China Rare Earth Price Index Holds at 262.0 as Dysprosium and Terbium Expose a Two-Market Divide

Highlights

• China's September 17 rare earth price index held flat at 262.0, masking a stark gap between domestic and ex-China heavy rare earth prices.
• Dysprosium oxide trades at $212–218/kg inside China but can reach $575–2,500+/kg for non-Chinese buyers; terbium oxide shows a similar 4–5x premium.
• Export controls, state-owned producers, and opaque OTC transactions mean no single global spot price exists for heavy rare earths.
• USA Rare Earth disclosed indicative non-China values near $1,100/kg for dysprosium and $4,000/kg for terbium, underscoring the scarcity premium.
• Pentagon contract price floors for NdPr and Serra Verde's Dy/Tb floors are contractual minimums, not universal market benchmarks.