Arafura Rare Earths Ltd, page-115

I see it differently, @Birchcorp. Low NdPr prices help Chinese magnet makers. At about 30% of a magnet, NdPr would be a very substantial (raw material) input cost. Much more than the 60-odd% Fe content for example. There's plenty of spare REE refining capacity in China, not so magnet capacity which is probably more expensive to build out.

Mind you I haven't tracked NdFeB against NdPr, but I suspect customers in the electric auto sector would be relatively insensitive to NdFeB price rises considering the small amounts used per EV, at least compared with the Li price, for example.