Global exports of the rare earth yttrium have stalled, causing what an official has described as a “supply-demand crunch,” with the Financial Times reporting that Tokyo is months away from running out of the critical metal.

Yttrium is essential for manufacturing consumer electronics, LEDs, aviation engines, semiconductor production equipment and a variety of industrial products.

China accounts for almost two-thirds of rare-earth mining production and 92% of global refined output, according to the International Energy Agency.

“It is true that exports of yttrium have stalled not only to Japan but worldwide, causing a supply-demand crunch and soaring prices,” the industry ministry official said Wednesday, on condition of anonymity.…