China Rare Earth Industry Association Reports 261.8 Index: Heavy Rare Earths Expose a Fractured Global Market

Highlights

• CREIA reported its Rare Earth Price Index at 261.8 on September 16, 2026, with dysprosium oxide at ¥1,415–1,455/kg inside China versus ~$1,100/kg ex-China indications.
• Terbium oxide shows a ~4.4× premium outside China, with domestic references near $995/kg versus ~$4,000/kg in non-China pricing agency assessments.
• China's export licensing on terbium, dysprosium, and other heavies means a low domestic quotation offers little assurance to Western buyers who cannot access the material.
• Pentagon price floors for MP Materials and Serra Verde contractual minimums are project-specific insurance, not universal Western market benchmarks.
• REEx identifies a 'price archipelago' where geography, provenance, licensing, and physical availability can matter more than the quoted spot price.