US reliance on China’s rare earths is set to decline: The US is now on track to meet ~94% of its rare earth demand from domestic sources by 2030. This percentage is expected to more than quadruple from the 20% seen in 2024. By comparison, the rest of the world will only meet 38% of demand locally by 2030, up from 18% last year. Overall, China is expected to supply ~60% of the world’s rare earth elements used to produce high-performance magnets by 2030. However, Western economies will still rely on China for 91% of heavy rare earths processing through 2030, down from 99% in 2024, according to Benchmark Mineral Intelligence. Rare earths are more strategic now than ever.(The Kobeissi Letter)