Why are the prices for neodymium iron boron super magnets rising?

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Why are the prices for neodymium iron boron super magnets rising?

In recent months, the prices for neodymium iron boron magnets rose steeply. Some of the reasons are as follows:
• Export restrictions by the Chinese government and the worldwide panic buying that followed
• Increased demand for rare earth metals
The price development worsened since January 2011 and we had no choice but to increase our prices as of March 2011. If this development continues, further price adjustments cannot be ruled out.

1. Export restrictions by the Chinese government
Political bodies in China imposed an export restriction on rare earth metals (neodymium, dysprosium, praseodymium, amongst others). In addition, they substantially increased the export duties for these metals. There are two reasons for this:
1). The improper mining of rare earth metals harms the environment due to the application of aggressive acids.
2). China pursues the goal of processing these raw materials themselves and exporting more finished products instead of raw materials.
The announcement of these export restrictions lead to panic buying worldwide. As a result the prices for rare earth materials rose steeply.

2. Increased demand for rare earth metals
Neodymium Nd: Neodymium is a crucial component of extremely strong magnets (chemical formula Nd2Fe14B), like the ones we are selling. The demand worldwide for neodymium increased dramatically because the applications of neodymium magnets are on the rise (research, packaging, safety engineering, motors...).

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