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World Dy plus Tb oxide output
~4,000t/yr
gates $6.5trn of output
Chinese share, sintered magnets
94% of 2024
up from ~50% in 2005
Terbium ex-China premium
4.9×
dysprosium 5.0×
US price floor cost, Q2 2026
$17.6m
from $51.0m in Q4 25
Suspension expiry
10 Nov2026
0.1% rule snaps back
Highlights
  • Dysprosium and terbium are the additives that let a permanent magnet keep its strength at the temperatures inside a traction motor or a jet actuator. Without them the magnet demagnetises in service. The world market for both oxides together runs to roughly 4,000 tonnes a year KR, while the IEA puts the annual downstream production that depends on them at US$6.5 trillion P. A market the size of a single mid-cap company's revenue sits underneath a six-and-a-half-trillion-dollar one.
  • The shortage is not in the ore. Rare earths are mined in several countries, but almost everything that happens between the mine and the finished magnet happens in China, and its share rises at every step: 60% of mining, 91% of refining and separation, 94% of sintered magnet production P. Counting every announced Western project, planned capacity covers roughly half of projected 2035 mining demand but well under a fifth of magnet demand. Western capital is concentrated in the one stage where the gap is narrowest.
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