Market-specifically, the price of rare earth elements is highly dependent on the saturation of supply and demand. As the rapid changes that evolve in the market of technologies are evident on a global scale today, the demand for rare earth elements has significantly increased due to their role in producing high-tech use items including smartphones, electric vehicles, and renewable technologies. From the opposite side, various mining strategies, geopolitical tensions, and environmental demands can result in inconsistent supply and price shifts. Therefore, the maintenance of balance between supply and demand is required to stabilize the market.