This is scandium’s most central member of the rare Earth elements family. The actual worldwide production of scandium in 2016 was less than one ton. That means every person who is more than seven thousand can obtain 1 gram. The availability of scandium, which is rarer than rare earth, rare-earth, or gold, makes it more costly than other rare minerals. Independent minerals have been found only in Madagascar and Europe, with no industrial application. Nelson in Sweden, a Swedish chemical chemist, discovered Scandium during 1879 in the Siyllium–ytrium and Heilinite Gold mines of Scandinavia. Scandium can often be found dispersed within minerals with other elements. This makes it impossible for the naked eye to locate scandium. Scandium is difficult to extract. To extract scandium metal successfully for the first time, it was half a century after its discovery.
Scandium metal prices
Most scandium products sold on international markets are scandium metal scandium or scandium dioxide. Price is determined by the level of purity. 2017 saw the cost of 99.99% pure scanningdium oxide at $4,600/kg. However, the price for distilled scandium metal was $526,000/kg. This is five times more than the gold price ($44,445/kg). Scandium prices have fluctuated tremendously and dropped from 1990 to 2006. Let’s take the example of the distilled metallic scandium. Scandium’s price was high in 1993 at $372,000/kg. In 2005, however, it dropped to $162,500/kg. The prices of scandium have increased since 2006. In the rare Earth family, it is much more expensive that other light-rare earths. It also costs more than rare heavy metals like terbium, dysprosium, and terbium. When rare earths prices rose, for instance, scandium oxide (91%) in China was $26,000/kg. This is more than double the prices of europium (2,000 yuan/kg), terbiumoxid (10,200yuan/kg), or any other rare earth oxides.
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