Neodymium Price per Kg: NdPr Oxide Chart and Drivers

The USGS puts the 2025 average price of neodymium oxide (99.5% minimum) at about US$73 per kg, and of neodymium-praseodymium (NdPr) oxide at about US$69 per kg (USGS Mineral Commodity Summaries 2026, estimate). Prices differ by market. On 24 September 2026 the Shanghai Metals Market (SMM) quoted Pr-Nd oxide at 737,000 to 739,000 yuan per tonne, about US$110 per kg. In August 2026 Benchmark Minerals assessed NdPr oxide delivered to Europe and North America at US$95 per kg.

So there is no single “neodymium price”. The number you need depends on the product (oxide, Pr-Nd alloy or pure metal), the market (China or outside it) and the date. This page keeps each quote with its source and date, shows how to convert yuan per tonne into US dollars per kg, and gives two calculators for your own numbers. Check a live quote before you sign a contract. This page is for information only and is not a price feed.

Terms used below. A rare earth element (REE) is one of a group of metals that includes neodymium (Nd) and praseodymium (Pr). REO means rare earth oxide, the powder made after ore is separated. NdPr oxide is a neodymium and praseodymium oxide blend, the main feedstock for permanent magnets. CIF means cost, insurance and freight paid to the port of delivery. FOB means the price at the port of loading, before sea freight. A tonne is 1,000 kg.

Oxide or alloy: which neodymium price do you need?

Oxide and alloy are quoted publicly, and they differ by processing step. We found no public quote for pure neodymium metal. Mines sell a rare earth concentrate. A separation plant turns it into oxides, and the oxide is then reduced to metal or alloy before magnet makers use it. Each step adds cost, so the per-kg prices rise along the chain.

The SMM alloy quote is about 21 to 22% above its oxide quote on the same day. Part of that gap is mass: making 1 kg of neodymium metal takes about 1.17 kg of Nd2O3, a figure we calculated from atomic masses. The rest may reflect reduction cost and tax basis (SMM’s alloy price includes 13% VAT; the oxide quote’s tax basis is not stated), which is why alloy and metal prices should be read next to oxide prices, never swapped for them. SMM defines its alloy series as 99% minimum rare earth content, with praseodymium at 25 plus or minus 2% and neodymium at 75 plus or minus 2% (SMM Pr-Nd alloy price page).

Trading Economics reported that its neodymium contract was flat at 947,500 yuan per tonne on 15 October 2026. The contract was down 0.26% over one month and up 30.69% over 12 months. Its record was 1,520,000 yuan per tonne in February 2022 (Trading Economics neodymium page). At the 6.69 yuan per US dollar rate shown on the same page that day, 947,500 yuan per tonne is about US$142 per kg. Because the page does not say whether the contract tracks metal or oxide, we use it only as a market-direction signal and do not compare it with the oxide prices in the table above.

Neodymium oxide price history in US dollars per kg

The USGS publishes annual average prices for each rare earth oxide in its yearly summaries. They are FOB (port-of-loading) prices from Argus Media. SMM quotes inside China are delivered prices for a different date and market, so do not set the two side by side as a like-for-like gap. The chart shows the same shape for neodymium oxide and NdPr oxide: a spike in 2022, a drop in 2023 and 2024, and a partial recovery in 2025.

Chart

Average oxide prices, US$ per kg

Annual averages, 99.5% Nd oxide and 99% NdPr oxide, FOB; 2025 is an estimate

• Neodymium oxide averaged US$98 per kg in 2021, US$134 in 2022, US$78 in 2023 and US$56 in 2024, then an estimated US$73 in 2025.
• NdPr oxide averaged US$92, US$124, US$75, US$55 and an estimated US$69 per kg over the same five years (USGS, 2026).

The USGS series fell for two years before it recovered, so a steady rise from 2021 to 2024 did not happen. The yearly averages also hide large swings inside each year, so use a dated spot quote for any live decision.

China and ex-China prices have split

Since the Chinese separation industry dominates output, most price talk starts with Chinese quotes. In 2026 a gap opened between China and the rest of the world. On 21 August 2026 Benchmark Minerals reported that NdPr oxide outside China had fallen 7.3% in two weeks (6 to 20 August) to US$95,000 per tonne CIF Europe and North America. In China, PrNd oxide was assessed at 721,500 yuan per tonne, which Benchmark converted to US$107,504, down 3.5% over the same dates (Benchmark Minerals, 21 August 2026).

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NdPr oxide benchmarks, August 2026

US$ per kg; China and ex-China assessed on 20 August 2026; floor is the US government price

Benchmark’s analyst said producers outside China were sending material to non-Chinese buyers even at a price disadvantage, so supply there built up against limited demand. Benchmark said the oversupply could persist until demand from the magnet supply chain being built in the US and Europe strengthens, or producers adjust output.

The US price floor is the third number to watch. MP Materials reported that a price floor agreement with the US Department of War began on 1 October 2025 and pays the company the difference between US$110 per kg and the market price of its NdPr products (MP Materials, full-year 2025 results). Benchmark said the same floor applies to Lynas Rare Earths. Hastings Technology Metals used US$110 per kg as the NdPr oxide price in its July 2026 feasibility study update for the Yangibana project in Western Australia (Hastings ASX announcement, 13 July 2026).

How to convert yuan per tonne to US dollars per kg

Chinese quotes are in yuan (CNY, also written RMB) per tonne, while buyers outside China usually budget in US dollars per kg. Follow these steps.

1. Take the quote, for example 738,000 yuan per tonne (the middle of the SMM Pr-Nd oxide range on 24 September 2026).
2. Divide by 1,000 to get yuan per kg: 738 yuan per kg.
3. Divide by the exchange rate on the quote date. At 6.69 yuan per US dollar, 738 yuan is about US$110 per kg.
4. Check what the quote includes. SMM states that its alloy price includes 13% value-added tax with no tax rebate, and a price quoted without tax would be lower. Ask the same question about every quote you compare.
5. Compare like with like: oxide with oxide, FOB with FOB, and CIF with CIF.

Use the first calculator below for step 3 with your own quote and rate. We applied the 6.69 rate from 15 October 2026 to the 24 September quote for this example, so the dollar figure is approximate.

What moves the neodymium price

China controls most of the supply chain

China mined an estimated 270,000 tonnes of rare earth oxide equivalent in 2025, about 69% of the 390,000 tonnes mined worldwide (USGS, 2026 estimates). Natural Resources Canada reports that China supplied about 90% of refined rare earths in 2024, and that magnets were the largest end use at 47.6% of demand (Natural Resources Canada, rare earth elements facts). The same source puts neodymium at 36% of rare earth demand in 2024.

Export controls hit heavy rare earths first

The USGS describes two rounds of Chinese export controls in 2025. In April 2025 China added controls on samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. In October it widened them to europium, holmium, erbium, thulium and ytterbium, then suspended the October list for one year in November. The USGS summary does not list neodymium or praseodymium in either round. The effect on neodymium is indirect: dysprosium and terbium go into the same magnets, and buyers shop for the whole bundle.

That indirect link shows in the heavy elements. Fastmarkets assessed terbium oxide, CIP global, at US$5,000 to 8,000 per kg on 1 October 2026, up 41% in a week, and dysprosium oxide at US$2,500 to 3,500 per kg. Market participants pointed to US defense sourcing rules from January 2027 that bar the Pentagon from buying samarium-cobalt and NdFeB magnets made with China-linked materials (Fastmarkets, 6 October 2026). Those are heavy rare earths, and the moves are far larger than anything in neodymium.

Floors, offtakes and oversupply outside China

Western producers now sell under price floors and long-term supply deals, so their realised prices can differ from spot. Lynas reported a record average selling price of A$98.2 per kg across all its rare earth products in the June 2026 quarter, helped by higher NdPr prices and heavy rare earth sales, and it excludes price adjustments (Lynas quarterly report, 22 July 2026). A producer’s blended average is not a neodymium price, because it mixes elements.

Demand sits in magnets

Neodymium-iron-boron (NdFeB) magnets are the main use, in motors, generators and defence systems. Benchmark Minerals puts a typical electric vehicle traction motor at 1 to 2 kg of NdPr alloy and 50 to 200 g of dysprosium (Benchmark Minerals glossary). Because each motor holds a roughly fixed mass of alloy, the rare earth bill per motor moves almost in step with the oxide price.

▶ Explains the seven environmental impacts of mining in plain words, the kind of cost that shapes new rare earth supply. · 2:31

Who mines and refines neodymium

Mine output is concentrated, as the chart shows. After China and the United States, no other country passed 30,000 tonnes in 2025. Several of the producers below are also the sources of the prices quoted above.

Chart

Rare earth mine production, selected producers, 2025

Thousand tonnes of rare earth oxide equivalent; USGS estimates; selected countries

• China: 270,000 tonnes of REO mined in 2025 (USGS estimate) and the home market for SMM quotes.
• MP Materials (NYSE: MP), Mountain Pass, California: NdPr production of 840 tonnes and sales of 1,006 tonnes in the quarter reported on 6 August 2026 (MP Materials, second quarter 2026).
• Lynas Rare Earths (ASX: LYC), Mt Weld in Western Australia: 1,857 tonnes of NdPr in the June 2026 quarter (Lynas quarterly report, 22 July 2026).
• Hastings Technology Metals (ASX: HAS) and Wyloo, Yangibana, Western Australia: the July 2026 study says NdPr is 37% of contained rare earth oxide in the ore reserve and more than 90% of forecast revenue, and the project is held 60% by Wyloo and 40% by Hastings; Wyloo has started a sale process for its 60%. It is a study, not a producing mine.

Our company list is not exhaustive and carries no view on any share. For an overview of where deposits sit, see our rare earth elements map, a list of US rare earth mining companies and a guide to what rare earths are used for.

▶ Explains what mining contributes to an economy through exports, jobs and revenue, and why energy-transition minerals matter. · 5:03

What neodymium costs inside a magnet motor

A buyer of motors or generators cares about the rare earth bill per unit. Take Benchmark’s 1 to 2 kg range of NdPr alloy per traction motor. At US$100 per kg of oxide, a motor holding 1.5 kg of metal needs about 1.75 kg of oxide, so its oxide cost is near US$175. That excludes alloying, sintering, machining and coating, which magnet makers charge on top. The example price is round and not a quote. Try your own motor size, price and a price move in the second calculator. The oxide-to-metal factor is an input, so you can change it for Nd-rich or Pr-rich blends.

Two questions come up most: metal against oxide, and what a finished magnet costs per kg. We found a public annual series only for oxides (USGS). Alloy history sits behind a sign-in on SMM, and we found no public benchmark for finished NdFeB magnets, whose price depends on grade, shape and coating. The calculator therefore estimates only the oxide content of a motor. Our neodymium cost guide covers the wider question of what buyers pay for neodymium products.

Where satellite data fits in rare earth exploration

A price chart does not find a deposit. Exploration teams that want to test a licence area for rare earth targets can start with satellite data before spending on fieldwork. Farmonaut delivers satellite-derived exploration targets for licence areas, as KML, KMZ or polygon input, and rare earth elements are on its detectable-mineral list. The results are targets that sit ahead of any resource estimate, not a resource under JORC or NI 43-101.

▶ Shows what Farmonaut Mining Pro does with a licence boundary: a satellite-based geological and economic picture, with no drill rig. · 4:56

For a closer look at a related question, see our guide: Neodymium per MW Wind Turbine: kg by Drive Type.

If this topic matters to you, read Praseodymium Neodymium Alloy Price: Oxide to Metal Cost next.

Frequently asked questions

How much is neodymium per kg?

The USGS estimates the 2025 average at US$73 per kg for neodymium oxide and US$69 per kg for NdPr oxide. In 2026 quotes in China ran near US$110 per kg for Pr-Nd oxide (SMM, 24 September 2026), and ex-China NdPr oxide was assessed at US$95 per kg (Benchmark, 21 August 2026).

What is the neodymium oxide price per kg?

For 99.5% neodymium oxide the USGS gives US$73 per kg for 2025 (estimate), against US$134 in 2022 and US$56 in 2024. We found no public China quote for Nd oxide alone, so this page cites the blended Pr-Nd oxide for China.

What is the difference between neodymium metal and neodymium oxide prices?

Oxide is the powder made at separation. Metal or alloy is made from oxide by reduction, so it costs more per kg. SMM’s Pr-Nd alloy quote was 893,000 to 900,000 yuan per tonne on 24 September 2026, against 737,000 to 739,000 for the oxide.

Why are prices different in China and outside it?

Benchmark reported that producers outside China were selling to non-Chinese buyers even at lower prices, so supply built up there. PrNd oxide in China stayed above the ex-China price in August 2026.

What is the US price floor for NdPr oxide?

US$110 per kg, under an agreement between the US government and MP Materials that began on 1 October 2025. Benchmark said Lynas has the same floor. It guarantees those producers a minimum return, not a market price for everyone else.

How do I convert a Chinese quote to US dollars per kg?

Divide yuan per tonne by 1,000, then by the yuan-per-dollar rate on the quote date. For example, 738,000 yuan per tonne at 6.69 gives about US$110 per kg. Ask whether the quote includes 13% VAT.

How much neodymium is in an electric car?

Benchmark Minerals says a traction motor typically holds 1 to 2 kg of NdPr alloy (its FAQ gives about 1 to 3 kg per vehicle), and not every electric vehicle uses a rare earth magnet.

Which countries mine the most neodymium?

Neodymium is not mined alone. It comes with other rare earths. China mined about 69% of the world’s rare earth oxide in 2025 (USGS estimate), followed by the United States, Australia and Burma.

Does China’s export control apply to neodymium?

The USGS summary of the April and October 2025 controls does not name neodymium or praseodymium. It does name dysprosium and terbium, which go into the same magnets.

How much does a neodymium magnet cost per kg?

We found no public benchmark for finished NdFeB magnets, because grade, shape and coating change the price. The rare earth content is only one part of it, and the second calculator estimates that part for a motor.

Where can I find a live neodymium price?

Use SMM, Trading Economics, Benchmark Minerals or Fastmarkets for dated quotes, and the USGS Mineral Commodity Summaries for annual averages. Several of these require a subscription for full history.