On April 13, 2026, Northern Rare Earth announced that, according to the rare earth concentrate pricing method and the prices of rare earth oxides in the first quarter of 2026, the trading price of rare earth concentrates for the second quarter of 2026 is adjusted to RMB 38,804 per ton (excluding tax, dry weight, REO=50%). This represents an increase of 44.61% compared to the previous quarter and an increase of 108.42% compared to the same period last year. For every 1% increase or decrease in REO, the price excluding tax will increase or decrease by RMB 776.08 per ton. The increase in the trading price of rare earth concentrates for the second quarter of 2026 is significantly greater than the increase in the first quarter of 2026. The trading price of rare earth concentrates for the first quarter of 2026 increased by 2.40% compared to the previous quarter.
Public information shows that both Northern Rare Earth and Baotou Steel Group Co., Ltd. (Baogang) are holding subsidiaries of Baogang Group, and the two are closely related in the upstream and downstream of the industrial chain. Baogang is mainly responsible for producing rare earth concentrates and supplying them to Northern Rare Earth, while Northern Rare Earth is responsible for separating and smelting these concentrates, which are then processed into more valuable rare earth products. To ensure fairness in the interests of both parties, it was agreed that, starting from April 1, 2023, the pricing formula for rare earth concentrates would remain unchanged, and Northern Rare Earth would calculate and adjust the price of rare earth concentrates according to this formula during the first ten days of each quarter.
According to the CTIA GROUP LTD WeChat official account, from January to March 2026, the prices of most rare earth products in China increased year-on-year. Among them, the average price of praseodymium oxide was RMB 794,190 per ton, which increased by approximately 35.35% compared to the previous quarter and increased by approximately 77.44% compared to the same period last year. The average price of neodymium oxide was RMB 789,293 per ton, which increased by approximately 35.22% compared to the previous quarter and increased by approximately 79.09% compared to the same period last year. The average price of praseodymium-neodymium oxide was RMB 747,431 per ton, which increased by approximately 34.09% compared to the previous quarter and increased by approximately 73.76% compared to the same period last year. The average price of praseodymium-neodymium metal was RMB 917,241 per ton, which increased by approximately 34.56% compared to the previous quarter and increased by approximately 73.23% compared to the same period last year. The average price of terbium oxide was RMB 6,268 per kilogram, which decreased by approximately 4.49% compared to the previous quarter and increased by approximately 0.92% compared to the same period last year. The average price of dysprosium oxide was RMB 1,456,897 per ton, which decreased by approximately 3.23% compared to the previous quarter and decreased by approximately 13.91% compared to the same period last year. The average price of dysprosium iron alloy was RMB 1,424,138 per ton, which decreased by approximately 2.01% compared to the previous quarter and decreased by approximately 13.97% compared to the same period last year.
