Rare Earth Elements

Seventeen chemically similar metals critical to magnets, motors, and defense, with China refining most of the world.

Overview

The family splits light and heavy, with neodymium and praseodymium powering permanent magnets, dysprosium and terbium added for heat tolerance, and cerium and lanthanum in polishing and catalysis. Mining spreads across China, the US Mountain Pass, Australia, and Myanmar, but separation and refining sit overwhelmingly in China, the chokepoint export controls from 2023 onward target. Neodymium iron boron magnets run EV motors, wind turbines, drones, and precision weapons, and past trade disputes showed the leverage. Prices quote in China by oxide, with a boom in 2011 and another in 2021 22 followed by long slumps as supply and substitution answer.