Rare Earth Price Today: NdPr Spot, History & Forecast

The rare earth price for praseodymium-neodymium (Pr-Nd) oxide stands at $96,692.07 per tonne ($96.69/kg) as of 5 September 2026, according to Shanghai Metals Market (SMM) benchmark data (SMM-RE-OX-001). The rare earth price has eased a further modest 0.73% from the August reading of $97.40/kg, remaining below the $110/kg DoD-backed price floor for a second consecutive cycle. Unlike last month’s sharp reversal, this cycle’s move is small — suggesting the market may be settling into a range below the floor rather than continuing the sharp swings seen through June, July, and August. The structural supply deficit in Western rare earth processing remains the dominant medium-term driver. For the broader monthly price context across all tracked metals, see our Critical Minerals Market June 2026 analysis.

NdPr (neodymium-praseodymium) is the most commercially significant rare earth element pair by value and the primary input for NdFeB (neodymium iron boron) permanent magnets — used in electric vehicle traction motors, direct-drive wind turbines, defence electronics, and industrial motors. The NdPr price is the standard benchmark for the permanent magnet supply chain globally. For individual rare earth element market analysis in depth, see the Rare Earth Market Outlook report on our sister site rare-earth-mining.com.

Current Rare Earth Price — NdPr

NdPr trades primarily on the Chinese domestic market, with SMM pricing and CRIA index data as the primary industry benchmarks. Western buyers typically encounter USD/kg quotes from dealers that are significantly higher than the Chinese industrial benchmark — reflecting different market structure, additional processing and logistics costs, and smaller transaction volumes outside the integrated Chinese supply chain. The US DoD-backed price floor of $110/kg NdPr under the MP Materials contract establishes a policy-supported Western reference price — the Chinese oxide benchmark has now traded below that floor for two consecutive cycles.

Last updated: 5 September 2026. SMM Pr-Nd oxide benchmark (SMM-RE-OX-001) — the locked reference line for this page, distinct from a separate SMM-RE-OX-101 “(PM)” series currently reading $109,113.58/tonne, which is not used here. VAT excluded per SMM methodology — 13% VAT deducted for USD pricing, delivered to works China. Dysprosium and terbium price data is published in depth on rare-earth-mining.com.

Rare Earth Price History — NdPr

NdPr prices opened 2026 at approximately $53/kg and surged to $136.7–$139.6/kg by end-April — a gain of approximately 160% year-to-date. The June correction to $90.32/kg was followed by a partial July recovery to $110.55/kg, landing almost exactly on the DoD-backed price floor, before August’s sharp reversal to $97.40/kg fell back below it. This cycle’s much smaller move — down a further 0.73% to $96.69/kg — is the first sign of the volatility settling rather than continuing to swing sharply month to month.

Note: oxide and metal/alloy benchmarks are distinct products and not directly comparable — oxide prices are lower than metal prices by a consistent processing margin. Pre-2026 figures are estimated from SMM and Adamas Intelligence historical records and should be treated as indicative. Production context: USGS Mineral Commodity Summaries.

Rare Earth Price in USD, EUR, GBP and Other Currencies

Exchange rates: XE.com, September 2026. Conversions calculated from the Pr-Nd Oxide (SMM) benchmark. CNY figures reflect the USD/CNY mid-market rate and do not represent the SMM domestic Chinese price, which incorporates VAT and may differ materially.

Rare Earth Price Per Gram, Per Ounce and Per Pound

What Is Driving the Rare Earth Price

China’s Supply Control

China accounts for approximately 60% of global rare earth mining and 85% of global separation and processing capacity, according to the USGS. China Northern Rare Earth (SH: 600111) is the largest single producer, operating the Bayan Obo deposit in Inner Mongolia — the world’s largest rare earth reserve by volume. South China ionic clay deposits in Jiangxi, Guangdong, and Fujian provinces are the primary global source of heavy rare earth elements. In early 2025, China extended export licensing requirements to cover rare earth processing technology and equipment — a significant escalation beyond earlier controls on raw material exports. MIIT production quotas directly influence available NdPr supply, and this cycle’s continued sub-floor pricing, though now with a much smaller month-on-month move, suggests quota-driven supply may still be running slightly ahead of near-term demand. The China critical minerals export controls analysis covers the licensing framework in detail.

EV and Wind Turbine Demand

Every electric vehicle using a permanent magnet synchronous motor requires 1–3kg of NdFeB magnets, and therefore approximately 0.3–1kg of NdPr oxide equivalent. Global EV sales rose 22% in 2025 and are forecast at 22.9 million units in 2026, up 28% year-on-year. According to Adamas Intelligence, EV traction motors and direct-drive wind turbines are the two fastest-growing demand segments for NdPr. Direct-drive offshore wind turbines require approximately 600kg of NdFeB magnets per MW of generating capacity. This cycle’s near-flat pricing has not been matched by any change in these underlying structural demand drivers, which continue to point toward tightening over the medium term regardless of near-term spot volatility.

Myanmar Supply Risk

Myanmar has become a significant supplier of heavy rare earth elements — terbium and dysprosium specifically — to Chinese processors, from ionic clay deposits in the Kachin region. These are critical inputs for EV and wind turbine applications: dysprosium and terbium are added to NdFeB magnets to maintain performance at high operating temperatures. Western governments and supply chain frameworks have flagged Myanmar’s governance conditions as a material supply chain risk. The current SMM dysprosium oxide reading of $191.15/kg, up roughly 4.5% this cycle, and terbium oxide at $883.50/kg, essentially flat, show the heavy rare earth complex diverging slightly from the light rare earth pullback rather than moving in lockstep with it this month.

Rare Earth Price: Western Supply Development

Lynas Rare Earths (ASX: LYC) is the only significant non-Chinese NdPr producer operating at commercial scale. Its Mount Weld mine in Western Australia holds the world’s highest-grade rare earth deposit, with separated NdPr produced at the Lynas Advanced Materials Plant (LAMP) in Malaysia. A second processing facility is under construction at Kalgoorlie, Western Australia, and a DoD-backed heavy rare earth separation facility at Seadrift, Texas targets terbium and dysprosium for defence applications. Lynas accounts for an estimated 10–15% of global NdPr supply outside China. The Lynas rare earths supply chain profile covers its operations and defence contracts in full.

MP Materials (NYSE: MP) operates the Mountain Pass mine in California — the only active rare earth mine in the United States — and is building an integrated NdFeB magnet manufacturing facility in Fort Worth, Texas, with DoD backing. The market has now traded below the $110/kg DoD-backed price floor for two consecutive cycles, meaning Western production economics under that contract remain genuinely supported relative to the open market. The MP Materials DoD contract profile covers the US magnet supply chain in full.

The realistic assessment for most other projects: meaningful non-Chinese NdPr processing capacity remains 3–5+ years from commercial scale beyond Lynas and MP Materials. EU Strategic Projects under the Critical Raw Materials Act are at feasibility or early construction stage and are unlikely to reach commercial output before 2028–2030.

Rare Earth Price Outlook

Near-term rare earth price direction depends heavily on Chinese quota policy and the pace of export licence implementation. September’s small further decline to $96.69/kg — much more muted than August’s sharp reversal — is a tentative sign the market may be settling into a range below the $110/kg DoD floor rather than continuing the sharp month-to-month swings seen since April. Whether the floor begins to matter for broader market sentiment, as flagged last cycle, remains an open question worth watching over further updates. A return to the April peak within 12 months would require a fresh supply shock or a significant upside demand surprise — neither is the current consensus.

Medium-term, demand fundamentals remain supportive. Adamas Intelligence projects sustained NdPr demand growth from EV and wind segments through the late 2020s, with demand growth likely to outpace incremental supply additions from non-Chinese sources. China’s export controls on processing technology limit the speed at which alternative supply chains can be built. All forecasts remain subject to revision. For detailed heavy rare earth market analysis and individual element pricing, see the Rare Earth Market Outlook report on rare-earth-mining.com.

NdPr vs Dysprosium — Light and Heavy Rare Earths

NdPr is a light rare earth element (LREE), produced primarily from bastnäsite and monazite deposits at Bayan Obo and similar hard rock mines. Dysprosium and terbium are heavy rare earth elements (HREEs), sourced almost exclusively from ionic clay deposits in southern China and Myanmar. Both LREEs and HREEs are used in NdFeB magnets: NdPr provides primary magnetic performance, while dysprosium and terbium are added in small quantities — typically 1–5% by weight — to maintain coercivity at high operating temperatures. HREE prices are generally more volatile and supply-constrained than LREE prices; this cycle dysprosium rose modestly while NdPr eased slightly, a mild divergence rather than the lockstep move seen last month. For current dysprosium and terbium price data, see rare-earth-mining.com.

Defence and Strategic Demand for Rare Earths

Rare earth elements are embedded throughout modern defence platforms at a scale that makes them irreplaceable in the near term. The F-35 Lightning II contains an estimated 417kg of rare earth materials per aircraft — used in radar systems, electric actuators, guidance electronics, and structural components. Guided munitions, submarine propulsion systems, drone motors, and advanced radar arrays all depend on NdFeB magnets or other REE-dependent components. The US DoD has formally identified rare earths as the most strategically critical mineral category — above lithium, cobalt, or nickel — given the combination of defence dependency and Chinese supply concentration. The MBDA missile supply chain analysis covers rare earth dependency in European defence procurement.

Allied governments — including the UK, Australia, Japan, and EU member states — are independently developing rare earth stockpile policies and preferred supplier frameworks. Japan’s JOGMEC has historically maintained REE stockpiles and offtake agreements with Lynas. The EU Critical Raw Materials Act designates NdPr as a strategic raw material with specific domestic production and diversification targets to be met by 2030.

This article is for informational purposes only and does not constitute investment advice. Prices are subject to change without notice.