Prices surged to US$126 a kg, up from less than US$8 at the end of 2024, according to Asian Metal Inc.

In April, China imposed export curbs on rare earths, including yttrium.

Rare earths- their output, refining, trade, and usage – are at the heart of the drawn-out trade showdown between the world’s two largest economies.

At present, China dominates its production, and while Beijing recently agreed to free up sales, the two sides are still negotiating over the details.

Yttrium’s uses include medical technologies, as well as aerospace equipment, ceramics, lasers and superconductors.

In the four years to 2023, more than 90% of US imports came from China, according to the US Geological Survey.

In the US, while Pentagon-backed MP Materials Corp. mines yttrium at its Mountain Pass project, the company is stockpiling the material while it plans a downstream expansion.

Elsewhere, Australia’s Lynas Rare Earths Ltd, which produces an array of rare earths, is expanding capacity to produce yttrium from its Mount Weld mine and processing plant in Malaysia.