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Rare Earth Prices Rise to a 9-year High, US Urgently Spends 120 million to Save Itself
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Rare Earth Prices Rise to a 9-year High, US Urgently Spends 120 million to Save Itself

The world's rare earth reserves are 120 million tons, of which China accounts for 44 million tons, making it the country with the largest reserves in the world. In recent years, China's rare earth production has been increasing, and last year, it accounted for 60% of the world's. Moreover, China's rare earths not only have high output, but also have a wide variety of types. It is the only country in the world that can provide 17 kinds of rare earths. Starting in December last year, until now, the price of rare earths has risen to the highest price in 9 years. In response to this situation, China will increase its mining efforts. In addition, rare earths are an indispensable resource in new energy vehicles and smart phones. As its status in the world rises, the price of rare earths will rise. And China's rare earth production, judging from the current situation, will be strictly controlled, so the price of rare earths may continue to rise.

The rising prices of rare earths in China have caused panic in the United States. The United States has always relied on China's rare earths. It is estimated that the United States relied on imports in 2018 for all rare earths, of which the imports from China reached 80%. This shows that the United States is dependent on China in this regard. The United States allocated 30 million U.S. dollars to Lynas for this purpose, hoping to help build a heavy rare earth separation plant in the United States and improve its processing capacity. However, the equipment of the factory is not that simple. Processing technology is the most critical step. According to previous reports, it will take 10 years for the United States to realize self-supply of rare earths. The President of the United States stated that it can import the rare earths it needs from allies, and in order to save itself in this way, the United States has spent 123 million US$ to support the development of rare earths in the country.

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