Recently, the General Administration of Customs released import and export data for the period from January to May 2026. The latest data shows that China's imports of thorium ore and concentrates from January to May 2026 amounted to 25,400 mt, edging up 6% YoY, with May imports at 3,957 mt, edging down 3% MoM but up 56% YoY. From January to May 2026, China's imports of unlisted rare earth oxides were approximately 29,266 mt, up 33% YoY; of this, May imports of unlisted rare earth oxides stood at around 3,143 mt, down 30% MoM, while also seeing a sharp 65% drop YoY.
Looking at the specific data, imports of thorium ore and concentrates were relatively stable, but imports of medium-heavy rare earth ore from Southeast Asia saw a notable decline. According to SMM survey, the decrease in unlisted rare earth oxides imports was mainly due to a sharp drop in imports from Myanmar, from 3,040 mt to 1,159 mt. This was primarily caused by seasonal factors and Myanmar's increase in rare earth ore taxes, which led to a significant fall in the operating rate of rare earth mines in the Bawa area. Some mine owners even dismissed miners as mining costs surged significantly while rare earth ore selling prices remained sluggish. Some miners forecast that Myanmar ore imports in June may be similar to May, while from July to August, as the local area enters its deep rainy season, increased rainfall will affect normal operations at mines, and rare earth ore production could continue to decline during this period.
