---
title: "Magnet metals"
description: "Where the neodymium, dysprosium, terbium, samarium and cobalt in actuator magnets come from, how much is left and how their prices are set, every number cited."
canonical: https://actuatorlist.com/metals
last-updated: 2026-11-01T14:05:43.000Z
---
# Magnet metals

The metals in an actuator's permanent magnet (neodymium, praseodymium, dysprosium and terbium for NdFeB; samarium and cobalt for SmCo): who controls each step, how much is left and how prices are set. As of October 2026. Interactive version: https://actuatorlist.com/metals. JSON: https://actuatorlist.com/api/v1/metals.

Estimates carry "~"; modeled values say so.

## What goes in

| Element | Class | Magnet | Role |
| --- | --- | --- | --- |
| Nd Neodymium | Light rare earth | NdFeB | Forms the Nd2Fe14B phase that carries the magnetism.[^1] |
| Pr Praseodymium | Light rare earth | NdFeB | Mined and sold with Nd as NdPr; stands in for part of the Nd.[^1][^2] |
| Dy Dysprosium | Heavy rare earth | NdFeB | Keeps the magnet from demagnetizing when it runs hot.[^2] |
| Tb Terbium | Heavy rare earth | NdFeB | Restores heat resistance like Dy, at about 4.6 times the price per kg.[^1][^3] |
| Sm Samarium | Light rare earth | SmCo | SmCo magnets lose less strength than NdFeB above about 150 °C.[^2] |
| Co Cobalt | Transition metal | SmCo | The other half of SmCo; also added to NdFeB to raise its Curie point.[^2][^1] |

Sintered NdFeB by temperature grade. Dysprosium replaces part of the neodymium, so total rare earth stays near 32% while Dy rises with the grade; boron is about 1%[^1] and iron the rest.

| Grade suffix | Typical use | Dy by weight | Nd+Pr by weight |
| --- | --- | --- | --- |
| none | Hard drives, sensors, toys | ~0%-0.5%[^2] | 32%[^2] (model) |
| M | Sensors, holding | 1.4%[^2] | 30.6%[^2] (model) |
| H | General motors, wind generators | 2.8%[^2] | 29.2%[^2] (model) |
| SH | High-performance motors | 4.2%[^2] | 27.8%[^2] (model) |
| UH | Super high-performance motors | 6.5%[^2] | 25.5%[^2] (model) |
| EH / AH | EV traction drives | ~8.5%-11%[^2] | 22.3%[^2] (model) |

One humanoid with SH-grade magnets holds about 417-1001 g[^4][^2][^5] (model, 2026) of Nd, 111-313 g[^4][^2][^5] (model, 2026) of Pr and 84-189 g[^4][^2] (model, 2026) of Dy. Per-joint estimates for 21 humanoids: https://actuatorlist.com/humanoids.

## Where it comes from

Control concentrates down the chain: China mines about two thirds of rare earths but makes over 90% of the metal and magnets.

| Element | Stage | Top country | Concentration |
| --- | --- | --- | --- |
| Nd | Mining | 🇨🇳 China ~69%[^6] | HHI 5,053, 2025 |
| Nd | Separation | 🇨🇳 China ~91%[^7] | HHI 8,281, 2024 |
| Nd | Metal & alloy | 🇨🇳 China ~90%[^8] | HHI 8,100, 2023 |
| Nd | Magnets | 🇨🇳 China ~94%[^7] | HHI 8,836, 2024 |
| Pr | Mining | 🇨🇳 China ~69%[^6] | HHI 5,053, 2025 |
| Pr | Separation | 🇨🇳 China ~91%[^7] | HHI 8,281, 2024 |
| Pr | Metal & alloy | 🇨🇳 China ~90%[^8] | HHI 8,100, 2023 |
| Pr | Magnets | 🇨🇳 China ~94%[^7] | HHI 8,836, 2024 |
| Dy | Mining | n/a | China and Myanmar together mine over 98% of heavy rare earths; no source splits the two.[^9] |
| Dy | Separation | 🇨🇳 China ~95%[^9] | HHI 9,025, 2025 |
| Dy | Metal & alloy | 🇨🇳 China ~90%[^8] | HHI 8,100, 2023 |
| Dy | Magnets | 🇨🇳 China ~94%[^7] | HHI 8,836, 2024 |
| Tb | Mining | n/a | China and Myanmar together mine over 98% of heavy rare earths; no source splits the two.[^9] |
| Tb | Separation | 🇨🇳 China ~95%[^9] | HHI 9,025, 2025 |
| Tb | Metal & alloy | 🇨🇳 China ~90%[^8] | HHI 8,100, 2023 |
| Tb | Magnets | 🇨🇳 China ~94%[^7] | HHI 8,836, 2024 |
| Sm | Mining | n/a | No public country split for samarium.[^6] |
| Sm | Separation | n/a | China licenses samarium exports since April 2025; no public country split.[^6] |
| Sm | Metal & alloy | n/a | SmCo alloy is not reported by country.[^6] |
| Sm | Magnets | n/a | SmCo magnet output is not reported by country.[^2] |
| Co | Mining | 🇨🇩 Congo - Kinshasa ~74%[^10] | HHI 5,706, 2025 |
| Co | Refining | n/a | China is the leading producer of refined cobalt; USGS gives no share.[^10] |
| Co | Metal & alloy | n/a | Cobalt alloys are not reported by country.[^10] |
| Co | Magnets | n/a | SmCo magnet output is not reported by country.[^2] |

## How much is left

Reserves are what known deposits can supply profitably today, not all that exists (resources). Years of supply is reserves divided by 2025 mine output.

### Rare earths (t REO)

| Country | Mine production 2025 | Reserves | Years at current rate |
| --- | --- | --- | --- |
| 🇨🇳 China | ~270 kt[^6] (estimate, 2025) | 44 Mt[^6] | 163 years[^6] (model, 2025) |
| 🇺🇸 United States | ~51 kt[^6] (estimate, 2025) | 1.9 Mt[^6] | 37 years[^6] (model, 2025) |
| 🇦🇺 Australia | ~29 kt[^6] (estimate, 2025) | 6.3 Mt[^6] | 217 years[^6] (model, 2025) |
| 🇲🇲 Myanmar (Burma) | ~22 kt[^6] (estimate, 2025) | NA |  |
| 🇹🇭 Thailand | ~4.8 kt[^6] (estimate, 2025) | NA |  |
| 🇮🇳 India | ~2.9 kt[^6] (estimate, 2025) | NA |  |
| 🇲🇬 Madagascar | ~2.7 kt[^6] (estimate, 2025) | NA |  |
| 🇷🇺 Russia | ~2.6 kt[^6] (estimate, 2025) | 3.8 Mt[^6] | 1462 years[^6] (model, 2025) |
| 🇧🇷 Brazil | ~2 kt[^6] (estimate, 2025) | 11 Mt[^6] | 5500 years[^6] (model, 2025) |
| 🇳🇬 Nigeria | ~1.5 kt[^6] (estimate, 2025) | NA |  |
| 🇻🇳 Vietnam | ~150 t[^6] (estimate, 2025) | 3.5 Mt[^6] | 23333 years[^6] (model, 2025) |
| 🇲🇾 Malaysia | ~110 t[^6] (estimate, 2025) | 710 kt[^6] | 6455 years[^6] (model, 2025) |
| 🇨🇦 Canada | 0 t[^6] | 830 kt[^6] |  |
| 🇬🇱 Greenland | 0 t[^6] | 1.5 Mt[^6] |  |
| 🇿🇦 South Africa | 0 t[^6] | 860 kt[^6] |  |
| 🇹🇿 Tanzania | 0 t[^6] | 890 kt[^6] |  |
| Other | ~550 t[^6] (estimate, 2025) | NA |  |
| World | ~390 kt[^6] (estimate, 2025) | 75 Mt[^6] |  |

### Cobalt (t Co content)

| Country | Mine production 2025 | Reserves | Years at current rate |
| --- | --- | --- | --- |
| 🇨🇩 Congo - Kinshasa | ~230 kt[^10] (estimate, 2025) | 6 Mt[^10] | 26 years[^10] (model, 2025) |
| 🇮🇩 Indonesia | ~44 kt[^10] (estimate, 2025) | 760 kt[^10] | 17 years[^10] (model, 2025) |
| 🇷🇺 Russia | ~7.7 kt[^10] (estimate, 2025) | 800 kt[^10] | 104 years[^10] (model, 2025) |
| 🇲🇬 Madagascar | ~3.9 kt[^10] (estimate, 2025) | 100 kt[^10] | 26 years[^10] (model, 2025) |
| 🇦🇺 Australia | ~3.7 kt[^10] (estimate, 2025) | 1.7 Mt[^10] | 459 years[^10] (model, 2025) |
| 🇵🇭 Philippines | ~3.7 kt[^10] (estimate, 2025) | 260 kt[^10] | 70 years[^10] (model, 2025) |
| 🇨🇦 Canada | ~3.5 kt[^10] (estimate, 2025) | 220 kt[^10] | 63 years[^10] (model, 2025) |
| 🇵🇬 Papua New Guinea | ~2.8 kt[^10] (estimate, 2025) | 84 kt[^10] | 30 years[^10] (model, 2025) |
| 🇨🇳 China | ~2 kt[^10] (estimate, 2025) | 160 kt[^10] | 80 years[^10] (model, 2025) |
| 🇨🇺 Cuba | ~2 kt[^10] (estimate, 2025) | 500 kt[^10] | 250 years[^10] (model, 2025) |
| 🇹🇷 Türkiye | ~1.9 kt[^10] (estimate, 2025) | 91 kt[^10] | 48 years[^10] (model, 2025) |
| 🇺🇸 United States | ~300 t[^10] (estimate, 2025) | 70 kt[^10] | 233 years[^10] (model, 2025) |
| Other | ~9.1 kt[^10] (estimate, 2025) | 780 kt[^10] | 86 years[^10] (model, 2025) |
| World | ~310 kt[^10] (estimate, 2025) | 12 Mt[^10] |  |

## Prices

US$ per kg. Long-run points are USGS annual averages and year-end ranges; 2026 points are monthly Shanghai Metals Market readings. Full series: https://actuatorlist.com/api/v1/metal-prices/dy-oxide (swap the series id).

| Series | Market | Latest | Date | Basis |
| --- | --- | --- | --- | --- |
| NdPr oxide | Export, FOB China | ~$69/kg[^6] | 2025 | annual average |
| Nd oxide | Export, FOB China | ~$73/kg[^6] | 2025 | annual average |
| Pr oxide | Export, FOB China | ~$74/kg[^6] | 2025 | annual average |
| Dy oxide | Export, FOB China | ~$239/kg[^11] | 2025 | annual average |
| Tb oxide | Export, FOB China | ~$1,010/kg[^11] | 2025 | annual average |
| Sm oxide | Export, FOB China | ~$2.82/kg[^6] | 2025 | annual average |
| Cobalt metal | LME cash | ~$33.07/kg[^10] | 2025 | annual average |
| Nd metal | China domestic | $140.88/kg[^5] | 2026-09-30 | reading |
| Nd metal | Export, FOB China | $154/kg[^5] | 2026-09-30 | reading |
| NdPr alloy | China domestic | $133.44/kg[^5] | 2026-09-30 | reading |
| Pr metal | China domestic | $149.06/kg[^5] | 2026-09-30 | reading |
| Pr metal | Export, FOB China | $162/kg[^5] | 2026-09-30 | reading |
| Dy metal | China domestic | $233.55/kg[^12] | 2026-09-30 | reading |
| Tb metal | China domestic | $1,074.34/kg[^3] | 2026-09-30 | reading |
| Tb metal | Export, FOB China | $1,532/kg[^3] | 2026-09-30 | reading |

China domestic against export (FOB China) on the same day:

- Nd metal, 2026-09-30: China $140.88/kg[^5], export $154/kg[^5], 9%[^5] (model, 2026-09) more outside China.
- Pr metal, 2026-09-30: China $149.06/kg[^5], export $162/kg[^5], 9%[^5] (model, 2026-09) more outside China.
- Tb metal, 2026-09-30: China $1,074.34/kg[^3], export $1,532/kg[^3], 43%[^3] (model, 2026-09) more outside China.

The US Department of Defense floor under MP Materials' NdPr: $110/kg[^22].

### Events

| Date | Event | What happened |
| --- | --- | --- |
| 2010-09 | China slows exports to Japan | After a boat collision near the Senkaku/Diaoyu islands, China sharply slowed rare earth exports to Japan, then the largest importer, for about two months.[^9] |
| 2011 | Price bubble peaks | Dysprosium metal for export reached $3,410/kg in 2011, about 120 times its 2003 low; China's domestic price peaked about 22% lower.[^2] |
| 2012 | Prices fall back | Neodymium oxide began 2012 at $195/kg and ended it at $80/kg as weak demand and more efficient use cut consumption.[^13] |
| 2014 | WTO rules against China | The US, EU and Japan brought China's rare earth export curbs to the WTO in 2012; the 2014 ruling found they broke China's commitments.[^9] |
| 2015 | Export quotas end | China ended export quotas on rare earths, tungsten and molybdenum from 1 January 2015 and moved them to export licensing, after the WTO ruled the quotas broke its commitments.[^14][^15] |
| 2021-12 | China Rare Earth Group formed | Three of the six state groups merged into China Rare Earth Group, leaving it and China Northern Rare Earth to run the sector.[^16][^9] |
| 2023-12-21 | Processing technology export ban | The revised catalogue of technologies prohibited or restricted from export covers rare earth extraction and separation, rare earth metal and alloy production, and samarium-cobalt and NdFeB magnet preparation. It replaced the 2020 catalogue on the day it was issued.[^17][^18] |
| 2025-04 | Licences for Sm, Dy, Tb and four more | Exports of samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium metals, alloys, oxides and compounds, and samarium-cobalt magnets, need a MOFCOM dual-use licence from the day of issue. These controls were never suspended.[^19][^6][^9] |
| 2025-07-10 | US floor under NdPr | The Defense Department bought $400 million of MP Materials preferred stock, set a 10-year $110/kg floor under its NdPr from October 2025, committed a $150 million loan for heavy rare earth separation and guaranteed purchase of all magnets from a new plant for 10 years.[^20][^21][^22] |
| 2025-10 | Controls widened, then paused | Extended licensing to holmium, erbium, thulium, europium and ytterbium metals, alloys, oxides, compounds and some magnet, laser and phosphor materials, from 8 November 2025. Suspended before it took effect until 10 November 2026; the April 2025 controls stay.[^23][^11][^12] |
| 2026-03 | 2026 rally | Neodymium metal in China roughly doubled from about $58/kg in January to $117/kg by 1 March 2026.[^5] |

## How the price is set

1. **State quotas**: China's industry ministry sets yearly mining and smelting quotas.[^24][^25]
2. **Two state groups**: China Rare Earth Group and China Northern Rare Earth run China's sector.[^9]
3. **Private contracts**: Buyer and seller settle the price; the public sees it only approximately.[^2]
4. **Price reporters**: SMM, Asian Metal, Argus and Fastmarkets publish assessments, mostly paywalled.[^5][^11][^26]
5. **Two prices**: Magnet makers in China pay the domestic price; buyers abroad pay FOB China, more.[^3]
6. **Floors**: Governments set floors and stockpile: the US floor under MP's NdPr.[^22]

### What moves it

- **Mining quotas** (pushes prices up): China's ministry sets yearly mining and smelting quotas: 140,000 t REO for 2020, of which 19,150 t from ion-adsorption clays.[^24]
- **Export controls** (pushes prices up): Licences for Dy, Tb and Sm from April 2025 cut magnet exports by over 70%, disrupting car and defence plants.[^9][^6]
- **EV traction motors** (pushes prices up): About 1.5 kg of NdFeB per electric car on average, up to 4 kg in some models.[^27]
- **Wind turbines** (pushes prices up): Direct-drive offshore turbines use about 500 kg of NdFeB per MW.[^2]
- **Robots (projected)** (pushes prices up): 2 to 4.5 kg of NdFeB per humanoid; UBS projects 86 million humanoids by 2050, about $7 billion a year of extra rare earth demand.[^4][^9]
- **Myanmar supply** (pushes prices up): Myanmar's output, all processed in China, fell from 27,000 t to 22,000 t REO between 2024 and 2025.[^6][^9]
- **Stockpiles and price floors** (sets a floor): A $110/kg US floor under MP Materials' NdPr from July 2025; the US stockpile planned to buy 300 t of NdPr oxide and 450 t of NdFeB block in FY 2025.[^22][^6]
- **Recycling and less Dy** (pushes prices down): Grain boundary diffusion cut Dy in SH magnets from over 4% to about 2%, and in the hottest grades from 8 to 11% to 4 to 5%.[^2]

## Sources

[^1]: JDA Magnet, "How are sintered neodymium magnets made? (raw material composition)". https://jdamagnet.com/how-sintered-neodymium-magnets-made/ (accessed 2026-10-26).
[^2]: Arnold Magnetic Technologies, "The important role of dysprosium in modern permanent magnets". https://www.arnoldmagnetics.com/wp-content/uploads/2017/10/Important-Role-of-Dysprosium-in-Modern-Permanent-Magnets-150906.pdf (accessed 2026-10-26).
[^3]: Rare Earth Mining (SMM data), "Terbium price today: spot rate, FOB and market outlook". https://rare-earth-mining.com/terbium-price/ (accessed 2026-10-26).
[^4]: Foundation for American Innovation, "The robot boom has a magnet problem". https://policygradients.thefai.org/p/the-robot-boom-has-a-magnet-problem (accessed 2026-10-25).
[^5]: Rare Earth Mining (SMM data), "Neodymium price today: NdPr spot and industrial benchmark". https://rare-earth-mining.com/neodymium-price/ (accessed 2026-10-26).
[^6]: USGS, "Mineral Commodity Summaries 2026: Rare Earths". https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-rare-earths.pdf (accessed 2026-10-25).
[^7]: IEA, "Rare earth elements: executive summary". https://www.iea.org/reports/rare-earth-elements/executive-summary (accessed 2026-10-25).
[^8]: Reuters via Investing.com, "Goldman says West needs over $25 billion investments in rare earths to match China". https://investing.com/news/commodities-news/goldman-says-west-needs-over-25-billion-investments-in-rare-earths-to-match-china-3120910 (accessed 2026-10-26).
[^9]: NUS East Asian Institute, "Rare earths and industry: why dependence on China endures (Background Brief 1843)". https://research.nus.edu.sg/eai/wp-content/uploads/2025/11/EAIBB-No.-1843-Rare-earths_China-2.pdf (accessed 2026-10-26).
[^10]: USGS, "Mineral Commodity Summaries 2026: Cobalt". https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-cobalt.pdf (accessed 2026-10-26).
[^11]: USGS, "Mineral Commodity Summaries 2026: Rare Earths (Heavy)". https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-rare-earths-heavy.pdf (accessed 2026-10-26).
[^12]: Rare Earth Mining (SMM data), "Dysprosium price today: spot rate and market outlook". https://rare-earth-mining.com/dysprosium-price/ (accessed 2026-10-26).
[^13]: USGS, "Mineral Commodity Summaries 2013: Rare Earths". https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/rare-earth/mcs-2013-raree.pdf (accessed 2026-10-26).
[^14]: Central Government Portal, "MOFCOM: ending export quotas on rare earths and other products". https://www.gov.cn/xinwen/2015-01/14/content_2803886.htm (accessed 2026-10-27).
[^15]: USGS, "Mineral Commodity Summaries 2016: Rare Earths". https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/rare-earth/mcs-2016-raree.pdf (accessed 2026-10-26).
[^16]: China Daily, "State-owned enterprise seen changing rare earth market". https://investinchina.chinadaily.com.cn/s/202112/24/WS61c58b2b498e6a12c121bb93/state-owned-enterprise-seen-changing-rare-earth-market.html (accessed 2026-10-25).
[^17]: MOFCOM, MOST, "Announcement 2023 No. 57: Catalogue of Technologies Prohibited or Restricted from Export". https://www.mofcom.gov.cn/zcfb/blgg/art/2023/art_be52899825444789987964cfe450ad1b.html (accessed 2026-10-27).
[^18]: Asia Financial (Reuters), "China curbs the export of rare earths processing technology". https://www.asiafinancial.com/china-curbs-the-export-of-rare-earths-processing-technology (accessed 2026-10-26).
[^19]: MOFCOM, GAC, "Announcement 2025 No. 18: export controls on some medium and heavy rare earth items". https://aqygzj.mofcom.gov.cn/flzc/gzjgfxwj/art/2025/art_f3a1432ba20248eca12ff7b91bc73fda.html (accessed 2026-10-27).
[^20]: Council of Economic Advisers, "Economic Report of the President 2026, chapter 7: Strengthening America's Industrial Supply Chains". https://www.whitehouse.gov/wp-content/uploads/2026/04/ERP-2026-7.-Strengthening-Americas-Industrial-Supply-Chains.pdf (accessed 2026-10-27).
[^21]: MP Materials 8-K, "Exhibit 99.1: public-private partnership with the Department of Defense". https://www.sec.gov/Archives/edgar/data/1801368/000119312525157310/d43796dex991.htm (accessed 2026-10-27).
[^22]: MP Materials, "MP Materials announces transformational public-private partnership with the Department of Defense". https://mpmaterials.com/news/mp-materials-announces-transformational-public-private-partnership-with-the-department-of-defense-to-accelerate-u-s-rare-earth-magnet-independence/ (accessed 2026-10-26).
[^23]: MOFCOM, GAC, "Announcement 2025 No. 57: export controls on some medium and heavy rare earth items". https://www.mofcom.gov.cn/zwgk/zcfb/art/2025/art_59ec4f6bec0b459aa4a30c4bbd0a41c1.html (accessed 2026-10-27).
[^24]: USGS, "Mineral Commodity Summaries 2021: Rare Earths". https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-rare-earths.pdf (accessed 2026-10-26).
[^25]: Asian Metal, "China issues second batch of rare earth production quotas for 2024". https://www.asianmetal.com/news/2100201/China-issues-second-batch-of-rare-earth-production-quotas-for-2024 (accessed 2026-10-25).
[^26]: Fastmarkets, "China issues first batch of rare earths quotas for 2024". https://fastmarkets.com/insights/china-issues-first-batch-of-rare-earths-quotas-for-2024 (accessed 2026-10-25). Paywalled.
[^27]: Thunder Said Energy, "Electric vehicles: motors and magnets". https://thundersaidenergy.com/downloads/electric-vehicles-motors-and-magnets/ (accessed 2026-10-25). Paywalled.