materials reported Q1 2026 results: Pr-Nd oxide production was 917 mt, up 63% YoY; sales were 1,006 mt, including the first shipment to its newest US client. During the same period, the company produced nearly 13,000 mt of rare earth oxides. The company expects the actual Pr-Nd oxide price in Q2 to be approximately $90/kg, but its public-private partnership with the US Department of National Defense will cover the gap to the $110/kg lowest price. Q1 revenue was $91 million, with losses narrowing to $8 million.