This week, the overseas rare earth market remained stable overall. Quotes for cerium oxide, lanthanum oxide, Pr-Nd oxide, dysprosium and terbium oxides, and corresponding metals on FOB/CIF terms were largely steady. The mild adjustments in China’s domestic prices had not yet been transmitted outside China, with sluggish trading and continued shrinkage in deliveries. On the project front, the focus was on building non-China supply chains in the West: Australia’s Iluka Eneabba refinery secured a A$1.65 billion federal non-recourse loan and signed a four-year, 1,200 mt magnetic material rare earth offtake agreement with an unnamed global automaker; US-based Energy Fuels planned to acquire German magnetic material producer VAC for $1.9 billion, complemented by a combined $1.45 billion dual-line loan from the US Strategic Capital Office and the Department of Defense to expand capacity at its White Mesa facility; Canada’s Ucore shipped NdPr oxide samples with 99.5% purity for downstream qualification; in South America, Aclara received environmental approval for its Penco project in Chile; local processing projects in Nigeria and South Africa also advanced simultaneously.

[SMM Rare Earth Weekly Review: Rare Earth Prices Surge and Pull Back, News-Driven Volatility Cools Trading] Recently, supported by reports of production cuts at scrap recycling enterprises alongside recovering downstream demand, most suppliers sharply raised their quotations and market confidence strengthened notably. On Thursday, however, renewed bearish speculation rattled the market, triggering a sharp drop in futures prices. Spot market prices for Pr-Nd oxide followed suit and pulled back. As of today, Pr-Nd oxide prices have undergone volatile adjustments to 743,000-747,000 yuan/mt.

[SMM Rare Earth Weekly Review: Rare Earth Prices Overall Raised, Limited Pre-Holiday Transaction Follow-Through] Recently, affected by news of production cuts at scrap recycling enterprises, some industry participants expected Pr-Nd oxide supply to tighten. Suppliers raised their quotes, and low-priced supplies rapidly tightened. As of today, the Pr-Nd oxide price was raised to 717,000-720,000 yuan/mt.

[SMM Rare Earth Weekly Review: Rare Earth Prices Show Mixed Performance, with Lackluster Actual Transactions] Due to the impact of news factors, some industry insiders expect that the supply of Pr-Nd oxide will increase significantly in H2. As a result, downstream metal plants showed low purchase willingness, causing quotes for Pr-Nd oxide to edge down. As of today, the price of Pr-Nd oxide fluctuated and pulled back to 690,000-693,000 yuan/mt.

[SMM Rare Earth Weekly Review: Rare Earth Market Shows Mixed Performance, Tug-of-War Between Upstream and Downstream Continues] Influenced by short covering by bears, futures prices rose, slightly boosting downstream willingness to restock. Procurement volumes for Pr-Nd oxide edged up compared to the previous period, and supplier quotes also rebounded slightly. As of today, Pr-Nd oxide prices fluctuated upward to 697,000-700,000 yuan/mt.

[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 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 Weekly Review: Market Sluggish around Holiday, Rare Earth Prices in the Doldrums] The Pr-Nd oxide market saw a poor trading atmosphere recently. Downstream metal plants showed low enthusiasm in inquiries and procurement around the holiday, but upstream suppliers maintained firm offers amid tight spot cargo availability, and low-priced sources remained difficult to find. Overall, Pr-Nd oxide price fluctuations were relatively small. As of today, Pr-Nd oxide prices adjusted slightly downward to 762,000-768,000 yuan/mt.