| Metal | Mainly used for | Where supply is concentrated | How it is priced |
|---|---|---|---|
| Lithium | Batteries (88% of use) | Australia, China and Chile mine about 72% | Per tonne: spodumene on a 6% Li2O basis; carbonate and hydroxide as chemicals |
| Cobalt | Lithium-ion battery cathodes | Congo (Kinshasa) mines about 73% | Per pound or tonne against the LME and published prices |
| Antimony | Flame retardants and lead alloys | China, Russia and Tajikistan mine about 85% | Per pound, minimum 99.65% purity, CIF |
| Tungsten | Cemented carbide for cutting and wear parts | China mines about 79% | Per metric tonne unit of WO3 in concentrate |
| Rare earths | Permanent magnets for motors and electronics | China mines about 69% | By oxide, for example NdPr oxide per kilogram |
| Titanium | TiO2 pigment; sponge metal for aerospace | China produces about 70% of sponge metal | By TiO2 content and product form |
Shares are from the metal profiles, which use USGS Mineral Commodity Summaries 2026. Mining share and processing share differ for several of these metals, and the profiles give both where USGS does.
What counts as a rare or critical metal
The word rare is misleading. The rare earths are seventeen elements (the fifteen lanthanides plus scandium and yttrium) that are not scarce in the earth's crust, but are costly to separate and process. Minor metals are those traded in small volumes compared with iron, aluminium or copper. Critical minerals are the ones a government has listed as important to its economy and at risk of supply disruption.
Those lists differ by country and change. USGS published its final 2025 list of critical minerals in November 2025 with 60 minerals, up from 50 in 2022, adding copper, lead, silver, metallurgical coal and others. A metal that is not on one list can be on another, so check which list a customer or regulator means.
What these metals have in common
- Concentrated supply. Between one and three countries mine most of each metal in the table, and for several of them the processing is even more concentrated than the mining.
- Pricing on specification and form. There is no single price: lithium is priced as spodumene concentrate on a 6% lithium oxide basis, carbonate or hydroxide; tungsten per metric tonne unit of WO3; antimony on a minimum 99.65% purity; and rare earths by oxide. State the form and the basis whenever you quote one.
- Large price swings. Battery-grade lithium carbonate averaged $63,700 per tonne in 2022 and about $9,000 in 2025, according to USGS. Antimony metal averaged $10.24 per pound in 2024 and about $25 in 2025. Tungsten concentrate moved between $266 and $551 per mtu during 2025.
- Exposure to policy. China restricted antimony exports from August 2024, Zimbabwe has banned raw lithium ore exports and announced a ban on lithium concentrate from 2027, and cobalt supply is affected by export quotas in the Congo. Rules can change on short notice.
What this means for a buyer or a seller
A buyer should say exactly which form and purity it needs, ask where the material was mined and processed, and check whether the origin or route is covered by export controls. A seller should be ready to show an independent assay, the origin documents and any export licence, because buyers of these metals are screening for all three. The ore deal checklist and the guide to raw ore export restrictions cover the paperwork.
The metals, one by one
Lithium
The lightest metal, and the one most electric-vehicle and grid batteries are built around.
Read the lithium profile →ProfileCobalt
A battery and jet-engine metal, mined mostly as a by-product, with three quarters of it from one country.
Read the cobalt profile →ProfileAntimony
A flame-retardant and lead-hardening metal whose price more than doubled after China restricted exports.
Read the antimony profile →ProfileTungsten
The metal with the highest melting point, used wherever things must cut, wear or stay hard at extreme heat.
Read the tungsten profile →ProfileRare Earths (Neodymium)
Seventeen elements that are not actually rare, but whose processing is concentrated in one country.
Read the rare earths (neodymium) profile →ProfileTitanium
Two industries in one: a white pigment made from most of the ore, and an aerospace metal made from a small part.
Read the titanium profile →Related guides
Frequently asked questions
What are rare metals?
There is no single official definition. The term is used for the rare earth elements, for minor metals traded in small volumes, and for critical minerals that governments list as important and at risk of supply disruption.
Are lithium and cobalt rare earths?
No. The rare earths are seventeen specific elements: the fifteen lanthanides plus scandium and yttrium. Lithium and cobalt are different elements, though they are often grouped with them as critical or minor metals.
Why are rare metal prices so volatile?
Supply comes from few countries, markets are small and demand can change quickly. USGS reports battery-grade lithium carbonate fell from an average of $63,700 per tonne in 2022 to about $9,000 in 2025, and antimony rose from $10.24 to about $25 per pound between 2024 and 2025 after China restricted exports.
Which rare metals are in the library?
Lithium, cobalt, antimony, tungsten, rare earths and titanium, with production, reserves, grades, recycling and trade for each.
How many minerals are on the U.S. critical minerals list?
USGS's final 2025 list has 60 minerals, up from 50 on the 2022 list. It was published in November 2025 and added copper, lead, silver and metallurgical coal, among others.
Sources
- USGS: Interior Department releases final 2025 list of critical minerals
- USGS Mineral Commodity Summaries 2026: Lithium
- USGS Mineral Commodity Summaries 2026: Antimony
- USGS Mineral Commodity Summaries 2026: Cobalt
- USGS Mineral Commodity Summaries 2026: Tungsten
- USGS Mineral Commodity Summaries 2026: Rare Earths
- USGS Mineral Commodity Summaries 2026: Titanium
Export controls and critical mineral lists change. Check the current position with the relevant government before you sign a contract.