Search results for Rare Earths

I. Event Background: The Island Purchase Dispute Escalates Recently, Trump's attempts to acquire Greenland have grown increasingly assertive. From his initial public statement on January 7, 2025, to a year-long posture of firmness, followed by last week’s tariff hike on Europe after the setback in purchasing the island, the situation escalated into a military standoff between the US and Denmark this week, reaching a peak in tension. Although we have no intention of delving into the political or military aspects of the incident and hope that politics remains merely politics, history shows that political maneuvering is often underpinned by the resources contained within the land. In today’s world, rare earth resources have become a key strategic asset that the US seeks to control. In today’s article, we examine the resource plunder behind the island purchase controversy. Greenland is rich in key resources such as rare earths, oil, and natural gas. According to the U.S. Geological Survey (USGS), the island holds rare earth oxide reserves of up to 1.5 million mt, which are of great strategic importance to high-tech and national defense industries. II. Greenland's Rare Earth Resource Endowment The island primarily hosts two major rare earth projects, each with a very different fate: 1. Kvanefjeld Rare Earth Project: Stalled Amid Controversy The Kvanefjeld project, located in southern Greenland, is a polymetallic deposit rich in rare earth elements and uranium. It is a world-class resource project of high strategic value but also subject to significant controversy. The project contains total ore resources exceeding 1 billion mt, with proven rare earth oxide reserves estimated between 11 million and 13 million mt, making it one of the largest rare earth deposits outside China. The average rare earth oxide grade is approximately 1.1%, significantly higher than many comparable global projects, and it has a relatively high proportion of heavy rare earths, underscoring its strategic value. However, the main challenge lies in the ore's association with uranium, which has an average grade of 0.0266%–0.036%. This has become a major political and environmental obstacle to the project's advancement. The project's development has been complex: 1950s: Rare earth and uranium deposits were first discovered. 1983: Exploration halted after the Danish government abandoned nuclear power. 2007: Australian company Greenland Minerals and Energy acquired ownership and resumed exploration. 2015: A feasibility study was completed, and a mining license application was submitted. 2017: China's Shenghe Resources became a major shareholder in the project company. 2021: Greenland's left-wing government came to power and enacted a ban on uranium mining (prohibiting exploitation of deposits with uranium content exceeding 100 ppm). Since the Kvanefjeld deposit's uranium content far exceeds this threshold, the project was effectively suspended. Currently, the project is in a state of permit suspension and legal arbitration, with development largely halted. 2. Tanbreez Rare Earth Project: Better Feasibility and Active Advancement In contrast to the Kvanefjeld project, the Tanbreez rare earth project demonstrates better feasibility. Located near the town of Kujalleq in southern Greenland, the project has total ore resources of approximately 4.7 billion mt and proven rare earth oxide reserves of 28.2 million mt, making it one of the world's largest rare earth deposits by reserves. The project's significant advantage lies in its high heavy rare earth content (27% of total rare earths), rich in strategic elements such as dysprosium, terbium, and yttrium, while containing extremely low levels of radioactive elements, which simplifies the environmental protection approval process. Project development is progressing smoothly: A mining license has been obtained, valid until 2050. The core mining enterprise is the US-based Critical Metals Corp . The company was established in 2022, acquired the Tanbreez project in June 2024, and formed its core team in 2025 when Trump expressed interest in acquiring Greenland. The project has secured a loan intent of up to $120 million from the US Export-Import Bank (EXIM), highlighting its geopolitical strategic value. The company is actively developing its downstream supply chain, for example, signing an agreement with a Saudi industrial group to plan a joint venture for a rare earth processing plant valued at up to $1.5 billion, and has secured long-term off-take agreements for 100% of the planned production of the Tanbreez project. The project is expected to commence in 2026, with rare earth ore production starting in 2027. III. Geopolitical Games and Resource Competition While Trump claimed that the goal of seizing Greenland was "for national security," the motivations behind the action go far beyond that. Historically, the US ambition for Greenland dates back to 1867, when President Andrew Johnson entertained the idea of "purchasing the island." In 1946, the Truman administration formally proposed exchanging $100 million in gold and Alaskan oil field development rights for Greenland, but the offer was rejected by Denmark. Behind this long-standing obsession lies the US deep-seated desire for Greenland’s strategic location and resource value. In terms of resource control, the US has consistently obstructed other countries from developing Greenland’s resources over the years. For example, when an Australian company acquired ownership of the Kvanefjeld rare earth project and advanced feasibility studies, the US repeatedly interfered through political pressure and questioning of environmental standards. More notably, when China’s Shenghe Resources became one of the largest shareholders of the project in 2017, the US cited "national security" concerns and collaborated with political forces within Denmark to push Greenland to pass a uranium mining ban in 2021. This directly led to the suspension of what was then the world’s largest rare earth project outside China. Such interference is not an isolated incident but part of a systematic US strategy to prevent competitors from accessing Greenland’s critical minerals. The Value of Greenland Is Reflected in Multiple Aspects: Strategic Location: It commands the sea route connecting the North Atlantic and Arctic Oceans, serving as a key link in the "Greenland-Iceland-UK Gap" within NATO's anti-submarine warfare system. Military Significance: The Pituffik Space Base (formerly Thule Air Base) on the island is an outpost of the US ballistic missile early warning system and is crucial for North American aerospace defense. Resource Reserves: It possesses reserves of 1.5 million mt of rare earth oxides, with a high proportion of heavy rare earths, which are vital for high-tech and national defense industries. The Trump administration ostensibly emphasized security needs, but in reality, it sought to secure U.S. dominance in the rare earth supply chain by controlling Greenland. In 2025, the U.S. promoted the establishment of a "Critical Minerals Trading Club," courting allies such as Japan and Australia in an attempt to build a rare earth supply chain that excluded China. At the same time, the U.S. signed key mineral cooperation agreements with Thailand and Malaysia, requiring them "not to prohibit the export of critical minerals to the United States," further confirming its resource control strategy. "I cannot accept fair trade, I can only accept cheap resources and continuous wealth accumulation" —this statement profoundly reflects the resource plundering logic of the Trump administration. This 19th-century-style expansionist mindset views international relations as a zero-sum game, attempting to secure the US's monopoly position in new energy and high-tech industries through power politics. Reflecting on the international situation in early 2026, the Trump administration’s intervention in Greenland affairs under the guise of security epitomized its global pursuit of the “America First” strategy. Beyond Greenland, Trump had also claimed intentions to turn Canada into the “51st state” of the US and regain control of the Panama Canal, indicating that his expansionist tendencies were systematic rather than isolated. However, this strategy of aggressive acquisition faces multiple practical obstacles: Legal and Public Opinion Constraints: Greenland’s 2009 Self-Government Act stipulates that any change in sovereignty requires approval by the local parliament and a referendum, while polls show that 85% of Greenlanders oppose joining the US. International Opposition: European countries such as Denmark, France, and Germany have issued a joint statement supporting Danish sovereignty, and the European Union may trigger the collective defense mechanism under the Lisbon Treaty. Contradictions within NATO Mechanisms: If the US were to use military force against Greenland, it would trigger Article 5 of NATO’s collective defense clause, plunging the military alliance into a logical paradox and rendering it paralyzed. In the long run, unilateral expansionism is unsustainable. The Greenland issue reflects a deep-seated conflict in perspectives on international order: whether to reshape the geopolitical landscape through power politics or to adhere to international law, sovereign equality, and public opinion as the basis for handling international affairs. History has shown that the latter is the cornerstone of lasting stability and prosperity. In the future, the US is more likely to adopt a compromise approach to strengthen its presence in Greenland, such as upgrading the US-Greenland Joint Committee dialogue mechanism established in 2004, expanding its military presence under the framework of the Greenland Defense Agreement, or participating in rare earth projects like Tanbreez through equity investments. While these methods may be less direct than outright control, they are more cost-effective and feasible. The ultimate evolution of the Greenland dispute will depend on the wisdom of major power competition, the autonomous choices of the Greenlandic people, and the international community's resolve to uphold a rules-based multilateral system. Respecting fair transactions and international cooperation, rather than zero-sum games, is the true path to addressing global resource challenges and achieving sustainable development.

Overseas Market Dynamics Price-wise: FOB prices for samarium oxide remained stable at $870-930/mt, FOB prices for cerium oxide held steady at $1,677-1,762/mt, CIF (Rotterdam) prices for cerium oxide were $2,330-2,340/mt, FOB prices for neodymium oxide were raised to $116-136/kg, CIF (Rotterdam) prices for neodymium oxide were $165-185/kg, FOB prices for dysprosium oxide were lowered to $267-307/kg, and FOB prices for neodymium metal were reduced to $110-130/kg. Transaction Level : Stable FOB prices for samarium oxide/cerium oxide: No significant changes were observed recently on both the supply and demand fronts. Supply side, major producers maintained stable production; demand side, application demand in traditional sectors like catalysts and glass additives remained steady. Market inquiries and transactions were relatively sluggish, hence prices remained stable. Slight increase in FOB prices for neodymium oxide: The main momentum for this round of increase came from the domestic Chinese market. Domestic neodymium oxide prices rose steadily due to persistently tight spot supply, coupled with the impact of relevant Chinese policies, collectively driving up the offshore cost. Although overseas demand did not see a significant increase, seller quotations remained firm supported by costs. Slight decrease in FOB prices for dysprosium oxide: The price decline followed the downward fluctuation of domestic dysprosium oxide prices in China, and coincided with the widespread Christmas holidays overseas, leading to a significant reduction in purchasing activities by downstream magnetic material enterprises and end-users, with mediocre demand performance, putting pressure on prices. Slight decrease in FOB prices for neodymium metal: Immediate demand for neodymium metal in mainstream overseas markets, particularly Europe and North America, was mediocre. Meanwhile, current domestic neodymium metal prices in China are at a relatively high level, dampening the purchase willingness of some overseas buyers, with rigid demand temporarily pausing, awaiting clearer market conditions after the new year.   Overseas Market News Updates North America Developments Energy Fuels announced that the 99.9% pure dysprosium oxide produced at its White Mesa plant in Utah has passed the initial purity and quality control processes of a major South Korean permanent magnet manufacturer, marking a key advancement for U.S.-produced heavy rare earth oxides in permanent magnet applications. The company plans to achieve large-scale production of terbium oxide and potentially samarium oxide in early 2026. Lodestar Minerals Ltd commenced exploration at the Virgin Mountain project in Arizona, USA, aiming to develop yttrium and other heavy rare earth resources. Historical sampling data indicates that heavy rare earth elements (including yttrium, dysprosium, terbium, etc.) account for 57% of the total rare earth oxides in the project. The initial exploration will focus on areas with high rare earth concentrations.   Asia Project Progress Japan plans to conduct deep-sea rare earth mud mining trials in the waters near Minamitorishima in January 2026, targeting a depth of approximately 5,500-6,000 meters, aiming to verify the technical feasibility of extracting rare earth elements such as dysprosium, neodymium, and gadolinium from the seabed. LS Eco Energy in South Korea 's board of directors approved an investment of 28.5 billion won (approximately $19.25 million) in a rare earth metal business in Vietnam. A rare earth metal refining facility will be built in Ho Chi Minh City to convert rare earth oxides into metallic materials, thereby improving the supply chain layout from raw materials to permanent magnets.   South America and Other Regional Developments Brazil's Acel Rare Earths announced an updated resource estimate for Zone B of the Carado Project: ore resources of 339 million mt with an average total rare earth oxide grade of 0.1075% and a gallium grade of 0.00366%. Combined with the Zone A data announced in August, the project's total resources reached 572 million mt, and the gallium metal content is estimated to be 22,900 mt. Brazil's Geological Survey Agency discovered high concentrations of rare earth elements in the eastern part of the Parnaíba Basin, with heavy rare earth (dysprosium, erbium, ytterbium, etc.) content reaching 259-2188 ppm, phosphate content up to 26.02%, and uranium content up to 1268 ppm, indicating potential for further exploration. Egypt's Minister of Electricity and Renewable Energy visited Beijing and held talks with enterprises such as Norinco Group, Northern Mining, and China National Nuclear Corporation to explore cooperation in areas including rare earth and strategic mineral mining and technology transfer.

According to Mining.com, Barbara Humpton, CEO of USA Rare Earth (USARE), revealed to CNBC that the company is in "close communication" with the White House. In a CNBC interview on the 2nd, Humpton responded to speculation about the company's intention to reach an agreement with the White House. USARE did not immediately respond to Mining.com's request for comment. Currently, the US government is intensifying efforts to secure a safe supply of strategic minerals. In March, President Trump invoked emergency powers to boost domestic production of critical minerals. Recently, the US government acquired a 5% stake in Lithium Americas and purchased a 5% share in the company's joint venture with General Motors, the Thacker Pass project, which is set to become the largest source of lithium in the Western Hemisphere. In July, MP Materials (MPM), the sole US rare earth producer, announced a multi-billion dollar agreement with the government to expand domestic production of rare earth permanent magnets. USARE is advancing a plan to expand the US rare earth permanent magnet supply chain. The company's sintered NdFeB magnet manufacturing plant in Stillwater, Oklahoma, is expected to commence commercial production in H1 2026. Upon reaching full production, it will have an annual capacity of 5,000 mt of permanent magnets, sufficient for millions of EV units. Additionally, the company announced its intention to merge with Less Common Metals (LCM). LCM's 67,000-square-foot facility in Cheshire is capable of large-scale production of light and heavy rare earth permanent magnet metals and alloys.

In September 2025, with the successive approvals from the Fair Competition Commission of Tanzania and the Australian court, Shenghe Resources' acquisition of Australia's Peak Rare Earths Limited was largely finalized. Valued at A$195 million (approximately 917 million yuan), the transaction began with an initial equity investment in 2022 and was completed after more than three years, highlighting the strategic positioning of Chinese enterprises in overseas rare earth resources, particularly rare earth assets in Africa. Global demand for rare earths continued to grow amid the energy transition and technological advancement, making supply chain diversification a strategic priority for countries. With its abundant rare earth resource reserves and development potential, Africa is attracting the attention of global capital and enterprises. 01 Acquisition Timeline: From Strategic Investment to Full Ownership The acquisition of Peak Company by Shenghe Resources was a strategically executed step-by-step initiative. In February 2022, Shenghe Resources, through its wholly-owned Singapore subsidiary, acquired a 19.86% equity stake in Peak Company, becoming a major shareholder of this Australian publicly listed firm. This marked the beginning of Shenghe Resources' strategic positioning in Tanzania's Ngualla rare earth project. On May 14, 2025, the board of Shenghe Resources reviewed and approved the acquisition of 100% equity in Peak Company by its wholly-owned subsidiary, Ganzhou Chenguang Rare Earth New Materials Co., Ltd., for a consideration of A$158 million (approximately 743 million yuan). In July 2025, the implementing entity for the acquisition was changed to Shenghe Resources (Singapore) Co., Ltd. This adjustment took into account the fact that the Singapore subsidiary already held a portion of Peak Company's shares, making it more conducive for integrated management. On September 4, 2025, Shenghe Resources announced that, due to the continuous rise in rare earth market prices, the acquisition consideration would be increased by 23.42% from A$158 million to A$195 million. The adjusted price remained within the valuation range previously determined by professional assessments. From September 16 to 19, 2025, the acquisition received approvals from Peak Company's shareholders' meeting, the Tanzania Fair Competition Commission, and the Australian court, with all preconditions met. The final settlement is expected to be completed in October 2025. 02 African Rare Earth Mines Possess Excellent Endowment and Huge Potential The primary advantage of African rare earth resources lies in their excellent endowment and huge potential. High Grade and Complementarity: Discovered rare earth mines in Africa generally exhibit high grades. For instance, the Gakara project in Burundi has a total in-situ rare earth oxide grade as high as 47%–67%, while the Steenkampskraal mine in South Africa has an average grade of 14.4%. This means more valuable rare earth elements can be extracted from the same amount of ore. Furthermore, although light rare earths dominate, projects such as the Lofdal project in Namibia are heavy rare earth projects rich in critical elements like terbium and dysprosium, complementing China's traditional heavy rare earth resources. Vast Exploration Prospects: Due to low levels of exploration (sub-Saharan Africa once had the second-lowest exploration budget globally), the true extent of Africa's rare earth resources may be far from fully understood. This indicates significant potential for discovering large new deposits in the future. However, the African rare earth industry as a whole remains in the early stages of development. Apart from a very few producing mines like Gakara, the vast majority of projects (such as Ngualla in Tanzania and Songwe Hill in Malawi) are still in the exploration, feasibility study, or construction phase and have not yet established stable mass production capacity. 03 Overview of Major Rare Earth Projects in Africa The rare earth resource landscape of the African continent is shaped by several key projects, each at different stages of development. The Ngualla Project in Tanzania is currently a major focus. It is a core asset of Peak Resources and the target of Shenghe Resources' acquisition. The mine boasts substantial resources, with 18.5 million mt of ore reserves at an average grade of 4.8%, equivalent to 887,000 mt of rare earth oxides (REO). The proportion of Pr-Nd oxide is approximately 21.26%, which are key elements for manufacturing permanent magnet materials. The project is expected to commence production within 24 months after the final investment decision. Shenghe Resources considers the acquisition completion date as the decision point, with the corresponding commissioning time projected to be around Q3 2027. Beyond Ngualla, other rare earth projects in Africa are also advancing actively. The Makuutu Project in Uganda, developed by Australian company Ionic Rare Earths, previously signed a memorandum of understanding with Aluminum Corp of China to accelerate its development and production. In South Africa, significant rare earth projects include the Phalaborwa and Steenkampskraal projects. The Lofdal Project in Namibia is one of only two xenotime-type heavy rare earth deposits currently under development globally and has completed production trials. Overall, by 2029, the African continent is expected to have as many as 8 rare earth projects commence production, which could increase Africa's share in the global rare earth supply chain to 10%. 04 Opportunities and Challenges for Africa's Rare Earth Future In terms of development conditions, Africa presents a dual scenario of cost advantages and infrastructure shortcomings. Cost and Policy Attractiveness: In countries such as Kenya, industrial electricity prices can be as low as $0.06 per kWh, and the annual salary for local mining engineers is approximately $25,000, representing significant cost advantages compared to developed countries. Meanwhile, to attract foreign investment, some countries offer preferential policies including corporate income tax reductions, exemptions on import tariffs for equipment, and even allowing 100% foreign ownership. Infrastructure and Industry Chain Shortcomings: The disadvantages are equally evident. Many mining areas are far from ports, and infrastructure such as roads, electricity, and water supply is severely inadequate, significantly increasing development difficulty and costs. More importantly, the African continent currently has an extreme shortage of smelting and separation capabilities for rare earths, as well as deep processing capacity. The current practice mainly involves exporting rare earth concentrates, resulting in the majority of value-added activities being realized overseas. From a global perspective, the strategic value of Africa's rare earth resources is increasingly prominent, yet it exists within a complex external environment. Key to Supply Chain Diversification: Against the backdrop of major global consumers seeking to "de-China" their rare earth supplies, Africa is regarded as a critical region for building a diversified and resilient supply chain. For instance, the US Department of Defense has held discussions with rare earth companies developing projects in Malawi and Burundi, while Japan has participated in the development of a heavy rare earth project in Namibia. Great Power Competition and Internal Risks: This strategic value also makes the development of Africa's rare earth resources a focal point of great power competition. At the same time, investments face internal risks; for example, Tanzania once ranked second globally in the "Resource Nationalism Index," and the stability of mining policies is a key challenge that investors need to monitor closely.

On June 29, the State Council officially issued the "Regulations on the Management of Rare Earths," marking the first time China has regulated the development and utilization of rare earth resources through administrative legislation. Rare earths are a collective term for 17 elements including lanthanum, cerium, praseodymium, neodymium, terbium, and gadolinium. They are widely used in high-tech industries such as manufacturing, light industry, smart electronic products, and new energy, and are hailed as "vitamins of modern industry." Today, one out of every six new inventions worldwide is related to rare earths, and rare earths are increasingly becoming strategic resources that influence future economic development. The world’s rare earths depend on China, and China’s rare earths depend on Baotou. China is the world's largest country in terms of rare earth reserves and production. Among them, Baotou City in Inner Mongolia holds 83.7% of the country's reserves and 37.8% of the global reserves. The Bayan Obo Mine in Baotou is the world's largest rare earth mine in terms of reserves. In the 1930s, Chinese geologists discovered that the Bayan Obo iron ore contained rare earth minerals. In 1959, Baotou Steel Group produced the first furnace of rare earth ferrosilicon alloy, marking the beginning of China's rare earth industry. In 1961, the central government dispatched over 300 scientific and technical personnel from research institutions such as the Beijing Iron and Steel Research Institute and the General Research Institute for Nonferrous Metals to support Baotou. From then on, China's rare earth science and technology started in Baotou. In 1992, China's first high-tech zone named after rare earths was established in Baotou with the approval of the State Council, marking the entry of China's rare earth industry into the industrialisation development stage. After decades of development, Baotou has now formed a complete industrial system ranging from the mining of raw rare earth ore, beneficiation and smelting separation, to functional materials and end-use applications. Seven of the top 10 magnetic material enterprises in China by comprehensive strength have established operations in Baotou, eight rare earth enterprises have entered the pipeline for listing, the local conversion rate of smelting and separation products has increased to 88%, the capacity for permanent magnetic materials ranks second in the country, and the capacity for hydrogen storage, polishing, and alloy materials ranks first in the country. From the discovery and research of rare earths to their application, looking back at the history of Baotou's rare earth industry, the sound of progress is resounding and pleasing. Over the 75 years since the founding of New China, Baotou's rare earth industry has forged ahead through continuous exploration. Today, this "World Capital of Rare Earths" is advancing with high morale, accelerating its transformation from "world-class reserves" to a "world-class industry." Currently, the Wolong Permanent Magnet Motor Industrial Park project in the Baotou Rare Earth High-Tech Zone is under construction in full swing. According to the project leader, the first phase of the Wolong Baotou Permanent Magnet Motor Industrial Park covers an area of 200 mu with an investment of 1.26 billion yuan. Upon completion, it will have an annual production capacity of 52,000 sets of NEV motors, 32,000 low-speed large power permanent magnet motors, 1,300 wind turbines, and 20,000 mt of castings, among other products. This will help Baotou build an entire industry chain from rare earth magnetic materials to permanent magnet power components and then to application scenarios, promoting the clustered and agglomerated development of the permanent magnet motor industry. "Against the backdrop of the dual carbon goals, the application scenarios for permanent magnet motors are very broad." Chi Jianyi, former director of the Baotou Rare Earth Research and Development Center of the Chinese Academy of Sciences and advisor to the Lucheng Laboratory in Baotou, stated that in the industrial production sector, replacing traditional power motors with rare earth permanent magnet motors not only extends the rare earth industry chain but also develops China's rare earth application technology. Currently, Baotou is driving innovation to continuously expand and deepen the development of the rare earth application industry, focusing on the development of five major new materials: rare earth permanent magnets, hydrogen storage, polishing, catalytic additives, and rare earth alloys. The city is fully committed to developing the permanent magnet motor application industry. It is accelerating the construction of a permanent magnet motor industrial park, actively promoting the development of mid-to-high-end products such as industrial energy-saving motors, NEV motors, and servo motors, attracting 30 enterprises including Wolong to settle in, and vigorously implementing the replacement project of permanent magnet motors, with an annual output value reaching 5 billion yuan. Baotou is also dedicated to developing polishing, catalysis, and optical functional industries. Plans include implementing high-performance projects such as 3,000 mt of rare earth polishing materials and 6,000 mt of catalysts, accelerating the industrialization process of projects like rare earth optical modification powder, and forming a capacity of 40,000 mt of polishing materials and 20,000 mt of catalytic materials and additives within the year. The city is making all-out efforts to develop the hydrogen storage material application industry. Baotou is pushing for the swift implementation of projects such as solid-state hydrogen storage forklifts by China Northern Rare Earth, expanding the commercial application of nickel–metal hydride batteries and their application devices in hydrogen fuel cell vehicles and hydrogen refueling stations, and building a base for the application of rare earth hydrogen storage. Further expanding the market share of high-performance, high-value-added rare earth hydrogen storage products, and strengthening the hydrogen storage and alloy industries. This year, it will form a capacity of 7,000 mt of hydrogen storage materials and 80,000 mt of alloy materials, aiming to create the largest rare earth hydrogen storage material industrial base and high-purity rare earth metal and alloy base in the country. In June 2024, during his inspection tour in Inner Mongolia, President Xi Jinping emphasized the need to leverage strategic resource advantages, strengthen the protective development, high-quality utilization, and standardized management of strategic resources, enhance local deep processing of energy resources, and develop the strategic resource industry well. In October 2024, the State Council issued the "Opinions on Promoting High-Quality Development in Inner Mongolia and Striving to Write a New Chapter of Chinese-Style Modernization," clearly stating that Baotou should be built into the largest rare earth new material base and a globally leading rare earth application base in the country. Seizing this significant opportunity, Baotou has set its sights on the goal of building "two rare earth bases" and is reshaping the landscape of the rare earth industry. The trial production of medium-heavy rare earth metal products has been successful, a 100,000 mt green smelting project for rare earths has commenced construction, the rare earth new materials technology innovation center is now operational, and the comprehensive launch of the rare earth permanent magnet motor industrial park... A new situation of full-chain development and diverse prosperity in the rare earth industry is rapidly taking shape here. As one of the world's most abundant rare earth resource regions, Baotou City is leveraging its unique resource endowment and firm development confidence to fully promote the high-quality development of the rare earth industry. In H1, the rare earth industry's value-added growth rate in Baotou City reached 32.6%, maintaining a rapid development trend. Baotou City anticipates that by 2025, the output value of the rare earth industry will exceed 100 billion yuan, advancing from "world-class reserves" to a "world-class industry."

July 17 News: This week, the price of Pr-Nd recycled from NdFeB scrap was reported at 516-522 yuan/kg; the price of dysprosium recycled from NdFeB scrap was reported at 1,643-1,654 yuan/kg; the price of terbium recycled from NdFeB scrap was reported at 5,439-5,550 yuan/kg; the price of gadolinium recycled from NdFeB scrap was reported at 89-110 yuan/kg; the price of holmium recycled from NdFeB scrap was reported at 222-233 yuan/kg. This week, the scrap market experienced significant price fluctuations, with an overall upward trend. At the beginning of the week, influenced by the rapid rise in oxide market prices, scrap suppliers held high expectations for future prices, and the sentiment of reluctance to sell continued to spread. Recycling enterprises had to raise their quotes to ensure that scrap recycling was not affected by the reluctance to sell. However, as oxide market prices pulled back, recycling enterprises became cautious about purchasing at high prices, leading to a jump initially and then pull back in scrap prices. As the weekend approached, with downstream purchase willingness strengthening, trading in the oxide market recovered and prices rose. Recycling enterprises became more active in purchasing and raised their quotes for scrap. However, some market participants held high expectations for future prices, and the sentiment of reluctance to sell remained strong, making it difficult to purchase scrap at low prices. It is expected that in the short term, influenced by the reluctance to sell, the scrap market prices will be unlikely to experience a significant decline. 》Apply for a free trial of the SMM Metal Industry Chain Database

► Tungsten Prices Surge 3.48% in One Month Driven by Ore Shortage, Where Will the Market Head After Repeatedly Hitting Record Highs? [SMM Commentary] ► Stockpiling Sentiment Boosts Glass Trading Volume Recovery, Price Holds Upside Potential [SMM Analysis] ► Copper Prices Decline as Suppliers Refuse to Budge on Prices, But Trading Remains Weak [SMM South China Spot Copper] ► Shanghai Spot Copper Premiums/Discounts (Fourth Session) on July 17 [SMM Price] ► Tianjin Zinc: Futures Market Fluctuates Amid Weak Downstream Demand [SMM Midday Review] ► SHFE Tin Under Pressure as Supply Chain Disruptions Fail to Offset Off-Season Demand Weakness [SMM Tin Midday Review] 》Click to Visit SMM Official Website for Daily Quotes 》Subscribe to View Historical Spot Metal Price Trends on SMM (Recommended to view on PC)

► Disagreement between buyers and sellers, spot premiums/discounts weaken [SMM North China Spot Copper] ► July 16 Shanghai spot copper premiums/discounts (4th session) [SMM PriceZ5/>► Shanghai zinc: Downstream sentiment remains bearish, trading activity is moderate [SMM Midday Review] ► Ningbo zinc: Traders continue to sell at low prices, downstream just-in-time purchases [SMM Midday Review] ► Tianjin zinc: Futures pull back, poor sentiment for restocking [SMM Midday Review] ► Stalemate in supply and demand, most-traded SHFE tin contract edges up 0.30% at midday, awaiting macro guidance [SMM Tin Midday Review] 》Click to visit SMM's official website for daily quotes 》Subscribe to view SMM metal spot price history trends (Recommended viewing on desktop)

►Z2/>Benefiting from a significant narrowing of the price spread between futures contracts, suppliers actively refused to budge on prices and proceeded with shipments [SMM South China spot copperZ3/>► Delivery month's futures spread structure reversed, causing spot premiums to surge [SMM North China spot copper] ► July 15 SMM spot copper premiums/discounts across trading sessions in Guangdong market (Fourth session: 10:45) [SMM Price] ►Z8/>July 15 Shanghai spot copper premiums/discounts (Fourth session) [SMM Price] ► Ningbo zinc: Premiums continue to decline with moderate transaction performance [SMM Midday Review] ► SHFE tin weakens under pressure; market awaits macro guidance amid weak supply and demand [SMM Tin Midday Review] 》Click to visit SMM official website for daily price quotes 》Subscribe to view historical price trends of SMM metal spot prices (Recommended for desktop viewing)

► Copper prices pull back and month-end spread narrows, downstream procurement activity picks up [SMM South China Copper Spot] ► Delivery date approaches with subdued market sentiment [SMM North China Copper Spot] ► Over the weekend, copper inventories in major Chinese regions rose by 3,900 mt [SMM Weekly Data] ► Shanghai zinc: Moderate spot transactions continue as premiums decline further [SMM Noon Review] ► Ningbo zinc: Weakening downstream orders result in mediocre trading activity [SMM Noon Review] ►Z12/>[SMM Iron Ore Shipping] Global iron ore shipments and port arrivals both decrease slightly by 6% ► [SMM Steel Shipping] China’s total steel exports rose 28% WoW last weekZ15/>► [SMM Coking Coal Shipping] Last week’s coking coal port arrivals reached 2.1336 million mt, up 400,500 mt WoW ► Despite weakening demand, downstream stockpiling intentions strengthen; PV glass cold repair capacity increases further in July [SMM Analysis] Other metal spot noon reviews will be updated shortly—please refresh to view~ 》Click to access SMM official website for daily quotations 》Subscribe to view SMM metal spot historical price trends (Desktop viewing recommended)

► Metals generally rose, with SHFE nickel, SHFE silver, and rebar leading gains; coking coal up over 4%, polysilicon rose for eight consecutive days [SMM Midday Review] ► Downstream buyers halted large purchases after brief restocking, forcing suppliers to lower premiums [SMM South China Spot Copper ReviewZ5/>► July 11 Shanghai spot copper premiums/discounts (fourth period) [SMM Price] ► Shanghai zinc: Increased selling by traders drove premiums further down [SMM Midday ReviewZ9/>► Tianjin zinc: Futures market continued rising while downstream purchasing enthusiasm remained low [SMM Midday Review] ► Ningbo zinc: Persistently high futures prices pushed premiums further downward [SMM Midday Review] ► Supply risks offset off-season pressure, SHFE tin fluctuated slightly lower [SMM Tin Midday Review] ► [SMM Nickel Midday Review] Nickel prices rebounded sharply on July 11 as "anti-cut-throat competition" boosted commodity markets 》Click to visit SMM official website for daily price quotesZ18/>》Subscribe to view historical price trends of SMM metal spot markets （Recommended for desktop access）

July 10 (SMM) - This week, Pr-Nd recycled from NdFeB scrap was quoted at 494-499 yuan/kg, dysprosium recycled from NdFeB scrap at 1,610-1,621 yuan/kg, terbium recycled from NdFeB scrap at 5,439-5,550 yuan/kg, gadolinium recycled from NdFeB scrap at 89-110 yuan/kg, and holmium recycled from NdFeB scrap at 200-240 yuan/kg. The scrap market experienced a series of price increases this week, primarily driven by rising oxide market prices. The upward trend in oxide prices lifted scrap market values. With improving end-use demand, magnetic material enterprises hold an optimistic outlook for future rare earth prices. They generally believe that scrap value will further appreciate alongside rising oxide prices. Under this market expectation, some scrap suppliers adopted a stockpiling strategy, holding back sales in anticipation of higher future prices to maximize profits. However, this wait-and-see approach posed significant challenges to recycling enterprises. Reduced scrap supply made procurement difficult. To ensure stable production and continuous scrap supply, some recyclers proactively raised purchase offers to incentivize suppliers to release inventory. As end-user demand gradually recovers, magnetic material enterprises saw improving order volumes. This indicates that scrap output will increase alongside production activities. Scrap circulation is expected to improve in the coming period, alleviating procurement pressures for recyclers. Overall, the scrap market is projected to maintain stable operation. 》Free Trial Application for SMM Metal Industry Chain Database

► Copper prices continue to pull back as suppliers refuse to budge on prices while shipping, yet downstream restocking enthusiasm remains muted [SMM South China Copper Spot] ► Downstream cautious about declining copper prices and spot premiums/discounts, market trading activity remains sluggish [SMM North China Copper Spot] ► July 10 Guangdong spot copper market premiums/discounts across trading sessions (Fourth session: 10:45 AM) [SMM Price] ► July 10 Shanghai spot copper market premiums/discounts (Fourth session) [SMM Price] 》Click to visit SMM's official website for daily price quotes 》Subscribe to view SMM metal spot price history trends (PC viewing recommended)

► Copper prices pulled back sharply, downstream restocking desire increases; overall trading atmosphere better than yesterday [SMM South China Spot Copper] ► July 9 Guangdong spot copper market premiums/discounts across periods (Fourth Period 10:45) [SMM Price] ► July 9 Shanghai spot copper premiums/discounts (Fourth Period) [SMM Price] ► Shanghai zinc: premiums down MoM, spot transactions worsen [SMM Midday Review] ► Ningbo zinc: downstream firms purchased on rigid demand, premiums continue to decline [SMM Midday Review] ► Tianjin zinc: futures maintained fluctuating trend, trading weakened [SMM Midday Review] 》Click to enter SMM official website to view daily quotes 》Subscribe to view SMM metal spot historical price trends (Recommended to view on desktop)

► Copper prices continue to pull back but demand remains weak, spot premiums continue to decline [SMM South China Copper Spot] ► As delivery approaches, downstream buyers drive down prices; the center of spot premiums/discounts shifts downward [SMM North China Copper Spot] ► July 8 Shanghai spot copper premiums/discounts (fourth session) [SMM Price] ► July 8 Guangdong copper spot market premiums/discounts across sessions (fourth session 10:45) [SMM Price] ► Tianjin Zinc: Futures market continues to pull back, trading activity slightly improves [SMM Zinc Midday Review] ► Macro headwinds combine with off-season inventory buildup; tin prices come under pressure [SMM Tin Midday Review] 》Click to view SMM official website for daily quotations 》Subscribe to view SMM metal spot price history trends (Recommended for desktop viewing)