Rare earth market conditions from late March to early April 2026 were mixed. Prices of light rare earths, supported by firm demand expectations, were pushed higher by growing supply concerns stemming from logistics disruptions related to Middle East conflicts.
Meanwhile, despite export controls, there is a view that China’s rare earth trade remains active. As excessive supply concerns have eased, heavy rare earths have edged lower.
■ China Index Slips in March, Downside Limited
The average rare earth price index for March, announced on April 3 by the Association of China Rare Earth Industry, stood at 273.5, slightly down from 285.4 in February.
The monthly high was 301 on March 2, and the low was 252.1 on March 19. Although prices corrected from the recent peak of 307 recorded on February 27, they appeared to bottom out in mid-March.The index stood at 269.4 on April 7.
China Rare Earth Index Trend
(Source: Association of China Rare Earth Industry)
■ Light Rare Earths Rise; Yttrium Climbs Weekly
Shanghai Metals Market (SMM), in its report through March 19, noted that “in addition to resilient domestic prices in China, rising ocean freight rates are pushing up international rare earth prices.”
In particular, light rare earths are supported by strong medium- to long-term demand expectations, including from electric vehicles (EVs), and prices have rebounded.
Neodymium Metal Price Trend (99% FOB China) ($/kg)
Lanthanum Metal Price Trend (99% FOB China) ($/kg)
Neodymium, a light rare earth widely used in magnets, recovered to $148.25/kg on April 3, up from $145.25 the previous week. While still below the recent peak of $167 during March 6–12, the market is showing signs of resilience. Over the medium to long term, prices remain at their highest levels since summer 2022.
Lanthanum, which had been flat since late December 2025, also rose on April 3, with a midpoint price of $3.5/kg, returning to early December 2025 levels.
Yttrium Oxide Price Trend (99.999% FOB China) ($/kg)
Yttrium oxide, a medium rare earth, has risen almost weekly. It reached $26.75/kg on April 3, surpassing the key $26 level and marking its highest level in 13 years since April 2013.
Prices have surged since autumn 2025 amid concerns over resource depletion. Although momentum slowed in early 2026, it has recently strengthened again.
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■ Heavy rare earths — excessive supply concerns ease
Dysprosium Metal Price Trend (99.5% FOB China) ($/kg)
Terbium Metal Price Trend (99% FOB China) ($/kg)
Heavy rare earths, by contrast, have entered a correction phase. Metallic dysprosium and terbium both declined on April 3.
SMM noted that “China’s rare earth exports increased 23% year-on-year in January–February, remaining active despite export controls.”
While concerns over supply disruptions in heavy rare earths had intensified through 2025 due to China’s export controls, continued actual supply has eased excessive fears.
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April 1
The leaders of Japan and France issued a joint statement including a roadmap for securing stable supplies of critical minerals such as rare earths.
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https://www.iru-miru.com/article/82053
March 31
Mitsubishi Materials announced that it will invest in ReElement Technologies Corp., a U.S.-based rare earth and critical minerals recycling company headquartered in Indiana, through the acquisition of preferred shares. The two parties also signed a memorandum of understanding (MOU) on Japan–U.S. cooperation in rare earth and rare metal recycling.
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https://www.iru-miru.com/article/82043
March 26
Lynas Rare Earths, an Australian resource major backed by the Japanese government, announced that it had reached a basic agreement with South Korea’s LS Eco Energy Ltd to establish a partnership for rare earth metal production.
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https://www.iru-miru.com/article/82052
March 25
U.S. mining company Energy Fuels ( Colorado, USA ) announced that it had successfully produced terbium oxide.
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https://www.iru-miru.com/article/81967
March 23
South Korea’s Posco Group announced that it will establish a corporate venture capital (CVC) fund of approximately KRW 25 billion (about ¥2.7 billion) to support the development of a rare earth supply chain.
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(IR Universe Kure, translated by S. Aoyama)
