SHANGHAI, Jun. 16 (SMM) – China’s rare earth exports showed significant recovery in May in both volumes and prices, but the recovery will not extend into June, cnmn.com reported, citing other media.
Rare earth prices began a big rally in late April due to commercial stockpiling of the metal.
However, prices began losing upward momentum from mid-May and even showed signs of downward corrections as end-use demand showed no obvious recovery. Another bad news is that tender invitation by China’s State Reserve Bureau (SRB) in June ended with failure.
As such, rare earth export volumes and prices are likely to return to declines in June.
Customs data showed outbound shipments were 4,073 tonnes in May, up 55.58% from a year ago and also up from April’s 3,696 tonnes. Average export price also beat April’s level.
The big year-on-year increase was because of lower base in the same period last year, which was the result of cancellation of export quotas and export duty, effective May 2015.
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