SMM, October 21: According to the latest data from the General Administration of Customs, China's imports of unlisted rare earth oxides totaled 5,021 mt in September 2026, up 23% MoM from 4,070 mt in August and up 2% from 4,909 mt in the same period last year. On a cumulative basis, imports of unlisted rare earth oxides reached 46,466 mt in January-September 2026, up 14% YoY, with the growth rate slowing from 16% in the first eight months.
The September increase came almost entirely from Myanmar. Imports from Myanmar totaled 3,509 mt during the month, rebounding sharply from 1,346 mt in August and accounting for 70% of total monthly imports. Imports from Laos came to 1,369 mt, pulling back notably from 2,602 mt in August, with their share falling to 27%. Imports from Malaysia totaled 138 mt, while other sources saw virtually no arrivals. Myanmar and Laos together accounted for over 97% of monthly imports, and the pattern of highly concentrated sourcing from Southeast Asia remained unchanged, but the shift between the two countries directly drove the month-to-month fluctuations in total volume.
In terms of drivers, the September import rebound was supported by two main factors. On one hand, the impact of the Southeast Asian rainy season gradually faded, improving shipping conditions from mines in Myanmar and border crossing logistics, which restored the previously slow pace of arrivals. On the other hand, operating rates at domestic smelting and separation enterprises slowly recovered, gradually releasing procurement demand for ion-adsorption ore raw materials. At the same time, the pullback in arrivals from Laos partially offset the growth from Myanmar, leaving September's YoY increase at a mild 2%, well below the YoY levels of previous months.
Looking ahead to Q4, as the rainy season disruption fades and raw material inventories at domestic separation plants are gradually drawn down, imports of unlisted rare earth oxides are expected to remain at around 5,000 mt. However, with import sources highly concentrated in Myanmar and Laos, changes in border policies, mine operations, or transportation conditions in any single direction could still cause significant month-to-month fluctuations. Whether the cumulative growth rate can hold in double digits will depend on the sustainability of arrivals from Myanmar and the operating pace of domestic separation enterprises.
