China Rare Earth Prices Fall November 3 as Dysprosium and Terbium Scarcity Keeps Western Premiums Elevated

Highlights

• NdPr oxide prices declined in China on November 3, 2026, while dysprosium and terbium quotations remained unchanged
• Western buyers face dysprosium prices of $2,500–$5,500/kg and terbium at $10,000–$13,000/kg versus far lower China domestic rates
• China controls roughly 90% of global rare earth processing, making price discovery opaque and state-influenced rather than free-market driven
• Pentagon price floors for NdPr and Serra Verde dysprosium/terbium contracts are deal-specific and do not reflect industry-wide pricing
• Qualified, deliverable heavy rare earth material outside China is so scarce that some requirements may be impossible to fill at any price