Monday, May 2, 2011

Rare Earth prices soar

Neodymium, a rare earth necessary for a range of products including headphones and hybrid electric cars, now fetches more than $283 a kilogram ($129 a pound) on the spot market. A year ago it sold for about $42 a kilogram ($19 a pound).

Samarium, crucial to the manufacture of missiles, has climbed to more than $146 a kilogram, up from $18.50 a year earlier.

The high prices for rare earths reflect turmoil in the global industry that mines and refines them. China, which controls more than 95 percent of the market, has further restricted exports so as to conserve supplies for its own high-tech and green energy industries.

http://www.nytimes.com/2011/05/03/business/03rare.html?hpw

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