Most Valuable Metals That We Couldn’t Live Without

Our modern 21st-century lives are driven by metals. They can be found in the LEDs, magnets, electric motors, sensors, data storage and many other components upon which modern life relies. They power our mobility and energy generation, which is why there are hundreds of commercial applications for metals, with more uses being discovered each year.

While you are probably familiar with metals such as gold, silver or platinum, they aren’t the most expensive. Most of the costliest metals belong to an obscure group known as the rare earth elements. They’re given this name because they are almost always found bound together as a compound, and extracting an individual metal is a complicated, lengthy and expensive process. You can identify a rare earth element from its long, complicated name, such as dysprosium or neodymium. Some are abundant, while others are the rarest on the planet. 

Rare earth metals are vital for low-emission technologies and power generation, such as electric cars and wind turbines. Global efforts to reduce emissions will continue to drive demand, especially in China, which mines almost all of the rare earth ores. This may lead to increasing prices. However, more exploration and new deposits could stabilize or even lower costs.

Some metals may appear to have relatively low kilogram prices, but keep in mind that sales of these metals (or their ores) are usually transacted in much larger quantities, even tons. These are the most valuable metals in the world.

Price per kilogram: $6

Titanium is used in lightweight alloys for aircraft, spacecraft and rockets, and in the manufacturing of laptops, golf clubs and bicycles.

Titanium resists seawater corrosion, so it’s used for building ships, submarines, and power and desalination plant pipes.

Titanium is also used for medical implants and in the painting, coating and plastics industries.

* Prices were sourced from Trading Economics or Strategic Metals Invest unless otherwise noted and are current through January 2024. Since metal prices change daily like the stock market, the prices are an approximation.

The prices of Titanium metal and scrap fell significantly during the pandemic, as the aerospace industry, which uses about 90 percent of the metal, slumped. Consequently, mining outputs of Titanium also fell, while the price of scrap metal rose.

Titanium is used extensively in the medical field for implants, in the chemicals industry and as a pigment in the paint, plastics and paper industries, which means that demand didn’t disappear. 

Titanium derivatives play an important role in the alternative energy field, so both demand and prices are expected to rise in the future.

Price per kilogram: $8

Copper is an excellent conductor of both heat and electricity, and very malleable, so it’s easy to stretch into wires.

Copper is widely used in electrical systems, for wiring and motors. It’s also used as an alloy for coinage and weapons manufacturing, and to make brass and bronze.

Copper is widely used in a number of commercial areas, including electrical wiring, construction (roofing and plumbing) and industrial machinery. Although copper is plentiful globally, with large deposits situated in six different countries including the U.S., steady demand for the metal keeps the price strong. 

Copper is also widely used in agriculture to make pesticides and algicides (to purify water) as well as being important as a testing agent in the chemical industry. Copper cuts the amount needed of more expensive metals, such as silver and gold, in making coins.