Recently, Northern Rare Earth issued an announcement stating that, according to the pricing method of rare earth concentrate and the prices of rare earth oxides in the first quarter of 2025, the trading price of rare earth concentrate in the second quarter of 2025 has been adjusted to 18,825 yuan per ton (dry basis, REO = 50%) without tax. This is an increase of 207 yuan per ton compared with 18,618 yuan per ton in the first quarter of 2025, representing a growth rate of 1.11%. For every 1% increase or decrease in REO, the tax-excluded price will increase or decrease by 376.50 yuan per ton, which is an increase of 4 yuan per ton compared with the first quarter of 2025 (for every 1% increase or decrease in REO, the tax-excluded price increased or decreased by 372.36 yuan per ton), with a growth rate of 1.11%.

According to publicly available information, both Northern Rare Earth and Inner Mongolia Baotou Steel Union Co., Ltd. (hereinafter referred to as "Baotou Steel") are wholly-owned subsidiaries under Baotou Iron and Steel (Group) Co., Ltd., and they have close business ties, especially in the crucial link of rare earth concentrate supply. As the core producer of rare earth concentrate, Baotou Steel plays an important role in supplying products to Northern Rare Earth. After Northern Rare Earth purchases the rare earth concentrate sold by Baotou Steel, it conducts separation and smelting operations on it to produce rare earth products with higher added value. In order to ensure the fairness of the interests of both parties, the two parties agreed that since April 1, 2023, with the pricing formula of rare earth concentrate remaining unchanged, in the first ten days of the first month of each quarter, Northern Rare Earth will calculate and adjust the price of rare earth concentrate according to the pricing formula of rare earth concentrate.

According to the statistics of CTIA GROUP LTD, from January to March 2025, the prices of most rare earth products in China increased both on a month-on-month and year-on-year basis. Among them, the average price of praseodymium oxide was 447,579 yuan per ton, an increase of 4.50% month-on-month and 12.40% year-on-year; the average price of neodymium oxide was 440,719 yuan per ton, an increase of 3.63% month-on-month and 11.73% year-on-year; the average price of praseodymium-neodymium oxide was 430,158 yuan per ton, an increase of 2.98% month-on-month and 11.97% year-on-year; the average price of praseodymium-neodymium metal was 529,491 yuan per ton, an increase of 2.55% month-on-month and 11.28% year-on-year; the average price of terbium oxide was 6,211 yuan per kilogram, an increase of 6.35% month-on-month and 8.21% year-on-year; the average price of dysprosium oxide was 1,692,281 yuan per ton, a decrease of approximately 1.00% month-on-month and approximately 13.11% year-on-year; the average price of dysprosium-iron alloy was 1,655,421 yuan per ton, a decrease of approximately 1.57% month-on-month and approximately 13.45% year-on-year.

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