6 October 2025

September market divergence: rare earths strengthen as lithium and hafnium weaken

Key insights from this briefing

Which critical minerals strengthened in September 2025?

NdPr oxide, scandium oxide and gallium were the stronger markets in the September briefing. Their gains were associated with supply-security demand across magnets, aerospace and high-technology applications.

Why did lithium and hafnium weaken during the same month?

Lithium remained under pressure from market oversupply and inventory rebalancing. Hafnium also weakened, but the briefing treated that decline as a short-term market adjustment rather than a change in its longer-term aerospace and semiconductor demand outlook.

Excerpt from this briefing's Industry Insight

September's market was sharply divided. Lithium and hafnium weakened, while NdPr oxide, scandium oxide and gallium strengthened as supply-security demand remained firm. The accompanying Industry Insight examined the processing requirements behind rare earth supply, including the separation of chemically similar elements, the role of neodymium and praseodymium in high-strength magnets and the additional handling requirements created by thorium-bearing monazite. The month illustrated how processing capacity, supply-chain security and end-use demand can produce very different price behaviour across critical minerals.

This is an excerpt from the Industry Insight in the full Market Briefing. Log in to access the complete briefing.