China’s rare earth export price hit record in August, export volume declined on year

 

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China’s rare earth export price hit a record high in August, jumping to $26 per kilogram, surging 93.8% from a year earlier, according to China’s customs data released on Wednesday.

Its rare earth export volume reached 3,673.6 tonnes in August, down by 6.7% from a year ago, following a drop of 8% in July, showed the data.

The drop in export volume was attributable to various factors such as tighter measures for the protection of the environment and resources and prices will also be pushed up by a supply reduction in Myanmar and surging demand for resources from downstream businesses.

Countries with large reserves of rare earths have strengthened the protection of rare earth resources and the environment in recent years, and the mining and supply of rare earths are decreasing.

The global rare earth reserves were at 120 million tons in 2021 and the top five countries are China, Vietnam, Brazil, Russia and India, accounting for 95.8% of the total reserves, according to the US Geological Survey’s 2022 report. China has the highest reserves of rare earth minerals at 44 million tonnes and it’s also the world’s leading rare earths producer in 2021 with 168,000 tonnes of output.

China’s rare earth export price hit a record high in August, jumping to $26 per kilogram, surging 93.8% from a year earlier, according to China’s customs data released on Wednesday.

Its rare earth export volume reached 3,673.6 tonnes in August, down by 6.7% from a year ago, following a drop of 8% in July, showed the data.

The drop in export volume was attributable to various factors such as tighter measures for the protection of the environment and resources and prices will also be pushed up by a supply reduction in Myanmar and surging demand for resources from downstream businesses.

Countries with large reserves of rare earths have strengthened the protection of rare earth resources and the environment in recent years, and the mining and supply of rare earths are decreasing.

The global rare earth reserves were at 120 million tons in 2021 and the top five countries are China, Vietnam, Brazil, Russia and India, accounting for 95.8% of the total reserves, according to the US Geological Survey’s 2022 report. China has the highest reserves of rare earth minerals at 44 million tonnes and it’s also the world’s leading rare earths producer in 2021 with 168,000 tonnes of output.