China Rare Earth Price Index Hits 262.8-Heavy Rare-Earth Scarcity Fractures Global Pricing

Highlights

• China Rare Earth Industry Association set its September 2 index at 262.8, with NdPr oxide at $107–110/kg, dysprosium at $214–220/kg, and terbium exceeding $1,000/kg.
• China's index reflects state-directed production controls and export licensing, making it a domestic indicator rather than unconstrained global price discovery.
• Outside China, heavy rare earth trades are largely bilateral and confidential, meaning availability now outranks price as the critical supply constraint.
• The Pentagon's $110/kg NdPr floor with MP Materials and Serra Verde-linked Dy/Tb floors are contract-specific mechanisms, not universal Western benchmarks.