 These magnets contain neodymium, iron and boron, and are therefore called Neodymium magnets.The price of Neodymium went through a price bubble due to Chinese export restriction in 2010–11, rising from $50/kg at the start of 2010 to $500/kg by the summer of 2011.This resulted in 'demand destruction' as many producers quickly turned to substituting induction motors in their cars to defend their production line.