Rare Earth Market & Sourcing Tracker

Updated September 24, 2026. Next update by October 15.

Truce extended, heavy rare earths still licensed

The U.S. says the trade truce with China now runs to January 10, 2027, and NdPr prices edged up on the news. That buys time, not supply: China's April 2025 licensing for dysprosium, terbium and samarium is still in force, and China's rare earth exports fell 18% year on year in August.

NdPr (light rare earths)

Elevated, range-bound

¥738,000/t on Sept 24. Up 79% since January 2025, 13% below February's peak. Trading is thin ahead of China's October holiday.

Dy and Tb (heavy rare earths)

Export-licensed

Chinese domestic prices are soft, but export licensing, not price, limits Dy/Tb-bearing magnets and SmCo outside China.

Trade policy

Truce to Jan 10, 2027

Announced by the U.S. Treasury on Sept 23. China had not confirmed it as of Sept 24. The suspended October 2025 controls are the swing factor.

China export flow

Below last year

August rare earth exports were 4,735 t, down 18.2% year on year, with reports of suppliers declining U.S. orders.

Prices

NdPr oxide. Main feedstock for every NdFeB magnet. Peak in this series: ¥850,000 on Feb 12, 2026.

Apr 2025
China licenses seven heavy rare earths
Exports of samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, and magnets containing them, now need a MOFCOM licence. Still in force. S&P Global
Jul 2025
Pentagon backs MP Materials with a $110/kg NdPr floor
A 10-year Department of Defense price floor of $110/kg for MP Materials’ NdPr products creates a Western reference price well above China’s domestic benchmark. MP Materials
Oct 2025
China announces sweeping expansion
Five more elements, refining equipment and technology, and extraterritorial rules reaching products made outside China with Chinese material. Pillsbury
Nov 2025
October controls suspended to Nov 10, 2026
After the Oct 30 Busan summit, MOFCOM Announcement No. 70 pauses the October measures. The April 2025 licensing stays. CIRS
Dec 2025
First general licences for magnet makers
JL Mag, Ningbo Yunsheng and Zhong Ke San Huan receive year-long, customer-specific licences that speed shipments to approved clients. Reuters via 3DTested
Jan 2026
U.S. adds 25% duty on Chinese magnets
The Section 301 increase on permanent magnets of metal (HTS 8505.11) takes effect, on top of other duties. Radial Magnets
Jun 2026
China blacklists MP Materials and USA Rare Earth
Ten U.S. entities are barred from receiving Chinese dual-use items, including the two leading U.S. mine-to-magnet companies. MINING.COM
Sep 2026
Truce extended to Jan 10, 2027
Treasury Secretary Bessent announces a two-month extension as President Xi arrives for a state visit. China has yet to confirm. NBC News

All price readings

Date	NdPr oxide (¥/t)	Dysprosium oxide (¥/t)	Terbium oxide (¥/t)
Sep 24, 2026	738,000	1,435,000	6,575,000
Sep 17, 2026	729,000	1,445,000	6,625,000
Aug 20, 2026	718,500	1,405,000	—
Jul 2, 2026	752,500	—	—
Jun 11, 2026	691,500	—	—
May 21, 2026	702,500	—	—
Apr 3, 2026	752,500	—	—
Mar 12, 2026	795,000	—	—
Feb 12, 2026	850,000	1,475,000	—
Dec 24, 2025	593,500	1,340,000	6,040,000
Nov 27, 2025	557,000	1,480,000	6,530,000
Aug 21, 2025	632,000	—	—
Aug 7, 2025	523,500	—	—
Jul 17, 2025	477,500	1,685,000	7,180,000
Jan 21, 2025	412,500	1,665,000	5,940,000

Shanghai Metals Market (SMM) spot quotes, China domestic, midpoint of the quoted range on each date. SMM rare earth news. Dollar figures remove 13% Chinese VAT and convert at ¥6.72 per dollar; they are a guide to the Chinese benchmark, not a quote. Prices paid outside China, especially for export-licensed heavy rare earths, are typically higher.

What changed recently

Sep 24, 2026

NdPr edges up on summit news

SMM quoted Pr-Nd oxide at ¥737,000–739,000/t, up ¥2,500 on the day, on expectations of steadier magnet exports. Dysprosium and terbium oxide were flat; downstream buyers stayed on the sidelines ahead of the holiday. SMM

Sep 23, 2026

U.S. and China extend the Busan truce

The truce that was due to lapse Nov 10 now runs to Jan 10, 2027, per Treasury Secretary Bessent, who said a larger deal is possible by then. China had not confirmed the extension, and MOFCOM has not yet extended its own suspension of the October 2025 controls. CNBC

Sep 8, 2026

China's August exports down 18% year on year

China shipped 4,735 t of rare earths in August, up 12% from July but 18.2% below August 2025. January–August exports fell 11.1% in volume while their dollar value rose 53.5%. Some Chinese suppliers are reportedly declining U.S. shipments. Reuters via IMA

Aug 21, 2026

Licence approvals slowed in late Q2

China's July permanent-magnet exports were 5,375 t, down 4% month on month. SMM cites longer export-licence approval cycles as one cause and forecasts about 61,600 t for 2026. SMM

Export controls and tariffs

Measure	Status	What it means for magnet buyers
China licensing for Sm, Gd, Tb, Dy, Lu, Sc, Y and magnets containing them	In forceApr 2025	Dy/Tb-bearing NdFeB (most high-temperature grades) and SmCo need an export licence. General licences help approved customers; others wait case by case.
China's October 2025 expansion (MOFCOM Nos. 55–58, 61, 62)	SuspendedSuspended Nov 2025	Would add holmium, erbium, thulium, europium and ytterbium, equipment and technology, plus extraterritorial rules. Suspension runs to Nov 10, 2026 unless China extends it.
China dual-use export ban on 10 U.S. entities, incl. MP Materials and USA Rare Earth	In forceJun 22, 2026	Entity-specific, not a blanket U.S. ban. Signals Beijing will target the companies building non-Chinese supply.
China dual-use controls on Japanese military end users	In forceJan 2026	Tightens one of the few non-Chinese magnet-making supply chains.
U.S. Section 301: +25% on Chinese permanent magnets of metal (HTS 8505.11)	In forceJan 1, 2026	Raises landed cost of Chinese-origin NdFeB and SmCo imports. Ferrite (8505.19) was not part of this action.
Busan truce: reduced U.S. executive tariffs, paused new controls on both sides	ExtendedOct 2025, extended Sep 23, 2026	Now runs to Jan 10, 2027 per the U.S. Keeps current rates; does not lift the April 2025 licensing.
U.S. DoD price floor for MP Materials NdPr ($110/kg, 10 years)	In placeJul 2025	Supports U.S. NdPr production. China’s domestic NdPr oxide is about $97/kg ex-VAT today, below the floor.

Dates to watch

Early October
China National Day holiday
Chinese spot trading pauses. Prices often reset when the market reopens.
in about 6 days
Nov 10, 2026
China's suspension of the October 2025 controls lapses
Watch for a MOFCOM notice matching the U.S. extension to Jan 10.
in about 46 days
November
APEC leaders' meeting, Shenzhen
A possible Trump–Xi meeting and venue for a broader deal.
in about 51 days
December
G20 summit, Miami
Another possible leaders' meeting before the truce deadline.
in about 3 months
Jan 10, 2027
Extended truce expires
Unless rolled again or replaced by a larger agreement.
in about 4 months

Which magnets are exposed

Supply risk follows heavy rare earth content, not the word "neodymium." Two magnets that look identical can sit on opposite sides of an export licence.

Grade family	Heavy rare earths	Supply exposure	Notes
N35–N52 (no suffix)	None	Normal	Cost moves with NdPr. Not export-licensed as a class.
M, H	Low	Watch	May carry small amounts of Dy or Tb depending on the maker, which can bring licensing into play.
SH, UH	Moderate to high	Elevated	Dy/Tb content triggers export licensing. Lead times vary with licence status.
EH, AH	High	Constrained	Most heavy rare earth per kilogram. The tightest supply and widest price swings.
SmCo (1:5 and 2:17)	Samarium	Constrained	Samarium has been licensed since April 2025.
Ferrite, alnico	None	Normal	No rare earths. The fallback where performance allows.

Heavy rare earth content varies by manufacturer and process; grain-boundary diffusion reaches the same temperature class with less Dy or Tb. Ask us for the composition basis of any grade.

What to do now

Find your licensed parts
List every part in SH, UH, EH, AH or SmCo. Those carry licence risk that N-grade parts don't.
Check whether the grade is really needed
Many high-temperature specs are conservative. Check the real operating point with our temperature derating and demagnetization calculators before changing anything, and change grades only with engineering sign-off.
Cover near-term needs from U.S. stock
Magnets already in U.S. inventory are past both the export licence and the import duty. We stock more than 10 million on both coasts. Search inventory.
Price 2027 before the January deadline
Fixed-rate pricing for up to a year and blanket orders take tariff and licence swings off your P&L. Talk to our OEM team.
Get origin paperwork in order
Know the country of origin and duty exposure on every part. See tariffs and origin and the compliance document center.
Qualify a second source for critical parts
Before you need it. Our second-source qualification guide covers samples, testing and documentation.

Take the volatility off your schedule

10M+ magnets in U.S. stock on both coasts, fixed-rate pricing for up to a year, and engineers who can tell you whether your high-temperature grade is really needed.

Talk to our OEM team Search U.S. inventory

Questions

What is NdPr oxide and why does it drive magnet prices?

NdPr oxide is the mixed neodymium-praseodymium feedstock that is reduced to metal and alloyed into every sintered NdFeB magnet. Rare earths make up roughly 30% of a sintered NdFeB magnet by weight, so NdPr is usually the largest single cost in the material.

Why are Chinese dysprosium and terbium prices soft if supply is tight?

Export licensing keeps much of China's heavy rare earth supply inside China, which weighs on domestic prices while overseas buyers pay more and wait longer. For Dy- and Tb-bearing magnets, availability and licence status matter more than the Chinese domestic price.

Does the truce extension mean supply is back to normal?

No. The extension keeps the suspended October 2025 measures from returning for now, but the April 2025 licensing for seven heavy rare earths and magnets containing them remains in force.

Do Section 301 duties apply to magnets I buy from Radial Magnets?

Duties are paid when magnets enter the United States, based on their country of origin. Parts already in our U.S. inventory are priced landed. Ask us for origin and landed-cost details on any part.

How often is this tracker updated?

At least monthly, and whenever a policy change affects magnet supply. The date at the top shows the last update.

Prices

What changed recently

NdPr edges up on summit news

U.S. and China extend the Busan truce

China's August exports down 18% year on year

Licence approvals slowed in late Q2

Export controls and tariffs

Dates to watch

Which magnets are exposed

What to do now

Find your licensed parts

Check whether the grade is really needed

Cover near-term needs from U.S. stock

Price 2027 before the January deadline

Get origin paperwork in order

Qualify a second source for critical parts

Take the volatility off your schedule

Questions

Can't find your spec?

OEM sourcing program

Earn a PhD in magnetics

The full technical library

Take us with you

20+ years, 10M+ magnets

Rare Earth Market & Sourcing Tracker

Prices

What changed recently

NdPr edges up on summit news

U.S. and China extend the Busan truce

China's August exports down 18% year on year

Licence approvals slowed in late Q2

Export controls and tariffs

Dates to watch

Which magnets are exposed

What to do now

Find your licensed parts

Check whether the grade is really needed

Cover near-term needs from U.S. stock

Price 2027 before the January deadline

Get origin paperwork in order

Qualify a second source for critical parts

Take the volatility off your schedule

Questions

Related guides