CHINA’S exports of rare earths minerals in September fell 11.5 per cent from August, customs data showed on Monday (Oct 14), as rising domestic demand and prices encouraged exporters to sell domestically.
The world’s largest producer of rare earths last month shipped 4,181 tonnes of the 17 minerals used to make products ranging from magnets in electric vehicles to consumer electronics, data from the General Administration of Customs showed.
That compared with 4,723 tonnes in August and 3,935 tonnes in September 2023.
“Some exporters preferred to sell domestically amid a price rally driven by improved demand and tight supply last month,” said Yang Jiawen, an analyst at consultancy Shanghai Metals (SMM) Market.
China’s spot prices of praseodymium-neodymium oxide were up nearly 5 per cent month on month at 428,000 yuan a tonne on Sep 30, SMM data showed.
Beijing’s implementation of new regulations on the industry from Oct 1, lower-than-expected mining output as well as smelting and separation quota together with improved seasonally demand tightened domestic supply, supporting prices, said analysts.
“Meanwhile, overseas buying interest for magnet products receded amid the growing supply outside China,” SMM’s Yang said.
Exports in the first three quarters of 2024 climbed 6.4 per cent from the same period a year before to 42,936 tonnes, the customs data showed.
China’s rare earths imports last month slipped 32 per cent from the year before to 10,804 tonnes, bringing the total from January to September to 102,489.1 tonnes, a year-on-year decline of 23.7 per cent. REUTERS
