Rare Earth Prices Surge $34K in February (MCP) (REE) (AVL)
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Rare earth prices continue to surge, hitting $100,000 per tonne for the first time in February, a near nine fold increase from the same time last year. Trading volumes however, stayed well below historical averages.
When China placed restrictions on rare earth exports last July, rare earth mineral prices surged from just $14,405 per tonne. China controls roughly 95 percent of rare earth minerals being currently mined.
Since the restrictions were set, prices for the minerals rose $10,000 per tonne per month. In February, prices surged $34,000 to $109,036 per tonne, according to data from China's Customs office.
Rare earth miners outside of China have benefited overwhelmingly from the China crackdown, including Molycorp Inc. (NYSE: MCP), Rare Earth Elements (AMEX: REE) and Avalon Rare Metals (AMEX: AVL).
When China placed restrictions on rare earth exports last July, rare earth mineral prices surged from just $14,405 per tonne. China controls roughly 95 percent of rare earth minerals being currently mined.
Since the restrictions were set, prices for the minerals rose $10,000 per tonne per month. In February, prices surged $34,000 to $109,036 per tonne, according to data from China's Customs office.
Rare earth miners outside of China have benefited overwhelmingly from the China crackdown, including Molycorp Inc. (NYSE: MCP), Rare Earth Elements (AMEX: REE) and Avalon Rare Metals (AMEX: AVL).
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