SMM analysis: Significant Increase in Imports of Unlisted Rare Earth Oxides in September

Recently, the General Administration of Customs released import and export data for September 2024. The data shows that China's rare earth metal ore imports for the month were 4,661 mt, down 7% YoY and down 32% MoM. From January to September 2024, China imported a total of 43,242 mt of rare earth metal ore, down 18% YoY.
According to the SMM survey, most traders were optimistic about the market when stocking up on raw materials in August for September, leading to higher inventory levels. With already high inventory, the procurement of rare earth raw materials in September significantly decreased compared to August.
From January to September 2024, China imported a total of 41,013 mt of unlisted rare earth oxides, up 23% YoY. Among them, imports in September were 5,362 mt, up 93% YoY and up 68% MoM.
Since the rainy season began in Southeast Asia, many mines have experienced landslides, and due to low profits at the mining end, many mine owners chose to halt production. After the rainy season ended in September, production resumed in various regions. Additionally, Myanmar provided resource fee discounts to mine owners, leading to a significant increase in ore imports from Myanmar at the end of September.