CITI'S TAKE We hosted a rare earth 2026 outlook call today with Ms. Yang Jiawen, senior rare earth analyst at SMM. Our takeaways: China's rare earth supply discipline has become structural following the extension of smelting and separation quotas to imported ores from 2025. While the loss of US-origin supply has been fully offset through Africa imports and rising recycling, PrNd remains structurally tight. Demand visibility remains solid, supported by NEVs, export license normalization, and early 15th FYP p ...