Summary: China Northern Rare Earth set its fourth-quarter 2026 related-party transaction price for rare-earth concentrate at RMB 38,769 per metric ton excluding tax on a dry basis with 50% rare-earth oxide content. That is 0.53% above the third-quarter level, indicating a small adjustment rather than a broad market-price surge.
Quarterly transaction price moves slightly higher
The company’s official announcement says the fourth-quarter transaction price was calculated under its established pricing method using third-quarter rare-earth oxide prices. The new level is RMB 38,769 per metric ton excluding tax for dry concentrate at REO=50%.
For every one-percentage-point change in REO content, the tax-exclusive price changes by RMB 775.38 per metric ton. The previous quarter’s transaction price was RMB 38,565 per metric ton, so the new level is RMB 204 higher, a quarter-on-quarter increase of approximately 0.53%.
The number is not a universal spot-price benchmark
This is a disclosed related-party concentrate transaction price between major Chinese industry participants, calculated through a defined quarterly mechanism. It should not be presented as the price of every rare-earth concentrate, separated oxide, NdPr alloy or finished NdFeB magnet.
Costs further downstream also depend on separation yields, individual oxide prices, alloy conversion, magnet grade, heavy-rare-earth additions, machining, coating, quality requirements and order volume. A modest concentrate-price movement therefore does not translate mechanically into the same percentage change for finished magnets.
What B2B buyers should watch
Buyers should compare this upstream signal with current NdPr oxide and alloy quotations, magnet-factory operating rates, export licensing conditions and actual supplier lead times. When requesting quotations, they should specify the magnet grade, dimensions, coating, magnetisation direction, temperature requirement and annual demand so that cost changes can be assessed against a consistent technical baseline.
The fourth-quarter adjustment suggests relative stability at a high upstream transaction level, but it does not by itself establish the direction of finished-magnet prices or future supply availability.
Source: China Northern Rare Earth official company announcement, 10 October 2026.
Feature image: original conceptual illustration; it is not a photograph of China Northern Rare Earth, Baotou Steel or an HK Magnet facility.