Secretary Bessent Issues Statement Welcoming S&P Global Release of Critical Mineral Reference Prices

What this means

In an August 7, 2026 statement, Treasury Secretary Scott Bessent welcomed S&P Global’s new price benchmarks for gallium, germanium, tungsten, antimony, and neodymium and praseodymium. Treasury said clearer pricing could help investment and sourcing decisions. The release also described a proposed critical-minerals trade agreement with mineral-specific price floors introduced in phases and adjusted at the border. It linked those negotiations to G7 discussions, work with Japan, Mexico and the European Union, and nearly 2,500 public comments on a February 26 notice. The agreement’s provisions remained proposals, not newly enacted trade rules.

Official release

Source material from U.S. Secretary of the Treasury. The wording below is the issuer’s statement.

August 7, 2026

WASHINGTON — Today, the U.S. Department of the Treasury welcomed S&P Global’s introduction of new reference prices for critical minerals, calling the development an important advancement in promoting greater transparency to enable market-based price discovery across global critical minerals markets. The new benchmarks cover Gallium, Germanium, Tungsten, Antimony, and Neodymium and Praseodymium, providing enhanced pricing visibility and market intelligence that will support more informed investment and sourcing decisions.

Transparent, credible reference prices are essential to well-functioning markets. By improving price visibility, these reference prices can help strengthen investor confidence, encourage long-term private-sector investment, and support the development of critical mineral supply chains while countering the effects of non-market policies and practices.

“Transparent, market-based pricing is essential to attracting the private capital needed to build secure, resilient, and diversified critical mineral supply chains,” said Secretary of the Treasury Scott Bessent. “As the United States works with trusted partners to strengthen critical mineral markets, reliable reference prices will support the Trump Administration's efforts to address market distortions and advance our long-term economic and national security.”

The Agreement on Trade in Critical Minerals seeks to establish phased-in, mineral-specific price floors adjusted at the border while advancing common standards among like-minded trading partners. Negotiations build on discussions held earlier this year among G7 Finance and Trade Ministers, as well as action plans developed with Japan, Mexico, and the European Union.

The proposed framework for the Agreement reflects feedback received through nearly 2,500 public comments submitted in response to the Federal Register Notice issued on February 26, 2026. Treasury looks forward to continued engagement with international partners to promote transparent, competitive, and resilient critical minerals markets.

Release text attributed to U.S. Secretary of the Treasury. Consult the official publication for any subsequent corrections or updates.