China Rare Earth Industry Association Reports 263.6 Index as Ex-China Heavy Rare Earth Prices Diverge Sharply

Republished by AIC Engineering. All rights belong to the original publisher; see Source below.

China’s Rare Earth Price Index equaled 263.6 on August 6, 2026, against a 2010 base of 100. Domestic Chinese references placed magnet-critical NdPr mixed oxide at RMB 725.4–745.4/kg (USUSD 108.81–111.81), dysprosium oxide at RMB 1,365–1,405/kg (USUSD 204.75–210.75) and terbium oxide at RMB 6,630–6,690/kg (USUSD 994.50–1,003.50), using ¥1 = USUSD 0.15. But those numbers increasingly describe China as promulgated by the China Rare Earth Industry Association (CREIA)—not necessarily the price available to a Western buyer.

REEx Insight | Two Markets, Neither Truly Transparent China's rare earth prices should not be confused with conventional free-market price discovery. Production controls, export licensing, state industrial policy, and national-security priorities influence the system. CREIA itself calculates its index from transaction information collected from domestic enterprises. The ex-China market has the opposite problem: too little liquidity. Most transactions remain confidential, bilateral, and specification-dependent. With limited non-Chinese separation capacity, a Western so-called "spot price" can sometimes be little more than a snapshot of several traders or transactions. REEx therefore treats ex-China values as indicative transaction ranges—not exchange-cleared prices.

The Price Gap Magnet-Critical Product | China Reference | Indicative Ex-China Range NdPr Oxide | USD 109–112/kg | USD 120–140+/kg Dysprosium Oxide | USD 205–211/kg | USD 575–2,500+/kg (can be higher) Terbium Oxide | USD 995–1,004/kg | USD 2,050–5,000+/kg (can be far higher) Yttrium Oxide | USD 8.81–9.41/kg | ~USD 90–320+/kg in stressed markets (ex-China scarcity and massive hikes can equal over USD 1,600 per kg) REEx indicative ranges—not universal market prices or guaranteed executable quotes. Product form, purity, quantity, origin, qualification, delivery date, and contract structure can radically change the transaction price. REEx has previously documented yttrium oxide indications reaching roughly USD 120–320+/kg during severe supply dislocations.

The public contracts reveal the emerging security premium. The U.S. government's agreement with MP Materials provides MP a USD 110/kg NdPr price floor for ten years; it should not automatically be interpreted as an industry-wide American floor. Serra Verde's separate 15-year arrangement establishes floors of USD 575/kg for Dy and USD 2,050/kg for Tb, while USA Rare Earth's presentation showed non-China reference values near USD 1,100/kg Dy and USD 4,000/kg Tb.

REEx Insight | With HREEs, Availability Can Trump Price This is the central lesson for investors. NdPr remains the volume engine of NdFeB magnets, but dysprosium and terbium are the strategic choke points for high-coercivity, high-temperature magnets. Yttrium illustrates an even stranger market: under supply stress, buyers may struggle to obtain qualified material regardless of the published Chinese price. In Great Powers Era 2.0™, the question is increasingly not "What is the rare earth price?" It is "At what price can you actually obtain qualified material, from an acceptable origin, when you need it?" That is an entirely different market.

Source

• rareearthexchanges.com (2026-08-07)
• Original article: China Rare Earth Industry Association Reports 263.6 Index as Ex-China Heavy Rare Earth Prices Diverge Sharply