October Price Stability in China as Western Dysprosium and Terbium Premiums Soar, Yttrium More Elusive

Highlights

• China's rare earth price index averaged 261.6 in October 2026, masking severe supply constraints faced by Western buyers outside China.
• Dysprosium oxide is assessed at $2,500–$5,500/kg ex-China, while terbium oxide reaches $10,000–$13,000/kg, far above Chinese domestic quotations.
• Yttrium oxide trades near $8/kg inside China but exceeds $1,100/kg externally, with supply sometimes entirely unavailable to Western buyers.
• MP Materials and Serra Verde hold U.S.-backed price floors for NdPr, dysprosium, and terbium, but these protect specific counterparties, not the broader market.
• Western separation, metallization, and qualification capacity remains limited, making physical availability more critical than quoted prices during this transition window.