What did China do to rare earth exports in 2025?

In April 2025, China imposed export licensing requirements on 7 rare earth elements (samarium, gadolinium, terbium, dysprosium, lutetium, scandium, yttrium) plus neodymium-iron-boron (NdFeB) magnets, in retaliation for US tariffs. This was the most significant REE export restriction since the 2010 China-Japan embargo, and drove the NdPr price from ~$53/kg to ~$138/kg.

What is the MP Materials DoD deal?

In July 2025, the US Department of Defense agreed to: (1) a $400M preferred equity investment in MP Materials; (2) a $110/kg NdPr floor price for 10 years; (3) a $150M loan for heavy REE separation; (4) a 10-year offtake of 100% of output from the planned 10X magnet facility. The deal makes the DoD effectively the anchor customer for US rare earth production.

Live · Updated just now·USD/kg NdPr

Rare earths price today: live

Q: What is the NdPr rare earth price today?

The NdPr oxide price shown on this page is from Asian Metal's China ex-works assessment, updated daily. This is also the reference price for the MP Materials DoD agreement ($110/kg floor). Prices ran from $53/kg early 2026 to $138/kg peak before settling to $95-115/kg domestic range in May 2026.

Snapshot · Coming soon

NdPr (neodymium-praseodymium) oxide is priced OTC via Asian Metal and Fastmarkets. China imposed export restrictions on 7 rare earth elements plus NdFeB magnets in April 2025. The US DoD set a $110/kg NdPr floor price via the MP Materials agreement in July 2025, the most significant Western government intervention in the rare earths market in decades.

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Rare Earths price chart

VanEck Rare Earth ETF (REMX)USD

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Rare Earths mining stocks

Major producers

Source: Yahoo Finance + SEC EDGARFull screener →

#	Company	Commodity revenue	Price	24h %	YTD	1Y	Geography
01	MP MP Materials Mountain Pass (California) -- only operating rare earth mine and processing facility in North America. July 2025: DoD deal = $400M preferred equity + $110/kg NdPr floor for 10 years + 10X magnet facility. 2026 production accelerating toward nameplate. Stock +250% YTD to May 2026.	~95%	—	—	—	—	USA (California + Fort Worth TX magnets)
02	LYSCF Lynas Rare Earths (LYSCF) Mt Weld (WA, Australia) mine + Lynas Advanced Materials Plant (Malaysia). $258M US DoD contract for Seadrift TX heavy REE refinery + 4-yr $110/kg NdPr floor. Also long-term Japan JV contracts with NdPr floor. ~10-15% of global ex-China NdPr supply.	~95%	—	—	—	—	Australia · Malaysia · USA
03	REEMF Arafura Rare Earths (REEMF OTC) Nolans (Northern Territory) -- advanced NdPr-focused project backed by Australian Government Critical Minerals Facility ($840M). DOE Loan Programs Office conditional commitment. First production targeted 2027-2028.	~0%	—	—	—	—	Australia (NT, pre-revenue)
04	UUUU Energy Fuels (UUUU) White Mesa Mill (Utah) -- only facility outside China producing separated mixed rare earth carbonate at commercial scale, from monazite sand processing. Also largest US uranium producer. Processing capacity growing.	~20%	—	—	—	—	USA (Utah)
05	KMRRF Iluka Resources / Kenmare (KMRRF) Eneabba REE refinery (WA) under construction backed by Australian government $1.65B non-recourse loan. Targeting first separated REO production 2027-2028. Also produces SR-grade zircon from mineral sands.	~5%	—	—	—	—	Australia (WA)
06	AREC American Resources Corp (AREC) Q1 2026 first revenue $5.70M from Less Common Metals UK subsidiary. Secured $1.6B Department of Commerce CHIPS funding package 2025 for Round Top (Texas) REE + critical minerals project.	~15%	—	—	—	—	USA (Texas + UK)

Reddit sentiment

Producer stock buzz

CriticalCurated top 5

Rare Earths producer stocks

All commodity stocks

#	Company	Ticker	Price	24h %	Exchange	Note
01	MP Materials Corp NYSE: MP	MP	--	--	NYSE	Mountain Pass + DOD partnership
02	Lynas Rare Earths OTC: LYSCF / ASX: LYC	LYSCF	--	--	OTC	Mt Weld + Malaysia + Texas — OTC
03	Rare Element Resources OTC: REEMF	REEMF	--	--	OTC	Bear Lodge Wyoming REE — OTC
04	American Resources Corp NASDAQ: AREC	AREC	--	--	NASDAQ	REE recycling + critical minerals
05	enCore Energy Corp NYSE: EU / TSX: EU	EU	--	--	NYSE	REE + U exposure via White Mesa

Ranked by commodity exposure (30%+ rule). Source: CommoditiesTracker hub database, June 2026.

Rare Earths ETFs

Top funds by AUM

Source: Yahoo Finance + ETF issuer pagesAll rare earths ETFs →

Ticker	Fund	Structure	Expense ratio	AUM	YTD	1Y
REMX	VanEck Rare Earth/Strategic Metals VanEck	Miners	0.53%	—	—	—
LIT	Global X Lithium & Battery Tech ETF Global X	Miners	0.75%	—	—	—
BATT	Amplify Lithium & Battery Tech ETF Amplify	Miners	0.59%	—	—	—

How rare earths prices move

What’s moving this market

Structural fundamentals · Reviewed annually

Supply

China mines 60% and processes 85% of all rare earths

China dominates both mining (~60%) and processing (~85%) of rare earth elements globally. China imposed export licensing on 7 REEs plus NdFeB magnets in April 2025 in response to US tariffs, creating the largest supply-chain disruption since the 2010 China-Japan embargo. Western alternatives: MP Materials (Mountain Pass CA), Lynas (Mt Weld Australia + Malaysia processing), and a growing pipeline of new projects backed by US DoD and Australian government funding.

USGS · Adamas Intelligence

Demand

NdFeB permanent magnets for EVs and wind turbines drive demand

NdFeB (neodymium-iron-boron) permanent magnets use NdPr as the primary rare earth. EV motors use roughly 2kg of NdFeB magnets each. Offshore wind turbines (direct-drive) use 150-600kg per turbine. Defense systems (radar, sonar, guided munitions) require terbium (Tb) and dysprosium (Dy) heavy REEs. Total demand for NdPr is roughly 55,000-60,000 t/yr of oxide.

Adamas Intelligence · Wood Mackenzie

Policy and macro

DoD $110/kg floor and allied friend-shoring are structural tailwinds

The US DoD July 2025 agreement with MP Materials created a 10-year $110/kg NdPr floor price, $400M preferred equity investment, and commitment to 100% of the planned 10,000 t/yr magnet output. Similar price floors were negotiated with Lynas (Japan and US contracts). China MIIT quarterly mining quotas (released June/December) are the primary short-term price catalyst.

DoD · MP Materials · Lynas

Key market data

Rare Earths fundamentals

Annual REO Supply

~300kt REO

China ~60%, USA (Mountain Pass) ~15%, Australia ~9%, Myanmar ~7%, other ~9%. REO = rare earth oxide equivalent. China dominates both light REE (La, Ce, Pr, Nd) and heavy REE (Dy, Tb, Eu, Gd) supply chains.

USGS · Adamas Intelligence

China Processing Share

~85%

Even ore mined outside China often flows to China for separation and processing. Western separation capacity is being built: MP Materials (Fort Worth TX), Lynas (Malaysia, Kalgoorlie WA, Seadrift TX), Iluka (Eneabba WA), but combined Western capacity is still <20% of global needs.

USGS · DoE reports

EV Motor Demand

Growing rapidly

Each BEV uses roughly 1.5-3kg of NdPr in its permanent magnet motor. Total EV-related NdPr demand was roughly 35,000t in 2025 and is projected to grow to 70,000t+ by 2030.

Adamas Intelligence · Roskill

MP Materials Market Cap

See live

MP Materials (MP) is the only significant US rare earth producer (Mountain Pass CA). The July 2025 DoD deal drove a 250%+ YTD rally. Market cap is a live data-bind updated daily from Yahoo/Polygon.

Yahoo Finance · Daily

Wind Turbine Demand

Growing

Direct-drive offshore wind turbines use 150-600kg of NdFeB per MW of capacity. Global offshore wind build-out (100+ GW in pipeline) is a growing incremental demand source. Onshore turbines largely use induction motors without rare earths.

Adamas Intelligence · Wood Mackenzie

Price Volatility (90-day)

~45%

NdPr prices went from $53/kg to $138/kg and back to ~$95-115/kg domestic in H1 2026. China MIIT quota announcements, export licensing decisions, and DoD contracts are the primary catalysts.

Calculated on Adamas/Fastmarkets assessments

2026 price forecasts

Rare Earths price targets from 20 analysts

Aggregated 2026 price forecasts from major banks, research houses, and industry bodies. Range, median, and revision history — every forecast linked to its source.

Consensus range

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How to invest in rare earths

Ways to gain rare earths exposure

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ETFs

Rare Earths ETFs

The most accessible vehicle for retail investors. Trade like stocks, low expense ratios.

REMX LIT BATT

Equities

Rare Earths stocks

Mining and producer stocks offer 1.5-3x leverage to the underlying commodity but carry operational risk.

MP LYSCF REEMF

Futures

Rare Earths futures

COMEX / LME / NYMEX futures provide direct price exposure with leverage. Requires a futures-enabled brokerage account.

Frequently asked questions

Common questions, answered

The NdPr oxide price shown on this page is from Asian Metal's China ex-works assessment, updated daily. This is also the reference price for the MP Materials DoD agreement ($110/kg floor). Prices ran from $53/kg early 2026 to $138/kg peak before settling to $95-115/kg domestic range in May 2026.

Rare earths price today: live

Rare Earths price chart

Major producers

Producer stock buzz

Rare Earths producer stocks

Top funds by AUM

What’s moving this market

China mines 60% and processes 85% of all rare earths

NdFeB permanent magnets for EVs and wind turbines drive demand

DoD $110/kg floor and allied friend-shoring are structural tailwinds

Rare Earths fundamentals

Rare Earths price targets from 20 analysts

Ways to gain rare earths exposure

Rare Earths ETFs

Rare Earths stocks

Rare Earths futures

Common questions, answered

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