SHANGHAI, Sep 26 (SMM) – According to the General Administration of Customs, China rare earth metal ore imports stood at 3,295.5 mt in August, down 41.92% YoY and 53.43% MoM; the imports totalled 51,600 mt in the first eight months of 2022, up 2.35% YoY.

In detail, the imports of unlisted rare earth oxides were 1,491.11 mt in August, up 450.36% YoY and 61.65% MoM in August; the imports totalled 5,583.94 in January-August, down 65.54% YoY. The exports recorded 313.64 mt in August, down 27.55% YoY and up 26.34% MoM; the exports stood at 2,850.85 mt in the first eight months, down 33.31% YoY.

The imports of unlisted rare earth oxides in August mainly came from Myanmar and Indonesia, which collectively took up 98% of China’s total imports, followed by Vietnam, US and Japan. The imports from Myanmar rose palpably to 464.27 mt. The exports were mostly sent to Japan with a volume of 147.18 mt, up 51.57 mt from July.

Also in August, China imported 114.8 mt of mixed rare earth carbonate, up 173.86% YoY and 165.43% MoM with Myanmar and India being the major supplying countries. The imports from Myanmar added 71.57 mt on a monthly basis. The imports in the first eight months were 1,453.92 mt, down 63.39% YoY.

On the whole, the exports in January-August were 34,000 mt, up 5.7% YoY; the export amount was 4.81 billion yuan, up 77.2% YoY. The rare earth supply in China was constrained by high temperature-induced power rationing and pandemic outbreak, and upstream separation plants have reduced their production. The reduction in supply coincided with contracting demand, evidenced by poor orders of magnetic material factories. Therefore, the supply and demand is relatively balanced at present, and the prices are likely to stabilise in the future.