2024-01-12 05:07:18
China’s exports of rare earths in 2023 rose 7.3% from a year earlier, customs data showed Friday, boosted by competitive prices and growing overseas demand from vehicle makers electrical and other high-tech sectors.
The world’s largest producer of rare earths shipped 52,307 metric tons of the minerals overseas last year, according to data from the General Administration of Customs.
According to analysts, demand for rare earths has accelerated with the rapid development of new energy vehicles, wind power and inverter air conditioners. The minerals are also widely used in lasers, military equipment and consumer electronics.
China has engaged in an increasingly intense battle for control of critical minerals and last year introduced restrictions on exports of germanium, gallium and some graphite products, which are used in semiconductors and batteries for electric vehicles.
That reignited fears that rare earths could be the next target, prompting a buying rush.
Europe and the United States are trying to shake off their dependence on rare earths produced by China, which represents nearly 90% of global refined production.
However, the increase in demand has been slower than that of supply, weighing on prices for most of last year, although fears of supply disruptions, fueled by a suspension mining in Myanmar, pushed prices to a 20-month high last September.
China set its rare earth mining quota for 2023 at 255,000 metric tons and its annual smelting and separation quota at 243,850 tons, both up more than 20% from the previous year.
The spot price of praseodymium oxide and neodymium at the end of last year was down 34% from a year earlier, to 457,500 yuan per ton, according to data from the consulting firm Shanghai Metals Market (SMM).
China’s exports of the 17 minerals classified as rare earths fell 18.24 percent in December from the previous month, to 3,439 tonnes, the data showed. This is a decrease of 20% compared to December 2022.
Last month, China’s rare earth imports rose 45% on the year, to 16,381 tonnes, while the 2023 total rose 44.8% from the previous year, to 175,853 tonnes. , according to customs data.
1705041221
#Chinese #rare #earth #exports #rise #due #demand #electric #vehicle #hightech #sectors