SHANGHAI, Jun 9 (SMM) – China exported 2,865.3 mt of rare earth in May, down 21.35% from a year earlier, showed data from China customs, as a rally in domestic medium-to-heavy rare earth prices and re-escalated US-China tensions deterred exports.
The exports in May brought the tally for the first five months of the year to 18,222.6 mt, down 5.4% from the same period last year.
Prices of medium-to-heavy rare earth products rose significantly in May. SMM assessed prices of terbium metal and dysprosium metal climbed to 5,300-5,350 yuan/kg and 2,400-2,450 yuan/kg, respectively, as of end-May, up 6% and 4% from a month ago.
US-China trade tensions escalated again amid the coronavirus crisis. This grew market concerns about trade uncertainties and also depressed China’s rare earth exports in May.
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