摩根大通：2026年稀土大宗商品仪表盘报告（英文版）

China's rare earth controls proved the leverage is real, and accelerated astructural split in the market. In April 2025, China imposed export licensing onseven medium/heavy rare earths, Dy, Tb, Sm, Gd, Lu, Se and Y, plus relatedcompounds, metals, alloys and finished magnets. NdPr was not targeted, but thedisruption was immediate: monthly NdFeB magnet exports fell 77% to 1,238t inMay-25, with US shipments down 92% to 46t (see Figure 10). Exports recoveredfrom Jul-25 as licences started com