Shares in Australian producer Lynas Rare Earths, which started producing heavy rare earths earlier this year, rallied more than 6% to the highest in 13 years. Shares of Iluka Resources and Arafura Rare Earths were both up close to 10% on Tuesday.

Australia is considering setting a price floor to support critical minerals projects, including rare earths, Resources Minister Madeleine King said, in comments that led to a jump in share prices for Australian-listed rare earths miners.