Molycorp (MCP) (REE) (AVL) Soaring on Rare Earths Price Surge

Since China announced it's going to limit the amount of rare earths it's going to export, shares of miners like Molycorp Inc. (NYSE:MCP), Rare Elements (AMEX:REE) and Avalon Rare Metals (AMEX:AVL) have been skyrocketing as the price on the 17 metals rise.

In February alone the price of rare earths rose by $34,000 to hit $100,000 a ton; almost 9 times what it was last year at that time.

Interestingly, a lot of investors haven't gravitate toward rare earths miners, as the trading volume has remained below its historical average.

The price of the minerals have risen close to $10,000 a month since China announced the export restrictions, where prices per ton were at $14,405.

According to data from China's Customs office, the price per ton of rare earths in February reached $109.036.

Molycorp was trading at $48.52, gaining $3.84, or 8.59 percent, as of 11:34 AM EDT. Rare Elements was at $11.59, up $1.21, or 11.66 percent. Avalon was trading at $7.21, up $0.47, or 6.97 percent.