Rare earths market turns volatile as US intervenes and China tightens control
The global rare earth metals market is undergoing a major market shift, as US price interventions, Chinese export restrictions, and surging demand disrupt supply chains and compel countries to rethink their strategies.
In mid-July, the US took a bold step to challenge China’s dominance in rare earths. The Department of Defence signed a multi-billion-dollar deal with MP Materials, guaranteeing a minimum price of USD 110 per kilogram for neodymium-praseodymium (NdPr) oxide. This figure is almost double the prevailing China-based market price of around USD 60 per kilogram.
The move is designed to boost domestic production of key materials for EV motors, wind turbines, and defence systems. Analysts are calling it a game-changer, predicting that this new price floor will become a global benchmark and drive values upward.
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