Rare Earths Prices Skyrocketed In February

There has been plenty of news of about rising prices for rare earths metals over the past several months, but how much are those prices rising exactly? Chinese rare earths exports crossed the $100,000 per ton level for the first time in February, representing a ninefold price increase from February 2010, according to a Reuters report.

Those numbers are good news for the Rare Earths Stocks Index, which is up 7.3% today. With control of 95% of the export market, China is far and away the dominant rare earths supplier, but has been paring export quotas, forcing prices higher in the process. Rare earths prices average $14,405 per ton in July 2010, Reuters reported.

Last month each ton of exports was valued at $109,036, including the cost of insurance and freight, the news service noted. China's move to slow rare earths exports has increased the burden on non-Chinese rare earths miners to start upping their production.

Companies such as Molycorp (NYSE: MCP - News), the largest U.S.-based rare earths miner are trying to do just that. Shares of Molycorp are up 9% today while rival Avalon Rare Metals (AMEX: AVL - News) is up 7%. Lynas Corporation (Pink Sheets: LYSCF - News) and Market Vectors Rare Earth/Strategic Metals ETF (NYSE: REMX - News), the rare earths ETF, are both up over 1%. Rare Element Resources (AMEX: REE - News) is leading the Index with a surge of 11%.

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