At the beginning of the week, China’s terbium oxide price edges lower while lanthanum oxide and europium oxide prices remain unchanged. 

As the world transitions to a clean energy economy, global demand for critical minerals such as lithium and rare earth will surge 400-600% over the next few decades, and demand for minerals used in electric vehicle (EV) batteries will increase even more - by as much as 4,000%. The US is actively promoting an "America Supply Chain" supply chain for key minerals.

At the beginning of the week, China’s domestic molybdenum price continues to remain unchanged under the weakness in the demand side and low inventory of raw materials. 

MP Materials announced that it has been awarded a $35 million contract through the U.S. Department of Defense (DoD) Industrial Base Analysis and Sustainment Program to support the construction of a commercial-scale heavy rare earth elements (HREE) processing facility at Mountain Pass.