Published On: Wed, Sep 15th, 2021

Rare Earth Metal Prices Poised for More Gains: Analysts

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Rare earth metal prices have risen sharply over the past year while growing adoption of new technologies like electric vehicles is likely to send costs even higher, according to analysts. In the 12 months through September, the price of lithium carbonate—used in batteries, mobile devices, and spacecraft—surged 150 percent; the price of holmium oxide—used in magnets and sensors—rose 109.4 percent; and the price of praseodymium-neodymium oxide—used in magnets, motors, and wind turbines—vaulted 73.7 percent, according to Shanghai Metals Markets (SMM) data cited by Nikkei Asia. “Demand for new energy vehicles and wind power has continued to increase this year, boosting demand for rare earth,” SMM analysts wrote in a recent note, predicting that “demand for rare earth functional materials, especially rare earth magnetic materials, will grow significantly,” driven by the push to decarbonize economies. The Biden administration in February ordered a review of key domestic supply chains, including of critical minerals …

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