These announcements continue to support our view that the Rare Earth (RE) market has fundamentally changed in 2025 from a strategic perspective, with Western governments and companies providing funding to support both an expansion of Western World RE magnet capacity and a pricing separation from the Chinese based Asian Metals Index (AMI), with an array of announced agreements including the US Department of Defense (DoD) and MP Materials in the US, magnet maker Vacuumschmelze's offtake MOU with private Canad ...

2 October 2025 | 3:10PM AEST Equity Research GLOBAL METALS & MINING Rare Earths (NdPrO) SD update: deficits to 2027, price decoupling from China to accelerate The Rare Earth (RE) market fundamentally changed in 2025 from a strategic perspective when the Chinese government imposed export restrictions on seven rare earth elements in April. Western governments and companies have responded with funding to support both an expansion of Western World RE magnet capacity and a pricing separation from the Chinese bas ...