America Resumes Rare Earth Exploration, Asia Invests in Vietnam | Global Briefing

· Overseas Market Dynamics

Price Trends:

FOB prices for lanthanum oxide remain stable at US$870–930 per ton, while FOB prices for cerium oxide hold steady at US$1,677–1,762 per ton. CIF prices for cerium oxide (Rotterdam Port) are US$2,330–2,340 per ton. FOB prices for neodymium oxide have increased to US$116–136 per kilogram, with CIF prices (Rotterdam Port) at US$165–185 per kilogram. FOB prices for dysprosium oxide have decreased to US$267–307 per kilogram, and FOB prices for metallic neodymium have dropped to US$110–130 per kilogram.

Transaction Highlights:

FOB prices for lanthanum oxide/cerium oxide remain steady: There have been no significant changes in market supply and demand recently. On the supply side, major producers maintain stable operations. On the demand side, application requirements in traditional fields such as catalysts and glass additives remain stable. Market inquiries and transactions are relatively sluggish, keeping prices steady.

FOB prices for neodymium oxide show a slight increase: The primary driver of this uptick stems from the domestic market in China. Domestic neodymium oxide prices have been rising steadily due to persistent tightness in spot supply, combined with the impact of relevant policies in China, collectively pushing up offshore costs. Although overseas demand has not shown significant growth, sellers maintain firm price quotations supported by cost factors.

FOB prices for dysprosium oxide show a slight decline: The price decrease partly follows the weak adjustment in domestic dysprosium oxide prices in China. Additionally, overseas markets have generally entered the Christmas holiday period, leading to significantly reduced procurement activities among downstream magnet manufacturers and end customers. The subdued demand has put pressure on prices.

FOB prices for metallic neodymium show a slight decline: Immediate demand for metallic neodymium in key overseas markets, particularly in Europe and North America, remains tepid. Meanwhile, current domestic metallic neodymium prices in China are relatively high, dampening the purchasing willingness of some overseas buyers. Rigid demand has temporarily slowed as the market awaits clearer signals after the new year.

· Overseas Market News Updates

North America Updates

Energy Fuels has announced that the 99.9% pure dysprosium oxide produced at its White Mesa facility in Utah has passed the initial purity and quality control processes of a major South Korean permanent magnet manufacturer. This marks a key milestone in the application of U.S.-produced heavy rare earth oxides in permanent magnets. The company plans to achieve large-scale production of terbium oxide and potentially samarium oxide by early 2026.

Lodestar Minerals Ltd. has initiated exploration at the Virgin Mountain project in Arizona, USA, aiming to develop yttrium and other heavy rare earth resources. Historical sampling data indicate that heavy rare earth elements (including yttrium, dysprosium, terbium, etc.) account for 57% of the total rare earth oxides in this project. The initial exploration will focus on areas with high concentrations of rare earths.

Asia Project Progress

Japan plans to conduct deep-sea rare earth mud mining trials near Minamitori Island in January 2026. The target depth is approximately 5,500–6,000 meters, aiming to verify the technical feasibility of extracting rare earth elements such as dysprosium, neodymium, and gadolinium from the seabed.

LS Eco Energy’s board in South Korea has approved an investment of 28.5 billion KRW (approximately US$19.25 million) in Vietnam's rare earth metal business. A rare earth metal refining facility will be built in Ho Chi Minh City to convert rare earth oxides into metallic materials, thereby enhancing the supply chain layout from raw materials to permanent magnets.

South America and Other Regions Updates

Acel Rare Earths in Brazil has announced an updated resource estimate for Zone B of the Caraíbas project: ore resources total 339 million tons, with an average grade of 0.1075% total rare earth oxides and 0.00366% gallium. Combined with the Zone A data released in August, the project's total resources amount to 572 million tons, with an estimated gallium metal content of 22,900 tons.

Brazil’s Geological Survey has discovered high concentrations of rare earth elements in the eastern part of the Parnaíba Basin. Heavy rare earths (dysprosium, erbium, ytterbium, etc.) content ranges from 259–2,188 ppm, phosphate content is as high as 26.02%, and uranium content reaches 1,268 ppm, indicating potential for further exploration.

Egypt’s Minister of Electricity and Renewable Energy visited Beijing and held talks with companies such as North Industries Group, North Mining, and China National Nuclear Corporation to explore cooperation in rare earth and strategic mineral mining, technology transfer, and other areas.