SHANGHAI, Apr. 21 (SMM) – China’s rare earth export volumes soared in Q1, but export prices failed to keep up pace, China Industry Economic News reported.
Outbound shipments were 4,343 tonnes in March, and surged 109.4% from a year ago to 11,600 tonnes in Q1, but export value grew just 38.3% year-on-year, customs data showed.
Cancellation of rare earth export quota license system at the beginning of last year was the main reason behind the marked year-on-year growth in export volumes, Wei Renpeng, a researcher at China Market Report Center told China Industry Economic News in an interview.
Overcapacity and poor demand were blamed for lower export prices, Wei noted.
There will be limited room for rare earth prices to fall in the future, though, Wei predicted. Cost support, ongoing supply side reform, crackdowns on illegal mining, as well as growing demand for new energy vehicles, will all offer support to rare earth prices, Wei explained.
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