China produces 94% of sintered NdFeB magnets used in EV motors and wind turbines; the race to break that monopoly reshapes trade, defence and industrial policy worldwide.
The rare earth element powering NdFeB permanent magnets in EV motors, wind turbines and weapons; China controls 91% of global NdPr refining and 94% of magnet output.
full dossier ›A heavy rare earth element indispensable in high-temperature NdFeB magnets for EV motors and wind turbines, refined almost entirely in China and under Beijing's 2025 export licensing regime.
Australian rare earth mining and processing company, the world's largest producer outside China, supplying neodymium-praseodymium and heavy rare earths to Japan, Europe and the United States.
The industrial step converting rare earth metals into NdFeB permanent magnets for EV motors, wind turbines, and missiles; China controls over 90% of global output.
The only active US rare earth miner, MP Materials controls Mountain Pass in California and is building the first US NdFeB magnet supply chain, backed by a 2025 Pentagon equity stake.
The strongest permanent magnets in commercial use, neodymium-iron-boron (NdFeB) magnets drive EV motors and wind turbines globally, with China producing 94% of world supply.
The midstream processing stage that converts ore concentrates into usable materials, with China controlling roughly 90% of global rare earth separation and battery-mineral refining.
Fort Worth 'Independence' facility shipped first magnets December 2025; Q1 2026 NdPr output hit record 917t; Pentagon's $400m equity stake and $110/kg price floor make the US government the underwriter of America's magnet supply
China's April 2025 export controls on seven heavy REEs drove a scarcity premium that sent NdPr from $53/kg in January to $137/kg at end-April, with European ex-China prices reaching six times Chinese domestic levels
Australia's first integrated rare earths refinery is on schedule for commissioning in 2027 with committed NdPr and heavy rare earth offtake; the White Mesa Mill in Utah is the only facility outside China that can separate terbium and dysprosium at commercial scale
CEO Amanda Lacaze says Seadrift construction may not proceed without DoD offtake; Kuantan plant secured a 10-year licence but must eliminate radioactive waste by 2031; Malaysian DoE blocked the planned capacity expansion
The European Commission published its second CRMA Strategic Projects selection in March 2026, bringing the total to 94 projects; member states must issue permits within 24 months; the CRMA sets 2030 supply benchmarks requiring 10% domestic extraction and 40% EU processing
The DoD's $110/kg NdPr floor with MP Materials became a template; Washington negotiated allied floors with Mexico, the EU and Japan by February 2026; the One Big Beautiful Bill's Section 20004 appropriated $2bn for a Strategic Resilience Reserve; the G7 Évian declaration committed $64bn across 195 projects
A January 2026 MOFCOM ban on dual-use exports for military end-users in Japan broadened into de-facto supply disruption; Japan's dependence on Chinese rare earths has fallen to 60-70% but the shock hit auto and defence sectors
The House-passed reconciliation bill terminates the IRA's wind production and investment credits for projects beginning after 2026, extends and modifies the 45X advanced manufacturing credit, bars FEOC-sourced material from 45X eligibility, and adds a new metallurgical coal credit; Senate outcome uncertain