Additional comment: China continues to steal...I mean "import" HREE feedstock from Myanmar (Chipwi/Pangwa/Momauk areas near China and more recently around Wan Hsinhkek near the Thailand border - a new area triggered because a tax was applied in Kachin state so the Chinese smiled, paid it and then went looking for non-taxed areas to mine. Also the grade was declining so they needed to find better mountains/deposits).
Bottom line, China is heavily reliant on Myanmar now for HREEs. Despite lower margins on NdPr, China makes significant margins on DyTb (much lower volume of course) yet the environmental damage from poor in-situ leaching remains significant. Most likely the REEs in your mobile phone etc come from Kachin state or other parts of Myanmar now. This is not meant to be an environmental post but it's worth noting the continued movement by China around areas of adjacent Myanmar territory mainly in search of HREEs. This is quite visible on satellite images.
If China drops NdPr pricing further, increased demand would also drive more DyTb production and put downward pressure on DyTb pricing - not in China's long term interest.
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