China, the world's largest producer of rare earths, announced export restrictions on seven categories of medium and heavy rare earth items starting April 4, resulting in record high prices for rare earth metals in just a few weeks.

As of May 1, reports indicate that the price of europium in Europe has doubled since early April, reaching $850 per kilogram, while the price of tantalum has surged from $965 to $3,000, marking the largest monthly increase and highest price recorded.

In response to U.S. tariff measures, China’s Ministry of Commerce implemented export controls on seven types of medium and heavy rare earths, which are classified as rare resources. Approximately 90% of the world's refined rare earths come from China.

Experts indicate that these rare earths are crucial for manufacturing electric vehicles and other advanced products, and supply restrictions could hinder overall production. The financial sector forecasts that a surge in overseas orders will lead to further price increases.