Price of ‘Rare Earth’ Metals Skyrocketing


Neodymium Magnet on a Hard Drive

COGwriter

The world is starting to become upset by the fact that China controls 95% or so of certain “rare earth elements”(like neodymium ) and has dramatically reduced their export:

Rare earth prices are reaching rarefied heights.

World prices have doubled in the last four months for rare earths — metallic elements needed for many of the most sophisticated civilian and military technologies, whether smartphones or smart bombs.

And this year’s increases come atop price gains of as much as fourfold during 2010.

The reason is basic economics: demand continues to outstrip efforts to expand supplies and break China’s chokehold on the market.

Neodymium, a rare earth necessary for a range of products including headphones and hybrid electric cars, now fetches more than $283 a kilogram ($129 a pound) on the spot market. A year ago it sold for about $42 a kilogram ($19 a pound).  http://www.nytimes.com/2011/05/03/business/03rare.html

China may need all it produces so stopped exporting much of any of its rare earth metals.   Its control over rare earth metals (China controls about 95% of the world’s supply) gives China a lot of power and influence.  Including diplomatically.

The USA recognizes a problem here and has taken several steps, including hopefully having a mine open in California in 2012 (see Rare Earth Elements, China, and 2012).

But despite the steps by the Americans, the Chinese still have major control and expect to for the foreseeable future. This does not bode well for the USA.

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