# China Northern Rare Earth fixes fourth-quarter concentrate supply price

*A quarterly formula adjustment at 38,769 yuan per ton sets upstream costs while the Baotou exchange builds nationwide benchmark liquidity*

**Published:** October 11, 2026  
**By:** Mei-lin Guo  
**Section:** Energy & Critical Minerals — China  
**Format:** Policy Tracker  
**Confidence:** high  
**Source:** https://eastasiabrief.com/energy-minerals/china-northern-rare-earth-fixes-fourth-quarter-concentrate-supply-654  
**Publisher:** East Asia Brief (https://eastasiabrief.com/)

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## What to know

- China Northern Rare Earth raised Q4 concentrate transfer price by 0.53% to 38,769 yuan per ton
- JL MAG plans to take a 9.24% stake in the Baotou exchange as Northern Rare Earth cuts its equity to 9.24%
- The next quarterly formula reset takes effect in early January 2027 based on Q4 spot averages

![A worker wearing a hard hat and uniform stands behind a large vat inside a rare earth processing facility. (AI-generated image)](https://eastasiabrief.com/media/2026-10-11-9e6f0a1a26e4.webp)
*A worker wearing a hard hat and uniform stands behind a large vat inside a rare earth processing facility. (AI-generated image)*

China Northern Rare Earth adjusted its quarterly concentrate benchmark on Oct. 10, 2026, setting fourth-quarter supply terms that anchor input costs across the domestic processing chain.

The state-backed miner set the transfer price with Inner Mongolia Baogang Steel Union at 38,769 yuan ($5,793) per dry metric ton. That marks a 0.53% increase from the third quarter.

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Cite as: East Asia Brief, "China Northern Rare Earth fixes fourth-quarter concentrate supply price," October 11, 2026. https://eastasiabrief.com/energy-minerals/china-northern-rare-earth-fixes-fourth-quarter-concentrate-supply-654