SHANGHAI, Apr. 7 (SMM) – According to Baotou Customs, Baotou's rate earth export totaled 1,462.4 tonnes in Jan.-Feb. 2017, up 143.13% YoY, which values 31 million yuan, up 53.2%YoY, reported by China Rare Earth Information Net. Exported rare earth price averaged at 21,300 yuan per tonne, down 36.98% YoY.
First, China canceled export quota and tariff on rare earth, growing rare earth export. Second, international market demand for Chinese rare earth dropped continually. This, combined with replacement of rare earth by new materials, led to oversupply in China’s rare earth market. Hence, rare earth price declined.
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