Because futures are commodities. Scarce things are prone to extreme price fluctuations. Not conducive to futures trading. It is easy to produce great risks. Old red bean. This is a failed case. Because the rare earth storage and purification process is only in the hands of a few countries. The abundance and composition of rare earth minerals vary from place to place, and various rare earths are mixed together. There is a saying in China that "the north is light and the south is heavy". It is difficult to standardize specifications and formulate standardized contracts like iron ore. As a national strategic resource, the rare earth industry has changed from quantitative change to qualitative change after years of national rectification. With the return of industrial order, domestic upstream rare earth leading enterprises can not only expand their market share through the effective increase of rare earth quotas, but some enterprises can also benefit from scale growth and cost reduction by increasing the proportion of self-produced mines or purchasing low-cost domestic mines.