As of April 4, 2025, the average market prices for key heavy rare earth elements, according to Shanghai Metals Market, are:
Heavy Rare Earth Elements (HREEs) such as Dysprosium (Dy) and Terbium (Tb) are essential for enhancing the performance of Neodymium-Iron-Boron (NdFeB) magnets, which rely on Light Rare Earth Elements like Neodymium (Nd) and Praseodymium (Pr). Incorporating Dy and Tb into NdFeB magnets significantly improves their coercive strength and resistance to demagnetization at high temperatures, enabling electric vehicle motors to operate efficiently under diverse conditions.
The global demand for Dysprosium reached USD 1,002.2 million in 2024 and is projected to grow by 4.9% year-over-year in 2025, reaching USD 1,054.3 million. By 2035, demand is expected to surge to USD 1,750.3 million, with a compound annual growth rate (CAGR) of 5.2% from 2025 to 2035.
This growth is driven by Dysprosium’s critical role in high-performance magnets used in electric vehicles (EVs), wind turbines, consumer electronics, and other high-tech applications, supporting the global push for cleaner energy and efficient technologies.
China controls 90% of global rare earth processing capacity, including the supply of HREEs from Myanmar, and leads in Dysprosium Oxide production and refining. Apart from a small facility in Vietnam, China hosts the only operational HREE separation plants. Starting in 2027, Iluka Resources’ rare earth refinery will produce a range of rare earth oxides, including Neodymium, Praseodymium, Dysprosium, and Terbium, offering some diversification. However, China is expected to maintain its dominant position in the HREE supply chain.
The global push to diversify away from Chinese dominance, combined with the scarcity of significant HREE resources outside China, creates opportunities for companies like New Frontier Minerals to develop new HREE sources, such as the Harts Range Project.
Heavy Rare Earth Elements are critical for defense applications, particularly in high-performance magnets, lasers, and aerospace technologies. The U.S. Department of Defense (DOD) is investing in domestic supply chains for rare earth materials to reduce reliance on foreign sources, particularly China. These materials are vital for systems like the F-35 aircraft (requiring over 900 pounds of REEs), Virginia-class submarines (up to 9,200 pounds), Tomahawk missiles, radar systems, and smart bombs.
HREEs like Dysprosium, Terbium, and Yttrium, due to their limited availability and strategic importance, command prices 5 to 10 times higher than light rare earths, underscoring their critical role in national security.
As demand for cleaner energy and advanced technologies grows, New Frontier Minerals is positioned to explore and develop new HREE sources, particularly through its Harts Range Project. With the global need for diversified HREE supply chains, we are committed to advancing sustainable and innovative solutions.
