稀土接连创出价格新高，短期或持续高位波动

Core Insights - The prices of rare earth elements, particularly dysprosium and terbium, have reached record highs not seen since 2015, driven by increased demand and export controls from China [1][3] - Yttrium, used in high-performance medical devices, has seen its price surge to approximately 1.6 times its previous value within a month [1] - The global defense spending increase is contributing to the rising prices of rare earth materials, with strong demand in defense and electronic devices [6] Price Trends - Dysprosium prices have risen to $960 per kilogram, while terbium has reached $4,000 per kilogram, both marking historical highs [3] - Yttrium's price increased to $425 as of February 5, significantly up from $260 at the end of 2025 [3] - Gallium prices have also reached $1,600, maintaining a historical peak since early January [3] Export Controls and Strategic Resources - China has positioned rare earths as strategic resources and has implemented export controls, particularly against Japan [4][6] - The Chinese government announced enhanced export controls on dual-use items to Japan in response to political statements made by Japanese officials [6] - Following trade negotiations with the U.S., China postponed the implementation of rare earth export controls until fall 2025, leading to a stabilization of prices until the end of that year [6] Market Dynamics - Companies are reportedly rushing to secure inventory in light of the new export controls, indicating a potential supply crunch [6] - Analysts predict that rare earth prices are likely to remain volatile at high levels in the short term due to ongoing supply constraints and strong demand [6]