Rare Earth Prices Double on China Restrictions

A little while ago I pointed out that China was restricting exports of rare earth elements (they aren't that rare in the Earth's crust, but because China could produce them at such a low cost, other mines around the world closed down over time). Well, these barriers to trade are forcing the re-opening of the shuttered rare earths mine in Mountain Pass, California, but in the meantime, these materials which are used in things like electric cars and wind turbines are going up rapidly in price. Bloomberg is reporting that: "China, supplier of 95 percent of the 17 elements known as rare earths, has clamped down on rare-earth mining and cut export quotas, boosting prices [...] Prices of the rare earths [...] more than doubled in the past two weeks." More at Bloomberg.

Tags: China