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![Analysis of Rare Earth Resources in Central Asia and Mongolia: Asia's Strategic Reserve [SMM Analysis]](https://static.metal.com/price.metal.com/3.1.17/image/news-default.png)
Kazakhstan, Kyrgyzstan, and Mongolia, with their abundant reserves of rare earth resources, are emerging as key players in the diversification of the global rare earth supply chain. In this article, we will examine the development of the rare earth industry in these three countries.
According to SMM statistics, as of December 19, 2025, domestic aluminum rod plants' days of inventories reached 4.37, down 0.45 WoW, with inventory continuing its downward trend. In terms of inventory ratio, the domestic aluminum rod plant inventory ratio was recorded at 45.28%, down 6.2% WoW.
Recently, US magnet manufacturer eVAC shipped the first batch of NdFeB permanent magnets from its Sumter plant in South Carolina, marking a critical step in the localization of rare earth permanent magnet production in the US. This delivery is considered the first commercial production of rare earth magnets in the country. At the same time, positive news emerged from domestic resource exploration in the US—Ion Mineral Technology discovered an ion-adsorption rare earth ore deposit at its Silicon Ridge project in Utah. This deposit is not only rich in rare earths but also contains 16 critical metals, including gallium, germanium, and rubidium. This discovery could become one of the largest critical mineral deposits in North America.
It was like holding up a collapsing tower [SMM Analysis]
[SMM Analysis:It was like holding up a collapsing tower]Over the past three years, as China's smelting capacity for primary smelting has been concentratedly commissioned, year-end negotiations between Chinese smelters and Antofagasta have been particularly challenging. Since the end of last month, Antofagasta consistently maintained its Benchmark offer to Chinese smelters in the mid-negative $10 from the first to the second round. During this period, the China Smelters Purchase Team (CSPT) and the China Nonferrous Metals Industry Association repeatedly stated their firm stance: they would not accept any long-term pricing system other than the Benchmark, would not accept a negative Benchmark result, and were determined to reduce primary smelting output. Expectations for production cuts in primary smelting among Chinese copper smelters grew stronger. Facing these difficulties head-on, Chinese smelters, with one leading enterprise arguing forcefully on principle and without conceding on other terms, finally reached a $0 agreement with Antofagasta on the night of December 19, paving the way for other participating Chinese smelters to follow suit. Prior to this, market pessimism was rampant, with bearish narratives circulating widely. Given the mining company's persistent negative offers over multiple rounds, the market generally expected Chinese smelters to reluctantly accept a negative figure, ushering in an era of negative annual contracts. From the outcome, these negotiations were nothing short of turning the tide and preventing a catastrophic collapse.
This week, the secondary copper market continued its pattern of "stable prices and shrinking volumes" against the backdrop of fluctuating and declining copper cathode prices, with overall trading activity remaining sluggish. The center of copper prices shifted down by 600 yuan/mt, while the price of bare bright copper in Guangdong edged up by 200 yuan/mt to a range of 82,000–82,200 yuan/mt, demonstrating the resilience of recycled copper raw material prices. Despite price adjustments, suppliers, constrained by limited inventory and strong price-holding sentiment, did not significantly increase market supply in response to price fluctuations.
