China Rare Earth Price Index Reaches 262.3 as Heavy Rare Earths Split Into a Two-Tier Global Market

Highlights

• China's CREIA index reached 262.3 on September 21, 2026, masking a deeply split market between domestic and ex-China heavy rare earth prices.
• Dysprosium oxide trades at $212–218/kg in China but up to $3,250/kg in North America; terbium oxide shows a similar gap from ~$997 to $7,500/kg.
• China controls 85–90% of rare earth refining and nearly all heavy rare earth separation, making export licensing as critical as price for buyers.
• Government price floors like the U.S. NdPr deal with MP Materials are company-specific, not market benchmarks, and should not be treated as universal references.
• For scarce heavy rare earths like yttrium, the key question has shifted from cost to availability, as China shipped none to Japan in June 2026.