War damage to Iran’s key steel mills threatens ~14 Mt of capacity, sharply reducing crude steel output and exportable supply. While domestic demand remains relatively stable, energy shortages and logistics disruptions amplify losses, tightening regional supply, supporting semi-finished steel prices, and reshaping trade flows.

This week, ferrous metals fluctuated downward, with raw materials declining significantly more than finished steel. Cost-side logic weakened further during the week. Mid-week, both the U.S. and Iran indicated they had entered the final stage of finalising negotiation details, causing overseas market crude oil to plunge and dragging down the coal sector. In the latter half of the week, rumors emerged that negotiations between China Mineral Resources and BHP would be announced next week, with iron ore leading the downward trend. On the finished steel side, inventories of the five major steel products continued to destock, maintaining a structure of both rising supply and demand. Spot market side, futures were weak, end-user purchasing enthusiasm was lukewarm, the spot-futures price spread widened somewhat, and some market arbitrageurs between spot and futures began to take profits...

According to reports, on April 8, Shiyan Taixiang Industrial Co., Ltd. announced its approval to terminate the original IPO-funded project "Hongma Technology R&D Center Construction Project" and redirect the unused raised funds to a new project, "Automotive Parts Intelligent Manufacturing Technological Transformation Project," to further optimize the efficiency of raised fund utilization and better align with the company's actual business development needs.

According to SMM data, total aluminum production outside China in March 2026 edged up 0.2% YoY, while daily average production outside China fell 2.7% MoM, mainly due to extensive production cuts and suspensions at aluminum plants in Mozambique and the Middle East during March. Looking ahead to April, although aluminum plants in the US and Iceland are expected to resume production, the resumption of production at a Spanish aluminum plant continues to advance, and operating capacity at new projects in Indonesia and Angola continues to ramp up, given the large-scale production cuts and suspensions at aluminum plants in the Middle East and Mozambique in March and the further emergence of their impact, aluminum production outside China is expecte

SMM News, March 31 According to SMM data, the average tax-inclusive full cost of domestic aluminum industry in March 2026 rose 0.5% MoM and fell 5.7% YoY, mainly due to a slight rebound in alumina raw material costs during the period. In March, Middle East production cuts pushed up aluminum prices in and outside China. The SMM A00 monthly average spot price (February 26-March 25) rose 2.9% MoM, and aluminum profit margins expanded to 8,316 yuan/mt. Based on monthly average price calculations, 100% of China’s operating aluminum capacity was profitable in March. From the cost breakdown side: Alumina raw materials : According to SMM data, the monthly average of the SMM alumina index in March was 2,685 yuan/mt (January 26-February 25), up 2.4% MoM. During the month, total operating alumina capacity was basically stable, but the Middle East geopolitical conflict raised ocean freight rates for alumina and bauxite, and domestic alumina costs are expected to move higher. Futures prices drove spot prices higher, lifting the monthly average alumina price. Entering April, the upward momentum in spot alumina prices at month-end March appeared slightly insufficient. Some new projects are expected to come online in April or ramp up operating capacity, but as the base price at the beginning of the month was already at a high level, alumina raw material costs in April are expected to post a slight increase. Auxiliary materials market : In March, both prebaked anode and fluoride salt prices pulled back, lowering aluminum auxiliary material costs. Entering April, the Middle East geopolitical conflict raised international oil prices, and higher costs continued to push up petroleum coke prices, which in turn supported higher prebaked anode prices. The April prebaked anode tender price at a large aluminum plant in Shandong rose 300 yuan/mt MoM; for aluminum fluoride, prices are also expected to rise significantly in April due to higher raw material costs. Overall, auxiliary material costs are expected to increase significantly in April. Electricity prices : Electricity prices were generally stable in March. Entering April, power prices are expected to remain broadly stable, and aluminum power costs are expected to hold steady. Overall, in March 2026, SMM expected the weighted average tax-inclusive full cost of dometstic aluminum industry to rise slightly; in April, it was expected to increase significantly MoM, with the average at around 16,150-16,550 yuan/mt.

SMM, March 31 – In March 2026, China's metallurgical-grade alumina output rose 10.56% month-on-month but fell 3.33% year-on-year. From a capacity perspective, as of the end of March, the national installed capacity stood at approximately 113.22 million tonnes, with some growth driven by the gradual commissioning of new alumina projects in Guangxi. However, operating capacity declined 2.1% month-on-month and 8.7% year-on-year. Although new projects were brought online, they were still in trial production at the end of March and did not contribute effective output, leading to a decline in the overall operating rate. Looking at output structure, total production in March increased from February, but average daily output declined. The main reasons are: on one hand, several enterprises in Guizhou and Guangxi carried out various levels of maintenance; among them, one Guizhou-based company shut down part of its production lines due to operational pressure, significantly lowering the operating rate in southern China. On the other hand, northern regions such as Henan and Shandong saw relatively stable operations, mainly fulfilling long-term contract deliveries. In Shanxi, some enterprises continued upgrading their production lines, causing a slight decline in the operating rate. These factors combined led to a month-on-month drop in average daily output in March. Looking ahead to April, the oversupply pattern in the alumina market is expected to persist. First, newly added capacity in Guangxi and Chongqing will be gradually released, driving overall output higher and intensifying competition within the industry. Second, attention should be paid to the indirect impact of geopolitical conflicts in the Middle East: some overseas alumina originally destined for the Middle East has been forced to be re-exported to China, resulting in an unexpected increase in China's imported alumina volume. This will likely impact the domestic market and may restrain the release of domestic production capacity. Based on a comprehensive assessment, China's operating alumina capacity in April 2026 is expected to be around 86.63 million tonnes.

Nickel Ore " RKAB Approval Delays and Policy Shifts Expected to Drive Nickel Ore Prices Higher" Indonesian domestic nickel ore prices have risen significantly increase this week. For the first half of March, the Indonesian Nickel Ore Benchmark Price (HPM) was set at $17.329/dmt, an increase of 1.32%. However, according to SMM data, average premiums has increased for 1.4%, 1.5%, and 1.6% grade laterite nickel ore were reported at $36, $40, and $40.5/wmt, respectively, with 1.6% grade reaching a delivered price of $67.6–$74.6/wmt. This strengthening of premiums reflects both the release of restocking demand from smelters and pessimistic expectations regarding RKAB quota reductions. Simultaneously, the delivery price for 1.2% grade limonite has edged up to $25–$27/wmt. Pyrometallurgical Ore: From a supply and demand perspective, Sulawesi is transitioning into the dry season; Konawe has reached optimal production levels, while Morowali is slightly experiencing thunderstorms in this week. However, Halmahera's region is slightly stable. Currently, The market is facing a clear trend of declining ore grades. While some NPI smelters have begun accepting grades of 1.45% or lower, the supply of high-grade saprolite remains tight. As of mid-March, the ESDM has approved approximately 100 million tons of RKAB quotas. The remaining 160 to 170 million tons are expected to be processed by the end of March. However, due to the Eid al-Fitr (Lebaran) holidays (March 18–24), approval progress is expected to lag, exacerbating short-term supply tightness. Faced with resource uncertainty, some smelters have increased trade bonuses to secure raw materials. Transactions for low-grade saprolite are emerging at fixed prices lower than high-grade ores. Conversely, Limonite prices remain low due to a tailings dam landslide at a major MHP project, which has forced production lines to operate at low loads, hindering demand recovery. However, Limonite prices are expected to eventually follow Saprolite upward due to new project stockpiling and external island demand. Hydrometallurgical Ore Hydrometallurgical ore is relatively sufficient, a tailings dam landslide at an MHP project in a certain industrial park has forced related production lines to operate at low loads, leading to a temporary weakness in demand. Because miners currently secure higher profit margins from saprolite, they are less inclined to produce and sell limonite. To counter this reluctance, and to navigate ongoing RKAB approval uncertainties, fulfill the stockpiling needs of newly commissioned projects, and meet rising demand from outer islands, smelters have been compelled to raise limonite bids to incentivize miners to release their lower-grade ore. Consequently, hydrometallurgical ore prices are projected to follow the upward trajectory of pyrometallurgical ore and remain at elevated levels." On the policy front, although rumors regarding the implementation and delayed release of the new tax policy persist, the specific execution details remain under internal review by relevant ministries. While operational details for specific products like NPI and MHP still await final inter-ministerial confirmation, current policy winds suggest that the era of duty-free exports for Indonesian intermediate nickel products may soon be coming to an end. Looking ahead, the continuous tightening of Indonesian policies is expected to open up further upside potential for nickel ore prices and exert a profound impact on the cost structure of the global nickel supply chain. Market Outlook: Due to the overall delay in RKAB approvals, upcoming nickel export tax/windfall tax policy, probable nickel benchmark price changes, as well as miners are unable to produce with their "old quota" in April, nickel ore prices in next month are expected to remain resilient with a strong "easy to rise, hard to fall" trend. Nickel Pig Iron "High-Grade NPI Under Short-Term Pressure Amid Upstream-Downstream Tug-of-War " The average price of SMM 10-12% NPI average price dropped by RMB 6.7 per nickel unit week-on-week to RMB 1083.5 per nickel unit (ex-works, tax included), while the Indonesia NPI FOB index decreased by USD 1.38 USD per nickel unit to an average of USD 136.9 per nickel unit. Overall, the high-grade NPI market operated steadily. After transaction centers stabilized, the market entered a tug-of-war between upstream and downstream participants, leaving prices under short-term pressure. On the supply side, domestic nickel ore news has seen continuous disruptions. Upstream quotes were initially firm due to cost support; however, the market supply of scrap steel has increased significantly. Under the dual suppression of sluggish end-user demand and the economic advantage of scrap steel, upstream quotes for high-grade NPI have gradually weakened. In the stainless steel spot market, absolute social inventory levels remain high. Steel mills are maintaining high production schedules, leading to significant shipping pressure. Although there is some support on the cost side, the mills face considerable cost pressure themselves, and the economic advantage of stainless steel scrap has become prominent. Consequently, their acceptance of high-priced ferronickel is low, and their procurement attitude remains cautious. Stainless steel prices are expected to maintain a weak but stable trend. In summary, NPI prices will remain in an upstream-downstream tug-of-war in the short term, with upside price pressure driven by competition from scrap steel and the limited purchasing willingness of stainless steel mills.

The Full End of the Philippines' Rainy Season, Coupled With the Fuel Emergency, May Put Downward Pressure on Nickel Ore Prices The Full End of the Philippines' Rainy Season, Coupled With the Fuel Emergency, May Put Downward Pressure on Nickel Ore Prices This week, Philippine nickel ore prices edged down. In terms of prices, Philippine nickel ore CIF China quotations were $64-67/wmt for Ni 1.3% grade, $71-74/wmt for Ni 1.4% grade, and $78-81/wmt for Ni 1.5% grade. The average CIF price from the Philippines to Indonesia was $65.5/wmt for 1.3% grade and $72.5/wmt for 1.4% grade. Weather side, weather conditions in the Philippines improved significantly this week WoW. Rainfall in major mining areas such as Surigao, Homonhon, and Tawi-Tawi trended lower, while Zambales and Palawan remained relatively dry. This shift indicated that major mining areas had gradually entered the mining season, releasing room for nickel ore supply. Demand side, despite elevated freight costs, several Chinese smelters had already started procurement. As of Friday, March 27, nickel ore inventory at Chinese ports stood at 4.63 million mt, down 190,000 mt WoW. Current total port inventory was equivalent to about 36,400 mt Ni in metal content. Demand side, domestic NPI prices were basically flat this week, while spot transaction prices fell by about 1,083.5 yuan per nickel unit. Smelters' acceptance of high-priced raw materials had peaked, which may prompt slight concessions in CIF prices, and nickel ore FOB and CIF prices are expected to be more likely to fall than rise in the short term. Indonesia Market: Delayed RKAB Approval Progress, Coupled With Expectations for Policy Transition, Is Expected to Further Lift the Price Center of Nickel Ore This week, prices of Indonesia's local nickel ore rose. Indonesia's nickel ore benchmark price (HPM) for the second half of March was set at $17,329/dmt, up 1.32% MoM. According to SMM's Indonesia nickel ore premium data, average premiums for 1.4%, 1.5%, and 1.6% grade laterite nickel ore were quoted at $36, $40, and $40.5/wmt, respectively. Among them, the domestic-trade port-arrival price for 1.6% grade was $67.6-74.6/wmt. The simultaneous strengthening of both premiums this month reflected the release of smelters' restocking demand and pessimistic expectations over RKAB quota cuts, while the delivered price of 1.2% grade limonite ore also edged up in tandem to $25-27/wmt. From supply and demand fundamentals, as of March 27, 2026, weather conditions across Indonesia's nickel mining areas were as follows: Morowali was expected to see cumulative rainfall of 0.065-0.08 this week, and strong thunderstorms would severely affect open-pit mining and ore transportation; Konawe had scattered showers, with rainfall of about 0.03-0.045 this week; Halmahera was the most stable, mainly cloudy with light rain. The market is currently facing a clear trend of declining grades. Although some NPI smelters had begun accepting nickel ore with grades of 1.45% and below, saprolite ore remained tight in March. At present, as of mid-March, ESDM had approved about 100 million mt of RKAB nickel ore quotas, and the remaining 160 million-170 million mt is expected to complete approval before month-end. However, due to the Eid al-Fitr holiday from March 18 to 24, approval progress may be delayed, making it difficult for the tight supply situation to ease in the short term. Demand side, as some Indonesian smelters faced resource uncertainty and had difficulty obtaining high-grade nickel ore, prices remained strong. To secure raw material supply, some smelters even raised trading bonuses. In addition, some transactions of low-grade humic soil ore also emerged in the market, with fixed prices relatively lower than those of high-grade ore. Limonite ore prices remained at low levels, mainly due to the tailings dam landslide accident at an MHP project in a certain industrial park, which kept related production lines running at low operating rates and hindered the rebound in demand. However, considering RKAB uncertainty, stockpiling demand from new projects, and growing demand from outer islands, limonite ore prices are expected to stay high later by following saprolite ore. Policy side, although rumors about the implementation and delayed release of the new tax regime continued, the specific implementation rules were still under internal review by relevant ministries. Although execution details for specific products such as NPI and MHP still awaited finalisation across ministries, current policy signals may indicate that the era of tax-free exports for Indonesia's nickel intermediate products is about to come to an end. Looking ahead, Indonesia's continued policy tightening is expected to open upside room for nickel ore prices and have a profound impact on the cost structure of the global nickel supply chain.

Recently, the People's Government website of Nanpiao District, Huludao City, Liaoning Province, released the first public notice regarding the "Automobile Dismantling and New Energy Vehicle Battery Dismantling and Comprehensive Utilization Project" planned by a local ecological environmental protection company. According to the public notice, the company intends to construct a production line capable of dismantling 50,000 end-of-life fuel vehicles annually, a production line for dismantling 50,000 end-of-life new energy vehicles annually, a production line for dismantling and comprehensive utilization of new energy vehicle batteries, and a production line for producing 100,000 tons of recycled aluminum annually, all within the Nanpiao Circular Industrial Park.

SMM News: Following our previous analysis of the transportation and wind power sectors, this installment shifts focus to the critical demand drivers in the consumer and construction domains: White Goods , Consumer Electronics , and Real Estate-related applications (Elevators and Power Tools). While these sectors individually consume less magnetic material per unit compared to New Energy Vehicles (NEVs), their sheer aggregate volume makes them indispensable pillars of the Neodymium-Praseodymium (Pr-Nd) market. However, data from early 2026 reveals a troubling trend of stagnation and structural contraction across these traditional strongholds. I. White Goods: The Dual Pressure of Production Slumps and Material Substitution In the white goods sector, Neodymium-Iron-Boron (NdFeB) magnets are primarily utilized in two key applications: compressors for inverter air conditioners and motors for drum and impeller washing machines . 1. Air Conditioners: A Sharp Contraction in Output and Dosage According to data from the National Bureau of Statistics (NBS), China’s cumulative air conditioner production for January-February 2026 stood at 40.118 million units , a staggering 35% year-on-year (YoY) decline compared to the 61.921 million units produced in the same period of 2025. (Reason: This drastic drop is attributed to a combination of factors: firstly, an unusually mild winter across major consumption regions significantly dampened heating demand, leading to a destocking cycle among distributors. Secondly, the real estate sector’s continued downturn has severely curtailed new housing completions, directly reducing the installation of centralized and split AC systems. Lastly, high inventory levels carried over from 2025 forced manufacturers to aggressively cut production schedules in Q1 2026 to avoid capital lock-up.) Looking at the full year, SMM forecasts a marginal growth of 0.96% for 2026, with total annual production projected at 271.095 million units . (Reason: The near-flat growth outlook reflects a mature market saturation where replacement demand, rather than new installations, drives volume. While export markets offer some resilience against domestic weakness, rising trade barriers and logistical costs in key regions like Europe and North America are expected to cap significant expansion.) Applying SMM’s calculation model: Inverter Penetration: 99% NdFeB Motor Penetration: 92% Specific Consumption: Assumed at 100g/unit for 2026. Based on these parameters, the total NdFeB consumption for the air conditioner sector in 2026 is estimated at 24,691 tons , representing a 23% decrease from the 29,163 tons consumed in 2025. The core driver of this decline is twofold: first, the persistently high prices of Pr-Nd since the second half of 2025 have accelerated the industry’s cost-reduction initiatives. Second, there is a clear technological shift towards minimizing rare earth usage. The average single-unit dosage has dropped from 120g/unit in 2025 to 100g/unit in 2026 , as manufacturers optimize motor designs and, in some lower-end models, substitute with ferrite magnets or induction motor technologies where efficiency standards allow. 2. Washing Machines: A Slow Erosion of Demand For January-February 2026, China’s cumulative washing machine production was 18.58 million units , a slight 0.3% YoY decline from the 18.51 million units in the same period of 2025. (Reason: The stability in production volumes masks underlying weakness. The slight dip is primarily due to weak consumer confidence impacting discretionary spending on home appliance upgrades. Furthermore, the export market for washing machines has faced headwinds from sluggish global economic growth and intensified competition from Southeast Asian manufacturing hubs, offsetting modest domestic recovery efforts.) SMM projects a full-year growth rate of 3.1% for 2026. (Reason: This modest recovery is underpinned by government-led "trade-in" subsidy policies aimed at boosting domestic consumption of energy-efficient appliances. Additionally, product innovation in the high-end segment, such as washer-dryer combos and smart features, is expected to stimulate some replacement demand, though the overall ceiling remains low.) Demand Calculation Logic: Drum Washer Penetration: 63% (High-end, 98% use NdFeB) Impeller Washer Penetration: 28% (Mid-range, 50% use NdFeB) Specific Consumption: 290g/unit for drum washers; 240g/unit for impeller washers. Under this model, the total NdFeB demand for washing machines in 2026 is estimated at 27,204.52 tons , a 0.2% decrease from 27,262 tons in 2025. The sector is experiencing a slow but steady erosion of demand. While high-end drum washers rely heavily on efficient NdFeB motors to meet stringent energy labels, the volatility of rare earth prices is prompting manufacturers to cautiously explore alternative motor designs or reduce magnet grades in non-critical applications. Consequently, the industry has adopted a strategy of gradual reduction rather than abrupt substitution, balancing performance requirements with cost control. Outlook: The trajectory for white goods in 2026 is undeniably pessimistic. Both production volumes and technical intensity (dosage per unit) are trending downward, creating a double drag on Pr-Nd demand. II. Consumer Electronics: Volume Resilience vs. Intensity Decline The consumer electronics sector, modeled by SMM, comprises four main segments: Mobile Phones , Tablets , Desktops/Laptops , and Smartwatches . These devices utilize NdFeB primarily for acoustic components (speakers/receivers) and haptic feedback motors, with emerging uses in magnetic charging interfaces. The specific consumption is generally low, ranging from 2-5g/unit , except for desktops which average 15g/unit . Market Performance (Jan-Feb 2026): Mobile Phones: 220 million units (+6.8% YoY). Micro-computer Equipment: 41.956 million units (-31% YoY). Breakdown: 21% Tablets, 27% Desktops, 52% Laptops. Smartwatches: 8.196 million units (+7.8% YoY). (Reason: The divergence in performance is stark. Mobile phone growth is driven by the global rollout of AI-enabled handsets and the replacement cycle for 5G devices, particularly in emerging markets. Conversely, the sharp collapse in micro-computer equipment reflects the post-pandemic normalization of demand; the massive stockpiling of devices during 2020-2022 has led to a prolonged digestion phase. Additionally, extended device lifespans due to improved hardware durability have further suppressed replacement rates for PCs and tablets.) 2026 Full-Year Forecast: SMM anticipates a 1% growth for mobile phones and micro-computers combined, and a 5% growth for smartwatches. (Reason: The muted outlook for computing devices stems from persistent macroeconomic uncertainty and corporate IT budget tightening. For smartwatches, growth is fueled by increasing health-monitoring capabilities and deeper ecosystem integration with smartphones. However, the entire sector faces a cloud of uncertainty due to escalating geopolitical tensions affecting supply chains and rising memory chip prices, which may force OEMs to revise production targets downward later in the year.) Demand Estimation: Mobile Phones: 3,109.8 tons Micro-computers: 2,018.9 tons Smartwatches: 125.06 tons Total 2026 Demand: 5,253.76 tons , a 3% decline from 5,421.19 tons in 2025. The primary driver for this decline is the continuous, albeit slow, reduction in specific consumption. As miniaturization advances and alternative magnetic materials improve, the amount of NdFeB required per device is shrinking. Despite the relatively low single-unit dosage, the massive scale of the consumer electronics industry ensures it remains a significant consumer of NdFeB. Moreover, this sector is characterized by highly standardized supply chains, where major OEMs maintain binding agreements with certified magnet suppliers, making demand relatively stable but resistant to price-driven spikes. III. Real Estate Related: Elevators and Power Tools The final segment covers industries tightly coupled with the real estate cycle: Elevators and Handheld Power Tools . 1. Elevators: Policy Support vs. Structural Headwinds In January-February 2026, elevator production reached 150,000 units , a 7.1% YoY increase . (Reason: This short-term surge is largely attributable to the acceleration of projects that were delayed in late 2025, as developers rushed to meet pre-delivery deadlines before stricter regulatory inspections took effect. Additionally, government mandates for retrofitting old residential communities with elevators in urban renewal zones provided a temporary boost to order books.) However, SMM forecasts a full-year contraction of -3% for 2026. (Reason: The long-term outlook is grim due to the fundamental slowdown in new residential construction starts, which remain at multi-year lows. The debt crisis plaguing major property developers continues to stall new project launches, directly impacting the demand for new elevator installations. While the retrofit market offers some support, it is insufficient to offset the collapse in new building commissions.) Calculation: Energy-saving Elevator Penetration: 90% Specific Consumption: 6 kg/unit (for energy-saving models). Total 2026 Demand: 7,222.6 tons , a 1.3% increase from 7,125.3 tons in 2025. (Reason for Growth: The slight increase in total tonnage despite falling production volumes is entirely driven by the rising penetration of energy-saving elevators. Stricter national energy efficiency standards (GB standards) are forcing manufacturers to adopt permanent magnet synchronous motors (PMSM) over traditional asynchronous motors, thereby increasing the average NdFeB dosage per unit even as the total number of units declines.) 2. Handheld Power Tools: A Direct Casualty of Property Slump Production of handheld power tools in Jan-Feb 2026 was 29.566 million units , down 0.24% YoY . SMM projects a -3% decline for the full year 2026. (Reason: The downturn is inextricably linked to the stagnation in the global and domestic real estate markets. Reduced renovation activities and a slowdown in infrastructure projects have dampened demand for professional-grade tools. Furthermore, high inventory levels in distribution channels across North America and Europe, resulting from over-ordering in 2024, have led to a prolonged period of destocking.) Definition & Scope: According to the National Bureau of Statistics, handheld electric tools refer to portable motor-driven tools operated by hand, including electric drills, grinders, sanders, saws, and screwdrivers . These products are highly sensitive to housing turnover and renovation rates. Demand Calculation: NdFeB Penetration: 60% Specific Consumption: 80g/unit Total 2026 Demand: 9,134 tons , a sharp 13.4% drop from 10,548 tons in 2025. The significant contraction in this sector underscores the deep correlation between the property market and industrial metal demand. As the real estate sector remains in a prolonged adjustment phase, the downstream demand for power tools—and consequently NdFeB—faces sustained pressure. Conclusion The analysis of white goods, consumer electronics, and real estate-related sectors paints a picture of structural weakness for 2026. While niche policy drivers (like energy-saving elevator mandates) provide isolated pockets of growth, the overarching trends are defined by production saturation, inventory destocking, and aggressive material substitution . The combined effect of lower production volumes and reduced single-unit dosages creates a formidable headwind for Pr-Nd prices. In the final installment of this series, we will pivot to the future: examining the burgeoning demand from Low-Altitude Economy (eVTOLs), Robotics (Industrial and Service), and the relentless expansion of Electric Two-Wheelers . These emerging sectors may hold the key to offsetting the declines observed in traditional industries and reshaping the long-term demand curve for rare earth magnets.