Rhodium extended its recent rally to almost exactly $9,000/oz, up 9% month-on-month and 16% across the past quarter, with regional benchmarks commanding persistent premiums at $9,763/oz in the US and $9,649/oz in Europe. Based on supply dynamics detailed in this report's Industry Insight, this surge stems from tight physical prompt markets driven by hybrid autocatalyst loadings alongside aerospace demand for optical instrument coatings requiring low contact resistance and durability.

 

Across rare earths, Erbium Oxide (99.5%) led monthly gains, rising 6.59% to $67/kg, followed by Ytterbium Oxide (99.9%) up 4.29% to $54.16/kg and Dysprosium Oxide (99.5%) at $176/kg (+4.25%). Conversely, Gadolinium Oxide (99.5%) posted the steepest decline, falling 8.78% to $42.88/kg, while European pricing for magnet feeds such as Neodymium Oxide softened to $93.26/kg.

 

In this reports' industry insight, rather than focussing on one particular mineral like we normally do, we're going to cover the largest price gainers in the past 12 months and see if there is commonality in end use. 

Ytterbium oxide: +308.2%

 

 

 

 

The four largest CMP price gainers have very different primary markets, but all have applications in some common systems shown in the table below. Lithium provides energy storage, samarium supports high-performance permanent magnets, tungsten provides high-density and radiation-resistant materials, and ytterbium is used in advanced optical communications. These minerals have applications across space, defence, and laser manufacturing.

 

 

Australia Operationalises A$1.2 Billion Strategic Reserve Implementation. Export Finance Australia deployed operational frameworks for the Critical Minerals Strategic Reserve, funding sovereign stockpiles and offtake price supports initially focused on antimony, gallium, and rare earth elements. (Source: Export Finance Australia)

 

China Rare Earth Truce Nears November 2026 Reassessment Deadline. Beijing is scheduled to review its paused export restrictions by November 10, deciding whether to enforce extraterritorial licensing on foreign products containing Chinese heavy rare earths or extend the suspension into 2027. (Source: Ministry of Commerce of the PRC)

 

Chinese Suppliers Halt Shipments to U.S. Buyers Following Audit Sanctions. Select Chinese rare earth suppliers suspended U.S. deliveries of yttrium, gallium, and terbium over compliance friction after Beijing sanctioned the U.S. Responsible Business Alliance (RBA) and associated audit programs. (Source: Ministry of Commerce of the PRC)

 

Energy Fuels Finalizes ASM Acquisition to Solidify Allied Midstream Processing. Energy Fuels completed its acquisition of Australian Strategic Materials, integrating South Korea’s Korean Metals Plant to build an allied supply chain scaling toward 3,600 tonnes per year of NdFeB alloy. (Source: Energy Fuels Inc.)

 

Allied Defense Procurement Accelerates Mandates on Permanent Magnet Traceability. U.S. defense procurement authorities issued updated compliance guidance requiring defense contractors to verify full non-Chinese origin across all permanent magnet assemblies ahead of the mandatory January 1, 2027 deadline. (Source: U.S. Department of Defense / Acquisition.gov)

 

Erbium Oxide (+6.6%): Firmed to $66.87/kg on 0.4t volume. Infrastructure remains the primary demand driver, with steady global deployment of erbium-doped fiber amplifiers (EDFAs) across transcontinental and subsea data cables. 

 

Ytterbium Oxide (+4.3%): Rose to $54.16/kg on 0.5t volume. Sustained adoption of high-power ytterbium fiber lasers across precision industrial welding and cutting continues to pull prompt physical supply. While annual pricing has surged more than 300% from 2025 lows, market depth remains constrained.

 

Dysprosium Oxide (+4.3%): Advanced to $176.09/kg on 0.8t volume. Dysprosium remains critical for preserving magnetic coercivity in high-temperature NdFeB permanent magnets used in EV traction motors and wind turbines. 

 

Samarium Oxide (+4.1%): Climbed to $42.31/kg on 0.5t volume. Demand is supported by samarium-cobalt (SmCo) permanent magnet production for aerospace defense actuators, missile guidance systems, and high-heat industrial equipment where standard NdFeB magnets demagnetize. The sustained multi-month upward trajectory reflects strategic procurement mandates for non-substitutable military metallurgy. Samarium is near the top of our strategic minerals risk matrix.

 

Lithium Carbonate (+3.2%): Rebounded further to $18.58/kg ($18,582/t) on 44.5t volume. Robust LFP cell production in the Asia-Pacific region and accelerating grid-scale energy storage deployments helped clear midstream inventory. Upstream producers remain slow on restart volumes, helping establish a firmer price floor.

 

Tungsten (-2.6%): Eased to $146.00/kg on 14.2t volume. Spot prices softened modestly due to mid-year cutting-tool manufacturing adjustments, but structural supply remains exceptionally tight given overwhelming extraction and refining concentration. Elevated regional price premiums in Europe and the US continue to reflect logistics frictions and steady defense ordnance demand.

 

Neodymium Oxide (-4.0%): Eased to $103.59/kg on 2.8t volume. Downstream magnet manufacturers paused large-scale spot restocking after fulfilling quarterly order books, allowing import values to soften toward $93.26/kg in Europe. Medium-term fundamentals remain tethered to EV powertrain buildouts.

 

Gadolinium Oxide (-8.8%): Dropped to $42.88/kg on 0.6t volume however United States pricing remains elevated above this APAC weighted price.

 

 

Intelligence provided by Critical Minerals Platform