CITIC Securities: Resonance of Supply, Demand, and Technology—It Is the Right Time for Rare Earth Value Reassessment

Golden Ten Data reported on July 3 that, according to a research report by CITIC Securities, the value of rare earths is currently being reassessed due to the combined effects of supply-demand dynamics and technological advancements. In the first half of 2026, the average price of praseodymium-neodymium oxide is expected to reach 731,000 yuan per ton, a year-on-year increase of 73.6%. On the supply side, there has been a significant reduction in imports and recycling, domestic rare earth management policies are being enforced more strictly, and the supply within the rare earth industry remains tight. On the demand side, the production of new energy vehicles and robots is increasing month-on-month, export orders are growing strongly, and the mass production of Tesla robots is imminent, all of which are expected to further drive demand for rare earths. Taking into account the overall supply and demand situation, the global supply-demand gap for rare earths is expected to continue widening from 2026 onward, providing long-term support for rare earth prices. The report continues to recommend strategic allocation value within the rare earth industry chain and maintains an industry rating of “outperform.”