CHINA’S exports of rare earth minerals rose 2.24 per cent in July from June, customs data showed on Wednesday (Aug 7), as uncertainty over the country’s new regulations for the market spurred buying.
The world’s largest producer of rare earths last month shipped 4,937 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 4,829 tonnes in June and 5,426 tonnes in July 2023 when the number jumped 49 per cent from a year earlier amid demand for the production of new energy vehicles and fears that Beijing might impose restrictions on exports.
China unveiled in late June a list of regulations aimed at protecting rare earth supplies in the name of national security, laying out rules on the mining, smelting and trade in the critical materials.
State-backed research house Antaike said last month rare earth exports would likely increase ahead of Oct 1 when the new regulations take effect.
During the first seven months of 2024, exports climbed 7.5 per cent from the same period a year earlier to 34,032 tonnes, the customs data showed.
Imports
China’s rare earths imports last month slid 44.3 per cent from the prior year to 8,264 tonnes, bringing the total for January-to-July period to 80,572 tonnes, a 23.8 per cent fall year on year.
“The fall in imports last month is partly because of reduced buying from Myanmar where some miners halted production amid low prices and landslide-related accidents,” said Liu Hao, an analyst at consultancy Shanghai Metals Market (SMM).
China’s June imports of rare earths from Myanmar tumbled by 27.3 per cent from the month before, customs data showed, and analysts expected July imports from the country to be even lower. REUTERS
