Recently, Northern Rare Earth issued an announcement stating that, based on the rare earth concentrate pricing method and rare earth oxide prices in Q4 2025, the rare earth concentrate trading price for the fourth quarter of 2025 has been adjusted to 26,205 yuan per ton (tax-exclusive, dry basis, REO=50%), increased by 37.13% month-on-month, increased by 47.37% year-on-year; for every 1% increase or decrease in REO, the tax-exclusive price increases or decreases by 524.10 yuan per ton, increased by 37.13% month-on-month, increased by 47.37% year-on-year.
According to public information, Northern Rare Earth and Baotou Steel (Baogang Shares) are both holding subsidiaries controlled by Baotou Iron and Steel Group, with deep binding collaboration in business, particularly in the key link of the rare earth industry chain—rare earth concentrate supply—where cooperation is especially close. Baogang Shares, as the core producer of rare earth concentrate, plays a crucial role in supplying upstream raw materials to Northern Rare Earth, serving as a key assurance for Northern Rare Earth's subsequent production. Northern Rare Earth's business focuses on downstream processing, purchasing rare earth concentrate produced by Baogang Shares and conducting deep processing through separation and smelting to convert raw materials into higher value-added rare earth finished products. To ensure fair interests in cooperation while balancing market principles and collaboration stability, both parties have reached a clear agreement: starting from April 1, 2023, with the pricing formula unchanged, in the first ten days of the first month of each quarter, the company calculates and adjusts the rare earth concentrate price according to the formula, re-signs the rare earth concentrate supply contract or supplementary agreement, and announces it.
According to CTIA GROUP LTD Manufacturing statistics, from January to September 2025, the prices of most rare earth products in China increased year-on-year. The average price of praseodymium oxide was 494,746 yuan per ton, increased by 25.35% year-on-year; the average price of neodymium oxide was 487,897 yuan per ton, increased by 24.06% year-on-year; the average price of praseodymium-neodymium oxide was 471,049 yuan per ton, increased by 22.19% year-on-year; the average price of praseodymium-neodymium metal was 578,919 yuan per ton, increased by 21.17% year-on-year; the average price of terbium oxide was 6,830 yuan per kilogram, increased by 18.41% year-on-year; the average price of dysprosium oxide was 1,658,838 yuan per ton, decreased by 12.02% year-on-year; and the average price of dysprosium-iron alloy was 1,616,643 yuan per ton, decreased by 12.61% year-on-year.
