China Rare Earth Permanent Magnets Export Up 30% in July

SHANGHAI, Aug. 29 (SMM) – According to customs statistics, China’s export of rare earth permanent magnets totaled 1,521.4 mt in July, up 32.3% YoY, but down 7.4% on a monthly basis. Total export value hit USD 178.495 million, up 239.2% YoY and up 24.1% MoM.

Entering the year of 2011, drastic fluctuation was seen for rare earth products including praseodymium-neodymium alloy and dysprosium. With rapidly climbing prices in June, overseas orders rose by over 20% from previous month to a two-year high. After a slight drop in July, wait-and-see sentiment grew strong among overseas buyers with orders falling in response. However, as rare earth permanent magnets are core materials for downstream producers, with increasing market demand, China’s export of rare earth permanent magnets still rose 32.3% on a yearly basis in July.