China's Rare Earth Imports Surge in July, Unlisted Oxides and Mixed Carbonates See Double-Digit Growth

1. Unlisted Rare Earth Oxides: July Imports Up 30% MoM, Cumulative Imports Maintain Double-Digit Growth

In July 2026, China's imports of unlisted rare earth oxides stood at 4,591 tonnes, up 30% MoM from 3,518 tonnes in June and 27% YoY from 3,626 tonnes in the same period last year. On a cumulative basis, imports in January-July 2026 totaled 37,375 tonnes, up 15% from 32,519 tonnes in the same period of 2025.

From a historical perspective, imports of unlisted rare earth oxides totaled 56,107 tonnes in full-year 2025 and 48,869 tonnes in 2024. Since the beginning of 2026, monthly import volumes have shown an overall upward trend with fluctuations, with relatively high import volumes in March, April and June, and July continuing this momentum.

2. Mixed Carbonate Rare Earth: July Imports Surge 189% MoM, YoY Growth Exceeds 150%

Compared with unlisted rare earth oxides, the import growth of mixed carbonate rare earth was even more remarkable. In July 2026, China's imports of mixed carbonate rare earth reached 1,533 tonnes, surging 189% MoM from 530 tonnes in June and up 156% YoY from 599 tonnes in the same period last year.

On a cumulative basis, imports in January-July 2026 totaled 8,692 tonnes, up 50% from 5,795 tonnes in the same period of 2025. Notably, full-year imports of mixed carbonate rare earth stood at 9,260 tonnes in 2025, while the January-July volume in 2026 has already reached nearly 94% of last year's full-year level, suggesting full-year imports are likely to hit a multi-year high.

3. Market Interpretation

The sustained growth in imports of unlisted rare earth oxides and mixed carbonate rare earth reflects persistently strong demand for upstream raw materials among domestic rare earth smelting and separation enterprises. Mixed carbonate rare earth, as an important feedstock for rare earth smelting, saw July imports surge 189% MoM, which may be related to advance stockpiling by some domestic smelters and shifts in overseas supply schedules.

Looking at the full-year trend, cumulative imports of both products grew in January-July 2026, with mixed carbonate rare earth up as much as 50%. This indicates that China's rare earth industry chain is becoming increasingly dependent on overseas raw materials, possibly linked to factors such as the pace of domestic rare earth mining quota expansion and environmental policy constraints.

4. Outlook

Looking ahead, as global demand for rare earth permanent magnet materials continues to grow across new energy, electric vehicles and wind power sectors, domestic demand for upstream rare earth oxide and carbonate raw materials is expected to remain firm. Imports of unlisted rare earth oxides and mixed carbonate rare earth are likely to stay at elevated levels.

Nevertheless, attention should be paid to potential impacts from changes in overseas rare earth supply patterns, adjustments to domestic rare earth mining quotas and the international trade environment. It is recommended to closely monitor import data for August and September to gauge whether the pace of rare earth raw material imports will adjust in the second half of the year.