Prices for most rare earths, particularly those used in permanent magnets, declined in February as demand from downstream producers waned amid economic uncertainty. Despite a brief period of uplift following the spring festival closures, prices for neodymium, praseodymium and neodymium-praseodymium oxide fell by an average of 1.1% month-on-month. We expect order activity from downstream metal, alloy and magnet manufacturers to improve towards the end of Q1 and in to Q2 2023, facilitating an uptick in prices towards the end of the year. The ROW pipeline of developing projects at the mined and refined stage continues to expand as governments around the world look to improve supply chain security. Wood Mackenzie expects global mined supply to become increasingly diversified over the coming years; however, significant investment in downstream portions of the supply chain are required to achieve total security.