The rare earth market from mid- to late March 2026 showed modest movements. Heightened geopolitical uncertainty has led to a more cautious stance on end-product demand, triggering a correction in neodymium prices, which had previously been strong among light rare earths. Meanwhile, yttrium—supported by concerns over resource depletion—moved higher, creating divergence among individual elements.
■ China Index Adjusts; Concerns Over Exports to Europe
The rare earth price index released daily by the Association of the China Rare Earth Industry stood at 258.7 on March 23. While slightly up from 255.3 on March 20, it has entered a correction phase from the recent peak of 307 recorded on February 27.
China Rare Earth Price Index Trend
(Source: Association of China Rare Earth Industry)
Shanghai Metals Market (SMM), in its report through March 19, noted that “downstream metal plants have adopted a more cautious stance, and the previously strong market sentiment is shifting.”
According to SMM, while ongoing conflicts in the Middle East have not significantly impacted China’s rare earth exports overall, disruptions in logistics could affect shipments to Europe routed via the Middle East.
■ Neodymium Edges Lower, Yttrium Moves Higher
Neodymium Metal Price Trend (99% FOB China) ($/kg)
Reflecting the broader adjustment in Chinese prices, neodymium—a light rare earth widely used in magnets—has also corrected. It was assessed at $151.5/kg on March 19, declining modestly from the peak of around $167 during March 6–12. This marks the lowest level since February 12, though prices remain at elevated levels compared with those seen since summer 2022.
Yttrium Oxide Price Trend (99.999% FOB China) ($/kg)
In contrast, yttrium oxide rose further. It reached $24.05/kg on March 19, surpassing the key $24 level and marking its highest level in approximately 13 years since May 2013.
Yttrium oxide has surged since autumn 2025 amid concerns over resource depletion. Although its upward momentum slowed in early 2026, it has recently regained strength.
■ Medium-to-Heavy Rare Earths and Lanthanum Flat
Dysprosium Metal Price Trend (99.5% FOB China) ($/kg)
Terbium Metal Price Trend (99% FOB China) ($/kg)
Lanthanum Metal Price Trend (99% FOB China) ($/kg)
Other rare earth elements remained largely flat. Dysprosium and terbium—key medium-to-heavy rare earths—have shown no movement since March 6. Lanthanum has been flat since late December 2025.
<Topics>
March 19
Lynas Rare Earths, a major Australian producer, announced on the Australian Securities Exchange (ASX) that it has begun production of samarium oxide at its Malaysian plant. The company is the first outside China to produce samarium.
Related Article
https://www.iru-miru.com/article/81779
Lynas is backed by the Japanese government and exports medium-to-heavy rare earths to Japan via Sojitz. In early March, it also announced a long-term supply agreement with Japan. Meanwhile, Sojitz has begun considering cooperation with Lynas on new mine development.
Related Articles
https://www.iru-miru.com/article/81649
https://www.iru-miru.com/article/81591
March 18
According to trade statistics released by China’s General Administration of Customs, China’s exports of rare earth products for January–February 2026 totaled 22,745 tonnes, up 13.6% year on year.
Related Article
https://www.iru-miru.com/article/81762
March 18
Toyota Tsusho announced that it will participate as a joint development partner in a rare earth exploration project in Namibia led by JOGMEC.
Related Article
https://www.iru-miru.com/article/81750
March 14
Japan and the United States are set to cooperate on seabed rare earth development around Minamitori Island. Media reports indicated that the two governments are preparing to sign a memorandum of cooperation to establish a working group on marine mineral resource development, in connection with Prime Minister Sanae Takaichi’s visit to the U.S. on March 19.
Related Article
https://www.iru-miru.com/article/81651
(IR Universe Kure, translated by S. Aoyama)
