Rare Earth Price Charts: Neodymium, Dysprosium and Terbium Oxide
Rare earth price charts below show annual average prices for the three oxides that matter most to magnet makers: neodymium, dysprosium and terbium. All three peaked in 2021 or 2022 and then fell, before neodymium and terbium recovered in 2025. Hover or tab through the points for exact values, or read the table beneath the charts.
Rare Earth Price Graph, 2020 to 2025
Annual averages, not spot prices. The dashed segment and hollow marker show the USGS estimate for the latest year. Source: USGS Mineral Commodity Summaries 2026 and 2025, Rare Earths.
| Oxide | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 (est.) |
|---|---|---|---|---|---|---|
| Neodymium oxide 99.5% minimum | $49 | $98 | $134 | $78 | $56 | $73 |
| Dysprosium oxide 99.5% minimum | $261 | $410 | $382 | $330 | $257 | $239 |
| Terbium oxide 99.99% minimum | $670 | $1,340 | $2,050 | $1,300 | $812 | $1,010 |
What the Rare Earth Price Charts Show
| Oxide | Peak year | Lowest year | Latest | Latest vs peak |
|---|---|---|---|---|
| Neodymium oxide | $134 (2022) | $49 (2020) | $73 (2025 est.) | -46% |
| Dysprosium oxide | $410 (2021) | $239 (2025) | $239 (2025 est.) | -42% |
| Terbium oxide | $2,050 (2022) | $670 (2020) | $1,010 (2025 est.) | -51% |
Neodymium oxide prices rose almost threefold between 2020 and 2022 as electric vehicle sales accelerated, then fell back to near their 2020 level by 2024. Terbium oxide followed the same path with larger swings in dollar terms. Dysprosium oxide peaked a year earlier, in 2021, and kept falling through 2025 even as neodymium and terbium recovered.
What Moved Rare Earth Prices, 2020 to 2025
2021 and 2022: demand rally
Rare earth prices climbed as electric vehicle and wind turbine demand grew faster than separated oxide supply. Magnet makers built inventory, which added to the price spike.
2023 and 2024: supply catches up
Rare earth prices fell as Chinese mining quotas and separation output kept rising while demand growth slowed. Lower prices squeezed margins for producers outside China, which carry higher costs.
2025: export controls and a split market
China added export licensing for several medium and heavy rare earths in April 2025, including dysprosium and terbium. Prices outside China rose well above Chinese domestic prices for some elements, a gap that annual averages like these do not capture. In the United States, the Department of Defense agreed a price floor for MP Materials' NdPr output in July 2025, which set a reference point for non-China supply.
How to Read Rare Earth Price Data
- Oxide vs metal. These charts track oxides. Metals and alloys trade at a premium to reflect conversion costs.
- Annual average vs spot. Annual averages smooth out moves within each year. Spot assessments from price reporting agencies show the day-to-day market.
- China vs outside China. Since 2025, the same oxide can trade at different prices inside and outside China. Check which market a quoted price refers to.
- Purity. Prices are quoted for a stated minimum purity, such as 99.5% for neodymium oxide.
Price assessments come from price reporting agencies such as Argus Media, Fastmarkets, Asian Metal and Shanghai Metals Market, most of which require a subscription. How rare earth pricing works explains benchmarks and contract structures in detail.
Rare Earth Price FAQ
What is the price of neodymium oxide?
Neodymium oxide averaged about $73 per kilogram in 2025, according to the USGS estimate, up from $56 in 2024. Spot prices move daily and differ between China and other markets, so check a current price assessment before trading.
Why did rare earth prices fall after 2022?
Rare earth prices fell after 2022 mainly because Chinese production grew faster than demand, while electric vehicle and wind demand grew more slowly than the 2021 and 2022 rally had priced in. Neodymium oxide lost more than half its 2022 average value by 2024.
Why is terbium so much more expensive than neodymium?
Terbium is far scarcer than neodymium in most ore bodies and is mostly recovered from ionic clay deposits in southern China and Myanmar. Small additions of terbium and dysprosium keep magnets working at high temperatures, so buyers pay a large premium for limited supply.
Are USGS rare earth prices spot prices?
No. USGS rare earth prices are annual averages, free on board, compiled from commercial price assessments. They are useful for long-term trends but hide moves within each year and do not show the gap that opened in 2025 between prices inside and outside China.