Yttrium: Trading
How Chinese state groups set the market tone
What this tab covers How and where it is bought and sold: who buys and sells, exchanges and benchmarks, contract types, the big trading houses and how prices are discovered.Yttrium has no international exchange contract. It trades bilaterally as oxide or metal, with prices assessed by Argus and Asian Metal. Chinese state-led groups dominate separation and set much of the market tone. Buyers in Japan and Korea sign term contracts with Chinese processors. Nassar and co-authors find yttrium's companionality rises from 29% to 84% when measured economically, because its revenue rarely covers mining costs (pdf p. 5). Its supply therefore depends on demand for other rare earths.
Where it is bought (buyers)
- Coating and zirconia powder makers in Japan, Korea, the US and Germany buy oxide; these were the leading destinations of Chinese exports in 2025 (USGS)
- Semiconductor equipment suppliers buy yttria for chamber coatings
- Superalloy and magnesium-alloy producers buy metal
Where it is sold (sellers)
- Chinese separators sell oxide, metal and compounds under export licence
- Re-exports through processors in Germany, Austria and Korea (US import sources 2021-24: China 70%, Germany 11%, Austria 8%, Korea 4%)
- New supply from projects in South Africa, the US and Malaysia from 2026 onward
Exchanges and benchmarks
| Venue | Contract | Notes |
|---|---|---|
| None | No exchange contract | Yttrium trades bilaterally; no exchange contract serves as a world benchmark, and no Indian venue lists it |
Contract types
- Quarterly or annual supply contracts between separators and powder or coating makers
- Spot lots priced off Argus or Asian Metal assessments
- Licence-dependent export contracts since April 2025
Top trading houses
- No major trading house is prominent; trade runs through Chinese exporters, Japanese trading companies and specialist rare-earth distributors
How prices are discovered
- Argus Rare Earths FOB China and CIF Europe assessments
- Asian Metal and Shanghai Metals Market China domestic prices
- Benchmark Mineral Intelligence rare-earth price reporting