Light Rare-Earth Elements
Smelted from Bayer-refined alumina, aluminium pairs low mass with high conductivity and infinite recyclability. Transport electrification, foil for Li-ion batteries and energy-efficient buildings are pushing global demand to >100 Mt per year by the late-2020s. Because electricity can be >40 % of cash cost, producers are chasing hydro, wind and nuclear power, while breakthrough inert-anode cells promise to slash both CO₂ and labour intensity once commercial in the 2030s.
Supply Dynamics
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Bayan Obo (CN) and Mountain Pass (US) supply most light-REE concentrate.
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Chinese stockpiling and quota policy steer global availability and price.
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New projects (Vietnam, Tanzania, Canada) rely on integrated separation to capture La/Ce value.
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Magnet-swarf recycling gaining share—could meet 5–7 % of Nd-Pr needs by 2030.
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Low La/Ce prices remain critical to offset expensive solvent-extraction costs for Nd-Pr production.
Demand Dynamics
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Nd-Pr magnets grow >12 % CAGR with EVs, wind and robotics.
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FCC catalyst demand follows gasoline throughput, shifting east as refineries modernise.
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Smartphone replacement cycles drive ceria polishing powders.
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La-Ce glass additives rise with multi-lens phone cameras; Ni-MH battery use declines.
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Government procurement for renewable projects underwrites long-term Nd-Pr demand.