SHANGHAI, May 20 (SMM) - In April, China exported 4,601 mt of rare earth permanent magnets, an increase of 7.7% month-on-month and an increase of 18% year-on-year. The export unit prices were $81.57/kg, an increase of 9.8% month-on-month and a great increase of 47.13% year-on-year. Both export and prices of rare earth permanent magnets increased.
Affected by the pandemic in some regions, the operating rates of domestic magnetic material enterprises declined, as a result, the export volume of rare earth permanent magnets dropped sharply in February. Although China's rare earth permanent magnet exports have continued to increase in both volume and price since March, the growth rate of rare earth permanent magnet exports slowed down in April as the operating rates of domestic magnetic material enterprises gradually recovered.
Compared with March, overseas rare earth permanent magnet order deliveries increased overall. The export volume of rare earth permanent magnets to Japan and South Korea increased by 33% month-on-month, followed by the United States and south-east Asia, with the export volume increased by 17.8% and 10% month-on-month respectively.
The quantity of rare earth permanent magnets exported to Europe remained the same month-on-month. The demand for electric motor orders for two-wheeled electric vehicles in Europe was weak, and the purchase demand for magnetic materials was stable.
In April, the export volume of PrNd was only 53 mt, down 28% from the previous month. The export volume of PrNd oxide was only 18 mt. The PrNd oxide and PrNd was mostly exported to Japan. Compared with rare earth permanent magnets, the export volume of the main upstream raw materials of PrNd oxide and PrNd did not grown significantly, and overseas countries still rely heavily on the Chinese rare earth permanent magnets.
In April 2021, the monthly average prices of PrNd, the main raw material of rare earth permanent magnets, were 698,000 yuan/mt. By April 2022, the monthly average prices of PrNd rose to 1.063 million yuan/mt, an increase of 52%. Affected by the sharp rise in raw material prices, the unit prices of rare earth permanent magnet exports rose sharply year-on-year.