No denying that Chinese Spot price was to become irrelevant given two new changes

1. US benchmark with tariffs to increase US pricing in excess of Chinese spot price and $110kg floor form the DoD for MP.
2. The first of what could be several Ex-China pricing has been born

Source; https://source.benchmarkminerals.com/article/benchmark-to-launch-ex-china-rare-earth-prices

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Benchmark to launch ex-China rare earth prices

Benchmark Mineral Intelligence is pleased to announce the addition of European and North American rare earth oxide prices to the monthly Benchmark Rare Earths Price Assessment. Publication of these new prices will begin 31 July 2025.

Benchmark launches ex-China rare earth prices

Benchmark is pleased to announce the launch of four ex-China rare earth price assessment grades:

• Praseodymium-Neodymium oxide (CIF Europe)
• Dysprosium oxide (CIF Europe)
• Terbium oxide (CIF Europe)
• Praseodymium-Neodymium oxide (CIF North America)

These new grades will be published at the same frequency as the existing grades:

• Praseodymium-Neodymium oxide (DDP China)
• Dysprosium oxide (DDP China)
• Terbium oxide (DDP China)
• Samarium oxide (DDP China)

The launch of these grades is in response to the growing maturity and liquidity being observed in the ex-China rare earths market.

“Rare earths are the backbone of today’s technology revolution,” commented Daisy Jennings-Gray, head of prices at Benchmark.

“Rare earth permanent magnets are powering the electric vehicle boom, next-generation military hardware, and the expanding drone economy. Until now, however, price opacity and dependency on China-dominated supply chains have created uncertainty for manufacturers, innovators, and governments,” she added.

Following China’s rare earth export restrictions in April, developing a robust ex-China supply chain has become imperative for private and public sectors worldwide.

“Benchmark’s ex-China NdPr indices could be transformative for project developers and marginal producers seeking to enter the market, tracking any natural delta which could materialize between Chinese and western material in order to reshape the global rare earth supply chain,” commented Neha Mukherjee, research manager (rare earths) at Benchmark.

These four additional price grades alongside the existing price grades will be made available to existing Rare Earths Price Assessment subscribers on the final working day of the month by 4pm (London), starting from 31 July 2025, with market analysis sent out to subscribers soon after.

Benchmark Price Assessments

Benchmark Mineral Intelligence is the world’s number one market price provider for the lithium ion battery to electric vehicle supply chain.

We publish weekly and monthly Price Assessments – Lithium, Cobalt, Natural Graphite, Synthetic Graphite, Nickel, Cathode, Anode, Black Mass and Rare Earths – to the highest IOSCO standard.

Our rare earths price assessments are created by senior management and price analysts that truly understand the market they are assessing.

Benchmark publishes the world’s most trusted battery supply chain price assessments which are used to settle contracts and guide major investment decisions.