The recent light rare earth market has been surging

According to the Commodity Market Analysis System of Shengyi Society, the domestic light rare earth market prices soared in February. On February 9th, the Shengyi Society Rare Earth Index was 703 points, up 59 points from the beginning of the month, down 30.19% from the highest point of 1007 points during the cycle (2022-02-24), and up 159.41% from the lowest point of 271 points on September 13, 2015. (Note: The cycle refers to the period from December 1, 2011 to present)

In early February, the domestic light rare earth market prices soared all the way, and there was a strong bullish sentiment in the domestic light rare earth market raw materials. Macro news flowed out, and the supply and demand pattern of praseodymium neodymium products became tighter. Due to the expected continued tight supply caused by the shutdown of a separation plant after the year, and supported by factors such as active procurement and replenishment by some major magnetic material manufacturers, the bullish sentiment in the market continued to heat up. The activity of inquiries in the praseodymium neodymium market significantly increased, and the spot price of praseodymium neodymium significantly rose. In January 2026, rare earth producers raised the trading price of rare earth concentrates for the first quarter to 26834 yuan/ton, marking the sixth consecutive price increase and directly pushing up the cost center of downstream products such as praseodymium neodymium oxide. The outbreak of rigid demand and the vigorous development of downstream industries such as new energy vehicles and home appliances have driven an increase in orders from downstream magnetic material factories. The global supply-demand gap for praseodymium neodymium oxide is expected to widen to 9000 tons by 2026, and the supply-demand gap continues to widen, leading to a continuous rise in the light rare earth market. However, due to the significant fluctuations in current prices, the actual transaction situation downstream has not been able to keep up with it.
After years of governance, the domestic rare earth industry has gradually formed a supply pattern dominated by large groups and relatively concentrated raw materials. With the continuous development of the foreign rare earth industry, China’s rare earth production share has declined from 90% to 70%, which has brought certain benefits to the domestic rare earth market.
Market forecast: Recently, the purchasing sentiment of magnetic material enterprises has been high, and the supply-demand game in the light rare earth market continues. The bullish sentiment in the market is strong, and the praseodymium neodymium market continues to rise; In addition, the long-term trend of increasing demand for industrial robots, new energy vehicles, wind turbines and other end products remains unchanged. The penetration rate of high-performance neodymium iron boron permanent magnets in the end market is expected to continue to increase. In the short term, against the backdrop of a stalemate between upstream and downstream games, the light rare earth market still has an upward trend.
Domestic prices of neodymium oxide, metallic neodymium, praseodymium oxide, metallic praseodymium, praseodymium neodymium alloy, and praseodymium neodymium oxide have all shown an upward trend. As of the 10th, the price of neodymium oxide was 872500 yuan/ton, with a price increase of 10.09% in the first half of the year; The price of neodymium metal is 1.065 million yuan/ton, with a price increase of 12.40% in early February; The price of praseodymium oxide is 845000 yuan/ton, with a price increase of 10.24%; The price of praseodymium metal is 1.03 million yuan/ton, with a price trend increase of 10.16%; The price of praseodymium neodymium alloy is 985000 yuan/ton, with a price increase of 7.65%; The price of praseodymium neodymium oxide is 815000 yuan/ton, with a price increase of 7.95% in the first half of the year.