What is driving the recent surge in praseodymium oxide prices and supply tightness?

What is driving the recent surge in praseodymium oxide prices and supply tightness?
China's supply controls are tightening sharply. The 2024 mining quota rose only 5.88% versus an average 22% annual growth from 2021-2023, and smelting separation quotas grew just 4.16%. By late 2025, domestic NdPr oxide output fell 15% from September to December, with capacity utilization dropping across major producing provinces except Jiangxi. Overseas supply is also constrained: Myanmar, which supplied 64% of China's rare earth imports in 2025, halted mining in Kachin State from end-2025, and MP Materials stopped shipping concentrate to China. Global supply is projected to remain tight through 2026, pushing price benchmarks higher. Demand is broadening beyond EVs and wind to humanoid robots, each using 3.5-4 kg of permanent magnets, and industrial robots consuming about 20 kg per unit. This structural shift from cyclical to strategic pricing is redefining praseodymium oxide valuations.