China Rare Earth Ore Imports Dropped YoY in Jan-Feb

SHANGHAI, Mar 24 (SMM) - China rare earth ore imports recorded 14,400 mt in January-February 2022, down 13% YoY which was mainly attributed to middle and heavy rare earth.

In terms of import structure, the imports of rare earth metal ore took up the largest proportion and stood at 13,000 mt, a year-on-year increase of 13%, all of which came from the United States. The imports of rare earth metal ore were 3,276 mt and 9,750 mt in January and February respectively, down 56% and up 197% MoM. It is reported that the capacity of MP mine in the US will remain stable in 2022, and the contract renewal with Shenghe Group has been smooth. Due to the strong demand from downstream orders, China's rare earth metal ore imports are expected to increase slightly in March and April.

The total imports of mixed rare earth carbonate and unlisted rare earth oxide were 1,400 mt in January and February, a year-on-year decrease of 74%, mainly from Southeast Asian countries such as Myanmar and Vietnam. The imports of these two middle and heavy rare earth ores were 953 mt and 371 mt respectively in January and February, down 79% and 60% MoM.

Imported mixed rare earth carbonate and unlisted rare earth oxide has been falling since the China-Myanmar border port was closed in December 2021. The border port has remained closed since then due to severe COVID-19 pandemic in China or abroad, hence the imports of middle and heavy rare earth are likely to remain low in March and April.