2 February 2026

January price moves: lithium and rare earths strengthen as manganese weakens

Key insights from this briefing

Which critical minerals strengthened most in the January 2026 briefing?

The briefing reported strong gains in lithium carbonate, gallium and NdPr oxide, with gallium and NdPr posting double-digit monthly increases. Manganese moved in the opposite direction as changing battery feedstock patterns put pressure on high-purity spot demand.

Why did manganese weaken in January 2026?

The briefing reported weaker spot demand for standalone high-purity manganese as battery precursor sourcing patterns changed. This created short-term price pressure even though the longer-term role of manganese in battery and industrial applications remained intact.

Excerpt from this briefing's Industry Insight

January brought strong gains for lithium and rare earths. Lithium carbonate rose 9.6% as battery demand re-accelerated, while gallium rose 17.0% and NdPr oxide 18.2%. Manganese fell 9.9% as standalone spot demand weakened. The Industry Insight examined silicon, where purity determines whether the same element becomes a bulk industrial input or the foundation of advanced chips, solar cells and other high-technology applications.

This is an excerpt from the Industry Insight in the full Market Briefing. Log in to access the complete briefing.