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    In the first half of 2024, the global rare earths market saw notable changes and growth, demonstrating the market’s dynamic nature. Demand: The demand for rare earth metals has surged significantly, driven mostly by industries such as consumer electronics, electric vehicles (EVs), renewable energy, and defense. The shift towards greener and advanced technologies that substantially use rare-earth metals, such as neodymium and praseodymium used in permanent magnets for electric vehicles and wind turbines, reported the most substantial growth. Supply: While China remains the largest global producer, accounting for more than 85% of global rare earth supply, efforts to diversify supply chains have led to an increase in production in other regions, including North America and Australia. Notably, the Lynas Rare Earths mine in Australia has ramped up production to become the world’s second-largest rare earths miner. Prices: Reflecting the increasing demand and geopolitical tensions affecting supply chains, prices for many rare earth elements saw significant increases. Neodymium and praseodymium, in particular, saw price spikes due to their use in EVs and wind turbines. Challenges: However, environmental and regulatory hurdles pose a significant challenge for rare earth production. Mining and processing rare earths are associated with significant environmental risks, leading to strict regulatory scrutiny, particularly in Western countries. Investments: Notably, there has been significant investment in developing more sustainable methods of extracting and processing rare earth elements, fueled by both environmental considerations and the desire to reduce dependency on China. In summary, the first half of 2024 for the rare earths market was marked by significant demand growth, price increases, supply chain diversification, and substantial investment in more sustainable extraction methods. As demand from green and advanced technologies continues to grow, the focus for the second half of the year will likely be on scaling up production while minimizing environmental impact. This information was compiled to provide a general understanding of the current status of the rare earths market in 2024. Please consult a professional for more specific and detailed information.