[News] Northern Rare Earth, Baogang Reportedly Raise 4Q Concentrate Prices 37% amid China’s Export Curbs

Around the same time Beijing announced tighter rare-earth export rules on October 9—requiring case-by-case reviews for semiconductor and AI-related materials—China’s two rare-earth giants, Northern Rare Earth and Baogang Group, moved in sync to raise transaction prices for rare earth concentrates starting Q4 2025, with hikes expected to reach up to 37%, according to ijiwei.

In detail, the report notes that for concentrates with a rare earth oxide (REO) content of 50%, the latest quoted price has climbed to 26,205 yuan (CNY) per ton, marking a 37.13% quarter-over-quarter surge from Q3 2025.

This price adjustment, as per the report, is not an isolated event. Ijiwei points out that since bottoming out in Q4 2024, rare earth concentrate prices have cumulatively soared by more than 56%. The report adds that looking back over the past five quarters, rare earth concentrate transaction prices have climbed in a staircase pattern, from 16,741 yuan per ton to 19,109 yuan per ton.

Export Curbs Compound Pressure from Rising Prices

On October 9, Beijing tightened rare-earth export rules. According to China’s Ministry of Commerce, the rules cover 14nm-and-below logic chips, 256-layer-and-up memory, related equipment, and AI with potential military use. Any foreign-made item with ≥0.1% Chinese-origin rare earths—including samarium-cobalt, neodymium-iron-boron, cerium magnets, and rare earth alloys—now needs a license.

According to analysts cited by ijiwei, the new wave of controls extends across nearly the entire rare earth supply chain. Coupled with surging raw material costs, the resulting price pressure is expected to trickle down to electronics manufacturing, potentially adding inflationary strain to related industries.

The report also underscores that this is the first time semiconductors and AI have been explicitly included in China’s export restrictions—a move that’s set to squeeze short-term profit margins for downstream producers of electronic components, permanent magnet motors, and advanced alloys.

Chip Toolmaker ASML Signals Readiness for Rare Earth Disruption

It is worth noting that as per Bloomberg, the new export curbs could hit two key segments of the semiconductor industry — chipmakers that use rare-earth chemicals in wafer production and equipment makers that depend on rare-earth magnets. The resulting longer lead times for tools and components could in turn disrupt long-term production plans.

However, citing ASML CFO Roger Dassen at the company’s earnings call on October 15, Bloomberg notes that the chipmaking tool behemoth is “well prepared” for China’s rare-earth export curbs, though the broader impact on the chip ecosystem remains uncertain.

Dassen claimed that given the company’s lead times, it has ensured its supply chain has the materials needed for the coming months, as per Bloomberg.

Read more

• [News] China Expands Rare Earth Curbs, Subjects 14nm Logic and 256-Layer Memory to Case-by-Case Review

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