NdPr Oxide: Composition, Price and Producers
NdPr oxide is a mixed oxide of neodymium and praseodymium, typically about 75% neodymium oxide and 25% praseodymium oxide. It is the main product of most rare earth separation plants, the feedstock for the metal used in NdFeB magnets, and the most important rare earth price for investors. In October 2026 China-domestic NdPr oxide traded at about 739,000 yuan per tonne, while ex-China prices were reported below the $110 per kilogram price floors held by MP Materials and Lynas.
NdPr Oxide at a Glance
| Attribute | Detail |
|---|---|
| What it is | A mixed oxide of neodymium (Nd2O3) and praseodymium (Pr6O11) |
| Typical Chinese specification | At least 99% (Pr6O11 + Nd2O3) of total rare earth oxide; Pr6O11 25% (±2) and Nd2O3 75% (±2) of rare earth oxide (GB/T 31965-2015, as used by SMM) |
| Main use | Reduced to NdPr metal, then alloyed into NdFeB permanent magnets |
| Why one price | Most separation plants make mixed NdPr rather than splitting the two elements fully, and magnet makers can use the blend |
| Main benchmarks | China domestic price (for example Shanghai Metals Market, in yuan per tonne); ex-China prices such as CIF Europe and North America (for example Benchmark Mineral Intelligence, in US dollars per tonne) |
| Where producers sell | To metal and magnet makers, mostly under contracts linked to a benchmark, with a few government-backed price floors |
Specification from the Shanghai Metals Market Pr-Nd oxide assessment. Western producers may state their own specifications.
NdPr Oxide Price
| Reference | Price | Date | Note |
|---|---|---|---|
| China domestic, Pr-Nd oxide (SMM) | 738,000 to 740,000 yuan per tonne | 21 October 2026 | Delivered to works; yuan quotes are generally VAT-inclusive |
| Ex-China, NdPr oxide CIF Europe and North America (Benchmark) | About $95,000 per tonne ($95/kg) | Reported in Benchmark's Q3 2026 review period | Below the $110/kg floors in the MP Materials and Lynas agreements |
| USGS, neodymium oxide annual average | $56/kg (2024); $73/kg (2025 estimate) | Annual | Neodymium oxide only; USGS publishes no NdPr series |
Sources: SMM; Benchmark Mineral Intelligence; USGS Mineral Commodity Summaries. Prices move daily and these are snapshots, not live quotes. Compare like with like: a yuan price delivered in China and a US dollar CIF price are different bases.
Why two prices? Since China's April 2025 export licensing, some rare earths trade at different levels inside and outside China. The gap runs both ways: ex-China heavy rare earths have surged, while Benchmark reported ex-China NdPr falling faster than the China price as light rare earths were oversupplied outside China. See China vs ex-China rare earth prices for the heavy rare earth gap, and how pricing works for benchmarks and contracts.
Why NdPr Oxide Is the Key Rare Earth Price
- Magnets are the biggest value use. NdPr goes into the NdFeB magnets in EV motors, wind turbines and industrial motors (see NdFeB magnets explained).
- It drives producer revenue. NdPr is a major revenue line for MP Materials and Lynas, so their results follow this price.
- It sets project economics. New refineries outside China are judged on whether they can earn a margin at the NdPr price, which is why governments have offered price floors.
NdPr Oxide vs NdPr Metal
NdPr oxide is made into metal by molten salt electrolysis, and the metal is what magnet makers alloy. Metal sells at a premium to oxide. On 27 October 2026 SMM assessed Pr-Nd alloy at 879,000 yuan per tonne, against about 739,000 yuan for the oxide. The oxides vs metals page explains the conversion and why the product form matters when comparing prices.
Who Produces NdPr Oxide
| Company | Location | Status |
|---|---|---|
| MP Materials | Mountain Pass, California | Producing; $110/kg floor with the US Department of Defense |
| Lynas Rare Earths | Mt Weld mine, Western Australia; separation in Malaysia | Producing; $110/kg floor on 5,000 tonnes a year for Japanese industry through JARE |
| China Northern Rare Earth and other Chinese producers | China | Produce most of the world's NdPr oxide |
| Arafura Rare Earths | Nolans, Northern Territory | Final investment decision May 2026; non-binding letter of support, no floor |
| Iluka Resources | Eneabba, Western Australia | Refinery planned for 2027 |
Compare listed producers on the best rare earth stocks page and see where separation happens on the separation and refining page.
NdPr Oxide FAQ
What is NdPr oxide?
NdPr oxide is a mixed oxide of neodymium and praseodymium, typically about 75% neodymium oxide and 25% praseodymium oxide with a combined purity of at least 99% under the Chinese standard. It is the main product of most rare earth separation plants and the feedstock for NdPr metal and NdFeB magnets.
What is NdPr oxide used for?
NdPr oxide is reduced to NdPr metal, which is alloyed with iron and boron to make NdFeB permanent magnets. Those magnets are used in electric vehicle motors, wind turbines, industrial motors, robotics and defense equipment.
What is the NdPr oxide price?
On 21 October 2026 Shanghai Metals Market assessed Pr-Nd oxide in China at 738,000 to 740,000 yuan per tonne. Outside China, Benchmark Mineral Intelligence reported NdPr oxide at about $95,000 per tonne CIF Europe and North America, below the $110 per kilogram price floors in the MP Materials and Lynas agreements. Prices change daily, so check a price reporting agency for the current level.
Why is NdPr oxide the most important rare earth price?
NdPr oxide is the most important rare earth price because NdFeB magnets are the largest value use of rare earths, and NdPr is a major source of revenue for producers such as MP Materials and Lynas. Its price drives producer revenue and the economics of new projects.
What is the difference between NdPr oxide and NdPr metal?
NdPr oxide is the separated rare earth oxide; NdPr metal is made from the oxide by molten salt electrolysis and is what magnet makers alloy. Metal sells at a higher price per kilogram than oxide because of the extra processing. SMM assessed Pr-Nd alloy at 879,000 yuan per tonne on 27 October 2026, against about 739,000 yuan for the oxide.
Why is the ex-China NdPr price below the $110 floor?
Benchmark reported that ex-China NdPr oxide fell below $110 per kilogram on oversupply of light rare earths outside China, while China domestic prices eased far less. The $110 per kilogram figure is a contract floor for specific producers, not a market price, so market prices can sit below it.