Last checked: 3 September 2026 · Quarterly reference review · Primary source: Lanthanides.io (data as of 29–30 Mar 2026, most recent available)
Thulium price data is not published by the Shanghai Metals Market (SMM) or any major commodity exchange. Unlike most other rare earth elements tracked on this site, thulium has no active public spot market — transactions are handled through privately negotiated contracts between Chinese separation facilities and end-users, and no daily or monthly benchmark index exists. The price estimates on this page were compiled from available supplier listings, trade platform data, and industry research as of March 2026 and remain the most current data available following a quarterly reference check on 3 September 2026. These figures are indicative only and are not guaranteed to be accurate for any specific transaction. Readers are advised to obtain direct quotes from licensed suppliers for commercial procurement purposes.
The absence of a public thulium benchmark reflects three structural realities: thulium is among the least abundant of all naturally occurring rare earth elements at approximately 0.5 parts per million in the Earth’s crust; it is produced exclusively as a minor byproduct of yttrium, erbium, and ytterbium processing rather than from dedicated mining; and its applications are sufficiently specialised that annual global production is estimated at only 50 tonnes, below the threshold at which a liquid public market typically forms. China’s 2025 export licensing regime, which placed thulium under strict controls with reported licence suspensions, has further disrupted what limited price transparency existed. For background on thulium’s properties and applications, see the thulium overview.
Estimated Thulium Price — Available Reference Data
The table below aggregates the best available price reference data for thulium, most recently confirmed current as of 3 September 2026. Given the absence of a standardised benchmark, figures vary significantly by source, form, purity, and delivery basis. All figures should be treated as indicative estimates rather than market prices. Western buyers should note that landed costs will exceed FOB China figures due to export licensing costs, lead times, and freight — where licences are available at all under the current suspension regime.
| Form | Estimated Price | Basis | Source / Date |
|---|---|---|---|
| Thulium oxide (Tm₂O₃, 99.9%) | ~$180/kg | FOB China, bulk | Ganzhou Zhanhai via Lanthanides.io, Mar 2026 |
| Thulium metal (99.9%, 1kg lot) | ~$1,796/kg | Retail/commercial distributor | MSE Supplies, Mar 2026 |
| Thulium metal (99.9%, wholesale contract) | $4,600–$13,300/kg | Privately negotiated bulk contracts | Industry range — indicative |
| Thulium metal (retail, small lot) | £57–£83 per 5–7.5g | Retail collectors/lab supply | eBay specialist suppliers, 2026 |
The extreme range between FOB oxide ($180/kg) and wholesale metal contract prices ($4,600–$13,300/kg) reflects several compounding factors: oxide-to-metal conversion complexity, the opacity of privately negotiated contracts, significant purity differentials between commercial and research grades, and the disruption to normal price discovery caused by China’s export licence suspension. The retail premium over bulk reflects small-lot packaging and distribution costs rather than any change in underlying material value.
Why Thulium Has No Public Price Benchmark
Most commodity markets develop a public benchmark when traded volumes reach the point where multiple buyers and sellers transact regularly enough to establish a clearing price. Thulium has never reached this threshold. Global production of approximately 50 tonnes per year — generated as an incidental byproduct of yttrium and erbium separation circuits — is consumed by a small number of specialist manufacturers in laser, medical imaging, and telecommunications applications. There is no competitive spot market because there are too few buyers and sellers to sustain one.
The Shanghai Metals Market, which tracks the majority of commercially traded rare earth elements, does not publish a thulium contract. Asian Metal and Fastmarkets similarly do not maintain daily thulium indices. Price discovery relies on direct supplier engagement, periodic trade platform observations such as those published by Lanthanides.io, and ad hoc market intelligence from specialist brokers. This opacity is a structural feature of the market, not a temporary gap — it reflects thulium’s position as a byproduct element with niche industrial demand rather than a commodity with broad market participation.
China Export Controls and the Current Supply Disruption
Thulium was named explicitly under China’s October 2025 expanded export licensing regime for medium and heavy rare earth elements (Announcement No. 57/2025). Lanthanides.io reported the element’s trade status as suspended as of March 2026, meaning that export licences were not being approved through normal channels. The suspension itself dates to a separate MOFCOM order (Announcement No. 70, 7 November 2025), which paused the October controls until 10 November 2026. The underlying regulation remains legally intact and can reactivate without new legislation once the suspension period ends. This makes 10 November 2026 the key date to watch: a resumption of normal licensing at that point is not guaranteed, and the controls could reactivate immediately if Beijing chooses not to extend the suspension.
The export control context is essential for understanding the current price environment. The FOB China oxide price of $180/kg reflects the Chinese domestic market; the landed cost in Western markets under a functioning licence regime would be materially higher, and under suspension is effectively indeterminate. For the full context of China’s rare earth export control strategy and its impact on Western supply chains, see the China rare earth export controls guide and the China rare earth overview.
What Is Driving Thulium Demand
Thulium’s commercial demand is concentrated in three specialist applications. Thulium-doped yttrium aluminium garnet (Tm:YAG) and thulium-doped fibre lasers emit in the 1.9–2.1 micrometre range, a wavelength with strong water absorption that makes them effective in soft tissue surgery — overlapping with holmium laser applications but with different beam characteristics suited to specific procedures. Portable X-ray sources using thulium-170, a radioactive isotope produced by neutron irradiation, are used in field inspection of metal components where a compact, self-contained radiation source is needed without access to mains power. S-band telecommunications amplifiers represent the third application — thulium-doped fibre amplifiers operating at 1,450–1,530 nm have been explored for next-generation optical network capacity beyond the C-band window dominated by erbium.
None of these applications generates demand at volumes sufficient to support a liquid commodity market. Thulium laser crystal manufacturers, portable X-ray source producers, and optical amplifier developers collectively consume tens of tonnes per year — a market that can be supplied through bilateral contracts without the price discovery mechanism of an open exchange. For comparison with erbium — which shares the fibre amplifier application space but at much higher volumes — see the erbium price page.
Western Thulium Supply
No Western thulium production facility currently operates at commercial scale. Thulium would be recoverable as a trace co-product from HREE separation circuits at projects advancing in North America, Australia, and Europe, but its position as one of the rarest and lowest-volume elements in the separation sequence means commercial recovery would require dedicated processing steps that the economics of current project designs do not support.
The export licence suspension makes this supply gap acute for Western specialist manufacturers. Unlike more abundant rare earths where stockpiling can bridge temporary supply disruptions, thulium’s low production volume and the small number of supplier relationships means that buyers who cannot procure from China have very limited alternatives. For the broader supply context, see the rare earth elements guide. A parallel supply situation exists for lutetium — another very low-volume HREE — though lutetium retains an active SMM oxide contract; see the lutetium price page for comparison.
Thulium Price Outlook
The near-term thulium price outlook is highly uncertain and effectively determined by the status of China’s export licensing regime rather than supply-demand fundamentals. The most significant near-term catalyst is 10 November 2026, when the current suspension of Announcement No. 57/2025 is due to expire. If licences resume at normal processing rates, FOB oxide prices in the $150–$250/kg range and bulk metal contract prices in the lower end of the $4,600–$13,300/kg wholesale range represent the most plausible reference points based on available pre-suspension data. If the suspension is extended, prices are likely to remain broadly at current indicative levels; if the underlying controls reactivate instead, Western spot availability could disappear regardless of price.
Medium-term demand for thulium-doped surgical lasers and S-band amplifier technology is growing modestly but not at rates that would materially change the price structure absent a supply shock. The most significant price catalyst in either direction is Chinese licensing policy rather than end-use demand. This makes thulium one of the rare earth elements where geopolitical risk, not market fundamentals, is the primary price determinant.
Estimated Thulium Price Per Gram, Ounce and Pound
Important: the conversion figures below are estimates only, calculated from the FOB China bulk oxide reference price of $180/kg sourced from Lanthanides.io (March 2026, confirmed still current as of the 3 September 2026 quarterly review). This is not an SMM benchmark. Thulium has no active public price index. These figures are provided for reference purposes only and should not be used for commercial pricing without independent verification from a licensed supplier.
| Unit | Estimated Thulium Price (Oxide FOB Benchmark — Indicative) |
|---|---|
| Per kilogram | ~$180 |
| Per gram | ~$0.180 |
| Per troy ounce | ~$5.79 |
| Per pound | ~$81.65 |
For thulium metal pricing, the best available retail reference is approximately $1,796/kg (MSE Supplies, March 2026) for 99.9% purity in 1kg lots. Wholesale contract metal prices are privately negotiated and range from $4,600 to $13,300/kg based on available industry data. All figures carry significant uncertainty given the current export licence suspension and absence of a public benchmark.
This article is for informational purposes only and does not constitute investment advice. Price estimates are based on available research as of March 2026, most recently confirmed current via quarterly review on 3 September 2026, and are not guaranteed to be accurate. Thulium has no active public price benchmark. Readers should obtain direct quotes from licensed suppliers for any commercial transaction.
What is the current thulium price per kg?
Thulium has no active public price benchmark — the Shanghai Metals Market and other major commodity exchanges do not publish a thulium contract. Estimated prices based on available research as of early 2026 are approximately $180/kg for bulk oxide (FOB China) and approximately $1,796/kg for 99.9% purity metal in commercial lot sizes. These are indicative estimates only; actual transaction prices depend on form, purity, volume, and whether Chinese export licences are available. See the price table above for the full range of available reference data.
Why is there no SMM price for thulium?
Thulium is produced exclusively as a minor byproduct of yttrium, erbium, and ytterbium processing, with global production estimated at approximately 50 tonnes per year. This volume is too low to sustain a liquid public spot market — the element is consumed by a small number of specialist manufacturers through privately negotiated bilateral contracts. The Shanghai Metals Market only publishes benchmark contracts for rare earths with sufficient market participation to support daily price discovery, a threshold thulium has never reached.
What is thulium used for?
Thulium’s primary commercial applications are thulium-doped surgical lasers emitting in the 1.9–2.1 micrometre range used in soft tissue medical procedures, portable X-ray sources using the radioactive isotope thulium-170 for field inspection of metal components, and S-band fibre amplifiers for optical telecommunications network capacity. All applications are highly specialised with limited volumes, which is why thulium has no public commodity price index.
Why are Chinese export controls particularly significant for thulium?
China produces the dominant share of global thulium from heavy rare earth ionic clay deposits in southern provinces. Thulium was named under China’s 2025 export licensing expansion for medium and heavy rare earth elements, with licences reported as suspended as of early 2026. Because thulium is not produced at commercial scale anywhere outside China, a sustained suspension effectively removes Western buyers’ access to supply regardless of price — making licensing status the primary supply risk, not commodity pricing.
How does thulium pricing compare to other heavy rare earths?
Thulium sits in a different pricing tier from the commercial heavy rare earths tracked by SMM. Elements with active public benchmarks — erbium oxide at approximately $56.67/kg, holmium oxide at approximately $70.02/kg — have sufficient market participation to support daily price discovery. Thulium’s estimated FOB oxide price of approximately $180/kg is higher than both, reflecting its lower production volume and greater supply chain opacity, though the figure carries significant uncertainty given the absence of a standardised benchmark.
What is the thulium price forecast?
The near-term thulium price outlook is determined primarily by China’s export licensing regime rather than supply-demand fundamentals. If licences resume, FOB oxide prices in the $150–$250/kg range and bulk metal in the lower end of the $4,600–$13,300/kg wholesale range represent the most plausible reference points. If suspension continues, Western spot availability is effectively absent regardless of price. Medium-term demand from surgical lasers and optical amplifiers is growing modestly but is not the primary price driver.
What is the estimated thulium price per gram, per ounce and per pound?
Estimated per-gram, per-troy-ounce, and per-pound prices based on the FOB China bulk oxide reference of $180/kg are shown in the conversion table above. These are indicative estimates only — thulium has no active public benchmark and actual transaction prices vary significantly by form, purity, and availability. Metal prices are substantially higher than oxide; see the Current Thulium Price table for the full range of available reference data.
How often is this thulium price page updated?
This page is updated periodically as new price reference data becomes available from trade platforms, supplier listings, and industry research. Unlike most price pages on this site, thulium has no monthly SMM benchmark to update — figures will be revised when meaningful new data is published or when China’s export licensing status changes materially.
