Prices of two essential rare earth elements used in high-strength magnets have surged to their highest point in two years after US-based miner MP Materials halted exports to China, the world’s leading magnet producer. This move has tightened supply amid rising demand, driving prices upwards. 70% of the world’s rare earths are mined or refined by China. The U.S. government actively attempted to shift that balance with a deal signed in July, urging MP Materials to process their output domestically instead of shipping it abroad. 7%-9% of China’s NdPr oxide production relied on MP’s exports for the past three years. This is significant as NdPr is essential for magnets used in electric cars, military equipment, and wind turbines.