China's rare earth export controls are driving prices sharply higher:
Yttrium, used in defense, aerospace, and chipmaking, has skyrocketed +14,000% since April 2025, to ~$1,100 per kilogram.
Terbium, used in permanent magnets for electric vehicles and wind turbines, has surged +350% over the same period, to ~$4,500 per kilogram.
Dysprosium, used to strengthen magnets in electric motors and defense systems, has risen +450%, to ~$1,450 per kilogram.
The surge has been fueled by China's export licensing requirements imposed on April 4th, 2025, covering 7 rare earth elements, including terbium, dysprosium, and yttrium, in retaliation for President Trump's tariff increases.
As a result, exports of yttrium, dysprosium, and terbium are down -50%, -60%, and -50% respectively since April 2025, compared to the 12 months before the controls.
China’s export controls are holding back some key rare earths.
Silver just took off to highest level in 2 months.
Copper is at all time record levels at $6.50 per lb.
Sulfur and sulfuric acid shortages are interferring with copper production.