NdPr

MP Materials posted Q2 2026 revenue of $108.5 million, up 89% year over year, as NdPr oxide and metal sales surged 127% to 1,006 metric tons and production rose 41% to 840 tons. The company swung to positive adjusted EBITDA and guided third-quarter NdPr production above 1,000 tons.

Thirteen of nineteen tracked rare earth elements fell in the August benchmark reading, reversing July's broad rally, though the NdPr complex held its gains with the alloy edging up to $133.67/kg. The still-unpublished Chinese H2 mining and smelting quota remains the biggest open catalyst for NdPr prices heading into September.

Chinese customs data show rare-earth permanent magnet exports hit record levels in the first half of 2026, yet Beijing continues to steer shipments selectively, keeping export licensing as a geopolitical lever. Flows remain unrestricted to most buyers while politically targeted companies face curbs.