Core Viewpoint - The recent increase in rare earth prices is attributed to various events that have led to a rise in both volume and price in the market [1] Part 1: Volume - Export controls on rare earths are gradually being relaxed, with a significant increase in export volume expected as approval peaks pass [3] - In June, rare earth exports increased by 30% month-on-month, particularly with exports of rare earth magnets to the U.S. surging to over seven times the volume in May [5] - Lynas Corporation in Australia has begun producing dysprosium oxide in Malaysia, marking it as the first company outside China capable of refining heavy rare earths [5] Part 2: Price - Domestic rare earth prices are rising due to high overseas prices, which have opened up price ceilings domestically [8] - Three main factors are supporting rare earth prices: 1. **Supply Constraints**: Although some export licenses have been approved, the review process remains slow, and smuggling has become more difficult due to stricter regulations [12] 2. **Demand Support**: Ongoing trade tensions with the U.S. and Europe have led manufacturers to stockpile rare earths, further driving up prices [15][17] 3. **Competitive Pricing**: MP Materials, the only rare earth mining and production company in the U.S., has secured a $500 million order from Apple and received significant investment from the U.S. Department of Defense, establishing a price floor for their products [20]