It is of course not as simple as that, you need to take into...

It is of course not as simple as that, you need to take into account leverage and profitability into RE pricing. Correlating RE prices directly against Lynas SP is not a realistic comparison.

For example a RE price jump from $5/kg to $10/kg is a 100% increase, but would not effect the Lynas SP because the sell price is still way way under the COP.

But a move from say $25/kg to $50/kg is the same 100% increase in price but probably a 1000% increase in profitability for Lynas so would have a much greater relative effect on the SP.

Really you should baseline the selling price with Lynas COP and use % moves from that point.

The price spike in late 2017 triggered a large move in Lynas SP as it's leverage to a stabilising higher price was reflected in forecast profits. The recent spike again stabilising higher (and admittedly with a clearer political future in Malaysia) RE prices provides a base for Lynas to move higher.