In 2014, the price of neodymium magnets was relatively low at $15 per pound. This trend continued until 2016 when prices began to increase dramatically due to trade restrictions on Chinese rare earths exports imposed by the United States. By 2018, prices had risen to around $50 per pound and were still rising in 2019.
The rising cost of neodymium magnets is largely attributable to supply and demand factors. Demand for these magnets has been steadily increasing as they become more widely used in consumer products such as smartphones, medical devices and electric vehicles (EVs). At the same time, supplies have been restricted due to Chinese export policies which have limited the availability of rare earths used in neodymium magnets.
However, recent advancements in technology may help reduce prices of neodymium magnets in the near future. Scientists have developed new methods that allow them to create higher-performance magnets using less rare earth materials or even using alternative materials altogether. These advances could lead to a decrease in production costs which could result in lower prices for consumers down the line.
Overall, it's clear that neodymium magnet pricing has seen significant fluctuation over the last five years due to various supply and demand factors as well as changes in technology. Going forward, there are hopes that technological developments can reduce production costs and help stabilize prices for consumers going forward.