China Rare Earth Price Index Surges to 288.7 as Magnet Materials Lead Broad Upswing

Highlights

• China's Rare Earth Price Index reached 288.7 on February 10, 2026, marking sharp acceleration after range-bound performance through 2024-mid 2025, with strength concentrated in the upper end of the two-year range.
• Price gains are concentrated in magnet chain materials—Nd/Pr oxides, metals, and Tb/Dy dopants—rather than low-value light rare earths, signaling robust demand across EV motors, wind turbines, robotics, and defense applications.
• The coordinated rise in magnet materials underscores Western supply chain dependence on Chinese rare earth processing capacity, reinforcing that the strategic bottleneck is magnet materials refining, not mining.

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On February 10, 2026, the China Rare Earth Industry Association (CREIA) reported its Rare Earth Price Index at 288.7, with 2010 = 100 as the base year.

According to CREIA, the index is calculated using full-year 2010 transaction data as the base period and the average of daily domestic transaction data from Chinese rare earth enterprises for the reporting period, run through its internal pricing model. This is a China-based, transaction-derived benchmark, reflecting domestic pricing momentum rather than an exchange-traded global reference.

Acceleration Into Early 2026

The published chart (Jan 2024–Feb 2026) shows prices largely range-bound through 2024 and mid-2025 before rising in late 2025 and accelerating sharply into early 2026. The current 288.7 reading sits near the upper end of the two-year range, signaling renewed upward pressure.

The story is not only the index level, but where the strength is concentrated.

Magnet Chain Materials Driving the Move

The same-day release of “Major Rare Earth Product Prices” (2026/2/10) shows price gains concentrated in magnet materials rather than lower-value light rare earths such as cerium or lanthanum.

Light Magnet Rare Earths (RMB/kg and USD/kg)

• Praseodymium Oxide (≥99%)
  ¥850–870/kg (~$118–121/kg) ↑
• Neodymium Oxide (≥99%)
  ¥850–870/kg (~$118–121/kg) ↑
• PrNd Mixed Oxide (Nd₂O₃ 75%)
  ¥840–860/kg (~$117–119/kg) ↑
• PrNd Mixed Metal (Nd 75%)
  ¥1005–1025/kg (~$140–142/kg) ↑

Heavy Rare Earth Dopants

• Terbium Oxide (≥99.9%)
  ¥6290–6350/kg (~$874–882/kg) ↑
• Terbium Metal (≥99%)
  ¥7725–7825/kg (~$1,073–1,087/kg) ↑
• Dysprosium Oxide (≥99%)
  ¥1425–1465/kg (~$198–203/kg) ↑
• Dysprosium Metal (≥99%)
  ¥1820–1840/kg (~$253–256/kg) ↑

The coordinated rise across Nd/Pr and Tb/Dy—the core elements used in high-performance NdFeB magnets—signals strength in the magnet supply chain. These materials enable high-temperature, high-coercivity permanent magnets critical to:

• EV traction motors
• Offshore wind turbines
• Robotics and industrial automation
• Precision guidance and defense systems

Strategic Signal for the West

There is no explicit policy announcement embedded in the release. The development is a market signal: upward pressure concentrated precisely in the magnet complex—where Western supply chains remain structurally dependent on Chinese separation, refining, and metal production capacity.

If sustained, this pricing trend reinforces a central strategic reality:

The bottleneck is not rare-earth mining—it is magnet material processing.

Disclaimer: This information was published by the China Rare Earth Industry Association, a state-linked industry body. The data reflects domestically collected transaction references intended for industry guidance. Currency conversions are approximate. Independent verification is recommended before using this information for investment, procurement, or policy decisions.