Rare metal prices fell sharply by February on a monthly basis, under pressure from weak demand. China continues to maintain its position as the world's largest producer of rare earth elements.
The discovery of rare minerals in Wyoming could significantly impact its global market by reducing the United States’ dependence on China to obtain them. China recently imposed strict restrictions on the export of technology for rare earth magnets, and the extraction and separation of rare Earths, a move that could impact global supply chains and pricing of these items.