In 2020, the price for scandium oxides was around 3,80 U.S. dollars per kilogram, down from 4,700 U.S. dollars per kilogram in 2012. Samarium oxide, on the other hand, had a much lower price, at two U.S. dollars per kilogram as of 2020.

Scandium oxide had the highest average domestic price in China of any rare earth oxide as of March, 2024, at 6,200 yuan per kilogram. On the other side of the scale, Lanthanum oxide had the lowest average price of any rare earth in China at that time, with an average domestic price of 4,000 yuan per metric ton.

This statistic depicts the prices of selected rare earth oxides from 2008 to 2013, in U.S. dollars per kilogram. In 2008, neodymium cost 27 U.S. dollars per kilogram. Rare earth supply in the United States are largely dependent on imports, primarily from China. Rare earth elements today are commonly used in automobile catalysts and petroleum refining catalysts, televisions, magnets, batteries, and medical devices.

Rare earths

A rare earth element or metal includes the fifteen lanthanides as well as scandium and yttrium. These elements are quite common within the Earth’s crust, however, they tend to be widely distributed due to their properties. There was approximately 140 million metric tons of rare earth reserves worldwide as of 2013, with 55 million metric tons located in China alone. Rare earth oxides in particular are usually an opaque black or dark brown color and often streaked with brown. They are also often coated in an earthy surface alteration which is part of the mineral.

Rare earth metals are often used within the nuclear industry for practical and experimental applications. They can also be used for ceramics, dyes, lasers, and electric components. In 2011, 20 percent of mined rare earth material was used in magnets and metal alloys each, catalysts accounted for another 19 percent of the global application share. Molycorp, Inc of the United States and Iluka Resources Ltd, headquartered in Australia, are among the world’s largest rare earth companies, totaling 207 million U.S. dollars and around two billion U.S. dollars, respectively, in market capitalization as of December 2014.

For the fourth year in a row, Panama recorded growth in supplies from abroad of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals, which increased by 12% to 250 kg in 2023.

After two years of decline, overseas purchases of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals increased by 58% to 142 kg in 2023.

In 2023, approx. 412 kg of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals were imported into Venezuela; growing by 148% against 2022.

For the fourth year in a row, Azerbaijan recorded growth in overseas purchases of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals, which increased by 0% to 2 kg in 2023.

For the third year in a row, Uruguay recorded decline in supplies from abroad of alkali or alkaline-earth metals, rare-earth metals, scandium and yttrium, mercury, which decreased by -24.3% to 543 kg in 2023.

In 2023, approx. 132 kg of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals were imported into Ghana; increasing by 371% compared with 2022 figures.

In 2023, supplies from abroad of alkali or alkaline-earth metals, rare-earth metals, scandium and yttrium, mercury decreased by -92.2% to 510 kg, falling for the second year in a row after two years of growth.

In 2023, approx. 6 kg of alkali or alkaline-earth metals, rare-earth metals, scandium and yttrium, mercury were imported into Azerbaijan; waning by -94.6% on 2022 figures.

In 2023, purchases abroad of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals decreased by -54.2% to 93 kg for the first time since 2019, thus ending a three-year rising trend.

In 2023, approx. 49 kg of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals were imported into Bahrain; growing by 11% against the year before.

In 2023, overseas purchases of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals increased by 344% to 40 kg for the first time since 2020, thus ending a two-year declining trend.

In 2023, imports of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals into Kuwait skyrocketed to 114 kg, increasing by 73% compared with the year before.

In 2023, purchases abroad of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals decreased by -99.6% to 8 kg for the first time since 2019, thus ending a three-year rising trend.

In 2023, overseas purchases of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals decreased by -57.2% to 68 kg for the first time since 2019, thus ending a three-year rising trend.

In 2023, supplies from abroad of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals decreased by -10.3% to 140 kg, falling for the second consecutive year after two years of growth.