So i missed the transcript from the quarterly....
And I have to run to a meeting....so I used CHatGPT to distill it...here are the key takeaways:
During the Q3 FY2025 earnings call, Lynas CEO Amanda Lacaze made several significant comments that show how the rare earth market, particularly for NdPr and heavy rare earths (HREEs) like Dy and Tb, is beginning to decouple from China:
Ex-China Pricing Begins to Emerge
Chen Jiang (Bank of America) asked a key question:
"Does your customer use China DyTb as a reference? Or for China index doesn't matter for heavy and your customer will pay whatever price you ask?"
Amanda Lacaze responded:
"It has been absolutely normal to have a reference to the inside China price. At present, where there is no material being exported from China... that price is no longer a relevant price."
She went on to explain that Lynas is now negotiating prices based on industrial input value and scarcity:
"We recognize that the material we're producing is scarce outside China, i.e., we're the only ones producing it. And we think that there is significant value attached to that."
This is a major shift, implying that
China's internal pricing is no longer the global benchmark for heavy rare earths—at least for ex-China buyers.
NdPr Dynamics and Magnet Makers
Paul Young (Goldman Sachs) asked whether Lynas can redirect NdPr away from Chinese buyers toward ex-China magnet makers:
Amanda Lacaze replied:
"Yes, we can... We have a number of contracts with magnet buyers as well as contracts with magnet makers."
She added that Chinese export restrictions are forcing customers to reassess their procurement strategy:
"This is the best opportunity we've had... to reset rare earth's pricing at a level which properly reflects the importance of the material."
Demand Spikes and Strategic Shift
Austin Yun (Macquarie) asked about changing customer behavior:
Amanda Lacaze said:
"Yes, we have seen an increase in inbound inquiry... customers are seeking to secure demand."
She added that buyers are:
"...paying a risk premium for secure supply."
This reinforces the trend that non-Chinese buyers are willing to pay more for
supply chain security, not just the lowest price.
Summary
Lynas is actively shaping the ex-China rare earth market, with new pricing frameworks emerging and increased direct engagement with OEMs, defense contractors, and magnet makers. With export bans from China tightening supply and Western governments funding rare earth diversification, Lynas stands at the center of a
strategic market realignment.
Key Quote:
"There is significant value attached to the fact that we're the only ones producing this outside China."
This may be the clearest signal yet that
ex-China rare earth pricing is real and here to stay.
