Magnet
Rare earth (lanthanoid) elements have a partially occupied "f" electron shell (which can accommodate up to 14 electrons). The spin of these electrons can be aligned, resulting in very strong magnetic fields, and therefore, these elements are used in compact high-strength magnets where their higher price is not a concern. The most common types of rare-earth magnets are samarium-cobalt and neodymium-iron-boron (NIB) magnets.
Rare-earth magnet
The development of rare-earth magnets began around 1966, when K. J. Strnat and G. Hoffer of the US Air Force Materials Laboratory discovered that an alloy of yttrium and cobalt, YCo, had by far the largest magnetic anisotropy constant of any material then known. The term "rare earth" can be misleading, as these metals are not particularly rare or precious; they are about as abundant as tin or lead. However rare earth ores are unevenly distributed, with the major source being China, which has led countries to classify rare earth metals as strategically important. Recent Chinese export restrictions on these materials have led other countries to initiate research programs to develop strong magnets that do not require them.