President Trump’s proposed deal to end Russia's invasion of Ukraine hinges on something far more valuable than mere diplomacy: Ukraine’s rare earth elements. As America looks to gain control over the war-torn nation's reserves, the stakes are massive. Rare earths power the tech that runs our lives and drives the future, from the smartphones in our pockets to the electric cars on the roads. No wonder global powers are locked in fierce competition for these prized resources.

Read on to get the lowdown on the highly coveted substances and discover what they cost, ranked from the most affordable to the outrageously expensive. 

Prices correct as of 18 March 2025 and include VAT. All dollar amounts in US dollars.

Rare earths are a group of 17 metallic elements with unique properties that make them indispensable to modern technology. They're found in a bewildering array of innovations, including smartphones, electric cars, wind turbines, medical scanners and advanced defence systems. They're also essential components in LEDs, lasers, glass production, steelmaking and petroleum refining.

Classed as 'critical minerals' by many countries, rare earths are strategically vital. China dominates global production, producing a whopping 70%. The US is a distant second with a meagre 12% piece of the pie. And with China slapping export bans on certain crucial rare earths, governments worldwide are scrambling to secure supplies and diversify their supply chains.

Despite the name, not every rare earth is rare. But they're all challenging to extract since reserves tend to be scattered rather than concentrated. As a general guide, the scarcer 'heavy' rare earth elements are more valuable than the more commonplace 'light' ones.

Pinning down average prices can be tricky since there isn't a standardised public exchange for the elements. For this analysis, we've consulted the next best thing: Shanghai Metals Market (SMM), an industry leader in metals and mining industry data.

For our breakdown of the price of every rare earth, we've used the measurement of cost per kilogram (kg). One kilogram is equivalent to 2.2lb.

An ultra-malleable metal that's soft enough to be cut with a knife, lanthanum is the second most common rare earth and more abundant than cobalt in the planet's crust.

The not-so-rare 'light' rare earth is used in myriad ways, ranging from petroleum-refining and hydrogen storage tech to batteries, camera lenses, optical fibres and LEDs. The metal has several medical and environmental applications too, so it's quite the multi-tasker.

Given its relative abundance, the price of lanthanum is modest, coming in at just $2.96 (£2.29) per kilogram. This puts it in a similar bracket to cheap metals like aluminium, highlighting its accessibility.

China mines 62% of the world's lanthanum. Since 2021, overproduction in the country has flooded the market. With supply hugely outstripping demand, the typical price per kilogram has slumped by more than a third, according to analytics firm Business Analytiq.

The most abundant rare earth, cerium is 15,000 times more common than gold and it's even more ubiquitous than copper, so 'rare' is a major misnomer in its case.

This is just as well since the soft iron-grey 'light' rare earth has many uses. Among numerous other varied applications, it's vital in catalytic converters, boosts metal alloys and can be found in smartphone and TV displays.

China is almost as dominant in cerium production as it is in lanthanum mining. The People's Republic supplies 60% of the global total, while the US is second and supplies just 10%. Again, overproduction has translated to falling prices over the past few years, a boon for automakers, smartphone manufacturers and more.

According to data from Business Analytiq, the typical cerium price per kilogram has fallen by around 40% since 2021.

Another 'light' rare earth that isn't all that rare, samarium is the hardest and most brittle of the bunch.

A wonder metal like its rare earth counterparts, samarium has found its way into semiconductors, high-performance magnets and nuclear power plants and is even used to treat cancer.

The price of samarium is low as rare earths go. A kilogram of the metal averages only $11.70 (£9.04), which is reassuring given its use as a cancer therapy. The element is around three times as abundant as tin, with this prevalence keeping prices affordable.

China produces over 60% of the world's samarium and 90% of all samarium cobalt magnets. Once again, the country has been overdoing the mining of the element, and a glut has pushed prices down by over half since 2021.

Soft and stretchy yet classed as 'heavy', ytterbium is the most volatile rare earth metal. Partly for this reason, it isn't as widely used as other rare earths, and suppliers are relatively few and far between.

That said, ytterbium has its fair share of highly specialised applications. These include nuclear medicine, lasers, catalysts, light sources, metal alloys and electronics. Plus, the metal is used in the world's most accurate atomic clock.

Ytterbium is essentially stardust since the element was formed from two supernovas. But it's not all that scarce, being more common than tin and arsenic in the Earth's crust. Prices are therefore reasonable. They were higher a decade ago and have since fallen, but they're now edging up again following a dip in 2020. The price shown here is for the oxide of the metal.

As with most other rare earths, China is the major global producer by a long shot, mining 70% of the world's ytterbium. This image shows the ytterbium-powered atomic clock created by the US National Institute of Standards and Technology.

Gadolinium is a 'light' rare earth renowned for its unique magnetic properties, as well as its exceptional thermal and electrical conductivity. This makes it very handy for a variety of cutting-edge tech.

Indeed, the super-versatile element is used in everything from medical scanners and dental alloys to lasers, quantum computers and steelmaking.

There's around double the quantity of gadolinium than ytterbium in the planet's crust, and this relative abundance helps keep the element affordable.

China produces around 60% of the world's gadolinium. Since 2023, supply has significantly outweighed demand and prices for the metal have plummeted by almost 70%, with the price per kilogram of the oxide now standing at just $23.54 (£18.19).

This soft silvery-white 'light' rare earth metal has a standout star property: fluorescence. Because of this, the element has plenty of optical applications. It features in TV and computer screens, LEDs, lasers, X-ray machines, medical imaging devices and lightbulb glass.

Europium is also used in smartphones, visual effects and nanotechnology research, not to mention florescent anti-counterfeiting inks on banknotes.

Europium is as common as tin and arsenic, so the element isn't at all rare when it comes to total reserves. That said, it's one of the rarer rare earths and it's notoriously tricky to extract.

Even though it's named after Europe, China is the leading producer of the fluorescent metal. Cost-wise, europium is on a downward trajectory, no doubt due to Chinese overproduction. The price shown here is for the oxide of the metal.

This 'heavy' rare earth element is about as prevalent in the Earth's crust as cobalt and about 17 times more common than europium.

One of the most versatile rare earths, yttrium has many applications. The element is used in cancer treatment and dental implants, powers lasers and superconductors, and is essential for microwave filters, LED lighting and displays in smartphones and TVs. It's also used in nuclear reactors. On top of this, the rare earth element plays an important role in clean energy development, particularly solar power.

The price of yttrium has more or less halved since 2022, though it is subject to more fluctuations than most other rare earths. Oversupply is once again a major driver of this. Unsurprisingly, China is the major producer by a long stretch.

In fact, the US is reportedly more reliant on China for this critical mineral than any other. America sources a staggering 94% of its yttrium from the People's Republic, placing the country in an extremely vulnerable position.

Erbium is one of the 'heavy' rare earths. The element is about as abundant in the earth's crust as ytterbium and has a silvery-white appearance.

Erbium's standout use is in fibre optic cables. Without it, high-speed internet would be impossible. The rare earth is also used in nuclear reactors, laser manufacturing and glass production.

The oxide of the element is currently trading at $40.89 (£31.53) per kilogram, according to SMM. While the price has been trending down in recent years, it's expected to stay stable through to the end of this decade.

Mirroring other rare earths, erbium is mainly produced in China, and oversupply of the element in the country has recently impacted prices around the globe.

This soft silvery-grey metal is also classed as a 'heavy' rare earth. Holmium is the fifth-rarest of all and serves as a key component in assorted technologies. These include high-performance lasers and magnets, speciality glass and nuclear control rods.

Predictably, China is the major producer of holmium and America is almost completely dependent on the People's Republic for its supplies, as per the Montana Bureau of Mines and Geology. However, Germany is the biggest exporter of holmium oxide.

The oxide is trading at $64.43 (£49.67) per kilogram today, but its price has dropped over the past few years due to oversupply.

Neodymium is one of the most important rare earths. The essential element has been described as a linchpin to clean energy, while magnets made from the substance are a crucial component in wind turbines and electric vehicle (EV) motors.

The 'light' silvery-white metal is among the most commercially sought-after rare earths, but prices have dropped over the past few years.

A dip in global EV sales has reduced demand for neodymium magnets. Supply hasn't adapted to the lower demand, so prices have fallen, though this is more likely a blip than a long-term decline since EV sales will almost certainly pick up. The biggest worry is China's grip on the element.

The nation currently produces 85% of the world's supply, much to the concern of the US and other Western countries.

Another 'light' rare earth, praseodymium also possesses remarkable magnetic properties. Likewise, magnets made from the silvery-white metal are used extensively in wind turbines and EVs.

This places praseodymium among the most crucial of the rare earth elements, along with its 'twin' neodymium.

Demand for praseodymium is much higher than most other rare earths, but it has been comparatively muted of late as global EV sales have slumped. Consequently, prices are currently depressed, down 60% from their peak in 2022, according to Business Analytiq.

Yet again, China is the biggest producer of this rare earth by a large degree, underscoring the urgent need for Western countries to diversify their supply chains.

This silvery-white 'heavy' rare earth is used in alloys that make up the magnets essential for EV and wind turbine production, so it's just as important as neodymium and praseodymium in this respect. Dysprosium has alternative uses besides, though it's usually combined with other elements, making it more of a supporting player than a headlining star.

These other uses include applications in nuclear reactor tech and laser manufacturing.

The name dysprosium is derived from the Greek for “hard to get”, and it certainly lives up to that moniker.

Dysprosium is one of the scarcest rare earths. And while prices over the past few years have been subdued, predicted future shortages could push them up. The beneficiary would be China; astonishingly, the country accounts for 98% of the world's production of this rare earth.

The third-rarest of the 17 rare earths, lutetium is another one of the 'heavy' types.

The silvery-white metal is a fascinating substance with some interesting applications. Lutetium is deployed in cancer treatment and medical scanners, serves as a catalyst in the petrochemical industry and is even used by scientists to date meteorites.

China dominates supply of this rare earth too, with much of the world's supply coming from the south of the country. But lutetium's relative scarcity and difficult extraction process make it perennially expensive.

With supply tight, prices for the rare earth have been consistently on the rise. The figure here is for the widely used oxide of the metal.

This 'heavy' rare earth is the second-rarest of the lot – though it's 125 times more abundant than gold, so not all that scarce in the grand scheme of things.

Thulium has uses in laser production and as a radiation source for X-ray machines, but its commercial applications are limited. That said, the element remains important for research and could fuel future technological advancements.

Thulium may be niche but like other rare earths, it features on America's Critical Materials List. Production is relatively small-scale and is all but limited to clay mines in southern China.

This puts pressure on prices, which average a hefty $981.92 (£756.74) a kilogram, as per rare earths specialist Metallos.de.

This 'heavy' rare earth is the fourth rarest in the collection of 17, though it's actually twice as common as silver.

The moderately hard metal may be relatively scarce, but it has a large number of crucial uses, from applications in semiconductors and electronics to LED lighting. Like europium, terbium has strong fluorescence properties and is also used to produce anti-counterfeiting ink for banknotes. What's more, the element is a key ingredient in several green technologies.

China is the world's leading terbium producer, with a global market share of 57%. Myanmar is second with 23% and Australia third with 14%.

Terbium's scarcity makes it expensive, but prices have fallen over the past few years due to slack demand.

Scandium is truly the superhero of rare earths. The seemingly magical metal wows with the strength of titanium, the hardness of ceramic and the lightness of aluminium. A high melting point and resistance to corrosion are its other standout properties.

This outstanding combination lends scandium to a wide range of applications. The element is used in electronics, lighting and batteries. It's also found in auto parts, aircraft components and sporting goods, including racing bikes, golf clubs and baseball bats.

China is – you've guessed it – the number one scandium producer. But it faces fierce competition from other countries, with the Philippines, Canada and Russia all playing vital roles in the global supply.

Nevertheless, production is limited and difficult. And despite being characterised by sharp fluctuations, the typical price of scandium is steep, coming in at over three times the price of silver. Interestingly, Ukraine has vast reserves of scandium, which the Trump administration has set its sights on securing.

Promethium, the sole radioactive rare earth element, is exceptionally scarce in nature, found in only trace amounts within the planet's crust. Unlike other rare earths, the substance isn't mined. Instead, it's produced within nuclear reactors.

Despite its rarity and full-on production process, promethium has found niche applications, primarily in research. Used in minute amounts, it powers atomic batteries for pacemakers, radios and guided missiles. It's also utilised in specialised lighting and displays, radiation detectors and certain cancer therapies.

Fresh research from the US Department of Energy’s Oak Ridge National Laboratory, the very place promethium was discovered back in 1945, has revealed some exciting new uses in medicine, clean energy and space exploration.

Oak Ridge is one of the few places on the planet capable of producing promethium. When it comes to pricing, things are hush-hush. The market is incredibly small, specialised and secretive, so numbers are hard to come by. The most recent public info we could dig up is from 2003, when promethium was being traded at a jaw-dropping $460,000 (£354k) per kilogram. You can bet your bottom dollar the figure is much, much higher these days, with promethium one of the most expensive substances money can buy.

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