Rare earths
Argus delivers established, independent rare earths pricing and market intelligence across all rare earth elements, including authoritative coverage outside China.
Overview
Rare earth elements (REEs) are critical raw materials used across advanced manufacturing and clean energy technologies, including electric vehicle motors, wind turbines, electronics, defence systems, aerospace, and industrial manufacturing. Rare earths play a vital role in enabling high‑performance permanent magnets, electronics, and specialised materials essential to modern economies.
Argus supports the global rare earths industry with comprehensive spot market pricing and forecasts, supply and demand data and news for the most commoditized rare earth elements including those used to produce ceramics, catalysts, energy storage and permanent magnets. Through the Argus Rare Earths Analytics and Argus Non‑Ferrous Markets services, Argus delivers established pricing benchmarks and forecasts alongside authoritative insight into the international rare earths markets, including those outside China.
Argus’ rare earths pricing and analysis focus on the individual elements most critical to global supply chains and strategic industries. Coverage includes light rare earth elements such as neodymium, praseodymium, lanthanum, and cerium, alongside heavy rare earths including dysprosium, terbium, yttrium, and europium. Each Rare earth element market exhibits its own distinct supply dynamics, demand drivers, and end‑use applications, making element‑specific pricing and analysis essential to understanding liquidity, supply risk, legislation on trade and evolving market fundamentals.
As part of the Argus Rare Earths Analytics and Argus Non‑Ferrous Markets services, Argus publishes a robust suite of established rare earths price assessments and benchmarks covering key light and heavy rare earth elements, including neodymium, praseodymium, dysprosium, terbium, and praseodymium‑neodymium (NdPr). These assessments are supported by transparent, well-established methodologies, on‑the‑ground market engagement, and forward‑looking analysis. In addition to spot pricing for rare earth oxides and metal, Argus delivers one‑year and ten‑year market and price forecasts, alongside detailed supply, demand, and project analysis, supporting planning, procurement, investment, and risk management across international rare earths trading.
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Demand for India Mn alloy export falters, surplus rises
Demand for India Mn alloy export falters, surplus rises
Mumbai, 25 May (Argus) — India's manganese alloys sector is under significant pressure from falling export demand, mounting domestic overcapacity and narrowing margins, chairman of the Indian Ferro Alloy Producers' Association (IFAPA) Manish Sarda told Argus . Prices are unlikely to rebound until geopolitical tensions in the Middle East subside, he added. Prices of silico-manganese and ferro-manganese have fallen sharply and may decline further, until geopolitical tensions in the Middle East subside. And producers that are facing capital constraints may sell below production costs to maintain operations, Sarda said last week. Argus assessed 60pc silico-manganese at $795-810/t fob India on 21 May compared with $910-930/t fob levels in mid-April. Similarly, 65pc silico-manganese prices fell to $880-910/t fob levels on 21 May from $1,000-1,020/t fob on mid-April. India's domestic 60-pc silico-manganese prices dropped by 14,000 rupee/t ($146.92/t) from mid-April to Rs75,000-76,000/t ex-works on 21 May. Assessments for 70pc and 75pc ferro-manganese were at Rs78,000-79,000/t and Rs84,500-85,500/t, respectively, on 21 May, down by Rs7,000/t and Rs11,000/t from April. "I wouldn't be surprised if prices drop another Rs1,000/t beyond this," Sarda said, noting that liquidity constraints are forcing producers to prioritise cash flow over profitability. But producers with captive power retain a cost advantage and some margin buffer. Prices briefly increased in early April, when war-related stockpiling supported prices. But prices reversed quickly. Higher freight costs, tighter vessel availability, weaker export demand and a rise in domestic capacity forced some producers to cut prices aggressively to retain export volumes, despite a depreciation of the rupee, which would typically support exports otherwise. Silico-manganese hit harder Weak export demand puts greater pressure on the Indian silico-manganese sector given that silico-manganese is widely produced in India and that India is the largest seaborne trader. Only a small number of Indian companies produce ferro-manganese for the specialised steel market. Higher freight and fuel costs have further reduced export competitiveness. The Middle East, previously a key export market, has experienced plant closures and a collapse in demand because of capital shortages and conflict, causing a sharper price fall of silico-manganese. Some Indian plants have reduced or stopped operations because of financial stress. Price recovery depends on stability and reconstruction in the Middle East. "Until we see a complete stoppage of war and reconstruction happening in the Middle East we cannot see exports coming up for Indian producers," Sarda said. Overcapacity driving the downturn India has installed ferro-alloy capacity of about 5.5mn t/yr, while domestic demand is no more than 1.5mn t/yr. The country exports around 1.4mn t/yr, making it the world's largest exporter of silico-manganese and one of the largest exporters of ferro-manganese. EU safeguard quotas are already limiting Indian shipments to Europe, and the Carbon Border Adjustment Mechanism (CBAM) will add further costs. Indian producers will eventually need to adapt and reduce their carbon cost exposure, but the near-term effect on competitiveness is negative. "Any cost that comes onto the producer on the basis of CBAM is not going to make the product competitive," Sarda said. Sarda is optimistic that the entry of state-run mining firm OMC to the manganese ore market could help reduce Indian alloys sector's dependence on imported ore. OMC will need time to scale up but could offer logistical advantages for producers based in India's eastern and southern regions sourcing ore from the state of Odisha. State-owned mining firm MOIL is the largest manganese ore producer in India, with output of about 1.5mn t/yr. India is the second-largest buyer of manganese ore behind China, importing nearly 7mn t/yr. Access to globally competitive power tariffs remains essential for the ferro-alloy industry, as electricity is the largest cost component. The removal of import duties on manganese ore is also a key requirement, since these duties add unnecessary costs given India's reliance on imports. Policy discussions on both issues are ongoing, but progress has been slow, Sarda said. Looking forward, Sarda expects a cautiously stable third quarter, with downside risks and continued export pressure resulting from uncertainties in the Middle East. Sarda is also the managing director of Sarda Metals and Energy. Sarda Metals and Energy currently operates three furnaces at its Vizag plant — two 36 mega volt ampere (MVA) furnace and one 40 MVA furnace. It has received approvals for adding three more furnaces. By Deepika Singh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's Arafura reaches FID for rare earths project
Australia's Arafura reaches FID for rare earths project
Sydney, 21 May (Argus) — Australian minerals developer Arafura has made a final investment decision (FID) for the 4,870t/yr Nolans rare earths project, which will begin 30 months of construction in September and start production in early-to mid 2029, the company told Argus today. Nolans will produce 4,440 t/yr of neodymium-praseodymium oxide, a light rare earth used in small quantities in rare earth permanent magnets (REPM) which are critical for the automotive, wind energy, and high-technology sectors. The company will also produce 470 t/yr of mixed medium-heavy rare earth oxide and 144,000 t/yr of 54pc P2O5 fertilizer-grade phosphoric acid from the project. The board reached FID after receiving a non-binding letter of support from Export Finance Australia (EFA) for 500 t/yr of NdPr under the country's Critical Minerals Strategic Reserve ( see table ), which brought Nolans over the targeted 80pc offtake threshold, the company said today. The EFA commitment followed a A$200mn ($144mn) investment from Australia's National Reconstruction Fund on 12 May and an offtake agreement with commodity trader Traxys North America for 500 t/yr NdPr on 13 May. Arafura also has offtake agreements with South Korean automaker Hyundai , Germany-based industrial manufacturer Siemens , and Traxys Europe . Arafura now has 3,570 t/yr of NdPr, or 80.4pc of its nameplate capacity, contracted for offtake. The remaining 870 t/yr is currently uncontracted and will be sold on the spot market. Nolans has a mine-life of 38 years and the company projects it will meet 4pc of global NdPr demand . By Daniel Gage-Brown Arafura's offtake commitments Company/Organisation Location Deal announced NdPr oxide t/yr Percentage of namplate Hyundai & Kia South Korea 7-Nov-22 1,500 33.8 Siemens Gamesa RE Germany 11-Apr-23 520 11.7 Traxys Europe Luxembourg 20-Mar-25 300 6.8 Traxys North America United States 13-May-26 500 11.3 Export Finance Australia Australia 13-May-26 500 11.3 Unspecified OEM Germany/Europe - 250 5.6 Not contracted for offtake - - 870 19.6 Nameplate: 4,400t/yr NdPr oxide Source: Arafura Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Malaysia launches first grid-connected BESS
Malaysia launches first grid-connected BESS
Singapore, 18 May (Argus) — Malaysia's national grid operation Tenaga Nasional Berhad (TNB) launched the country's first grid-connected battery energy storage system (BESS) today. TNB installed the 100MW/400MWh BESS at its 132/33kV Santong main input substation, located in Dungun, Terengganu. The facility is part of Malaysia's national energy transition roadmap. The new BESS will strengthen the national grid system's stability and reliability, provides faster response to supply-demand imbalances, support peak load management, and enables greater solar energy integration, TNB said. The global BESS market has grown far above expectations in the past few years, with annual deployments rising by 63pc last year to above 300GWh. The roll out of variable renewable energy such as solar energy is a major driver behind the growth in BESS capacity. Global BESS additions are expected to exceed 400GWh this year, according to forecasts by Argus Consulting. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU eyes deducting carbon credits under CBAM
EU eyes deducting carbon credits under CBAM
London, 13 May (Argus) — Domestic and Paris Agreement-aligned international carbon credits used to pay for emissions in non-EU countries could be counted towards a carbon price already paid on an import's emissions under the bloc's carbon border adjustment mechanism (CBAM), under proposals published by the European Commission today. Under the CBAM regulation, declarants can claim a reduction in the CBAM certificates they must surrender for emissions embedded in imported goods if a carbon price has already been paid in the country of origin. In a draft implementing act published for consultation today, the commission proposed including all forms of compliance options allowed in the relevant country in the calculation, including carbon credits. Claiming this reduction should be allowed "irrespective of whether the mitigation activities linked to the carbon credit takes place domestically or outside the domestic jurisdiction", according to the draft implementing regulation. But while domestic credits could be counted with no additional criteria, only international credits issued under Article 6 of the Paris Agreement should be counted, the commission proposed. "This criterion should promote the development of Article 6 credits and provide the quality assurance necessary to ensure the environmental integrity of CBAM," it said. Counting international credits as a carbon price already paid on CBAM goods should also be limited to 10pc of the reported emissions to incentivise domestic emissions cuts, the commission said. Any rebates or compensation received by installations covered by carbon pricing should also be factored in, the commission proposed, including free allowances or other exemptions. The carbon price could have been paid on direct, indirect or precursor emissions, under the draft. The commission may publish default carbon prices for relevant countries, it said. And it proposed publishing a yearly reference price for CBAM certificates to be used in the calculation of the deduction. The price paid in the non-EU country would be based on either a yearly average primary or secondary market price or individual records of payment, converted to euros based on yearly average exchange rates. The regulation would apply from 1 January this year. The consultation closes on 10 June. By Victoria Hatherick Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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