稀土_初步分析_随着力拓稀土（LYC BRE）协议落地，西方世界磁材采购加速_ Rare Earths_ first take_ Western world magnet offtakes accelerating with LYC BRE agreements

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 ...