SHANGHAI, Apr 24 (SMM) - IonicTech, the subsidiary of Ionic Rare Earths has started trial runs at its magnet recycling plant in Belfast, Northern Ireland. The project process uses a hydrometallurgical process to extract rare earths, separates the elements and finally refines them into high-purity magnet rare earth oxides (REO). This presents an opportunity for the company to have a "first mover" advantage in extracting rare earth industrial elements from magnet scrap, enabling the company to meet growing demand. According to SMM, the current price competition among domestic rare earth-related scrap recycling companies is relatively fierce. The person in charge of a large recycling company said that the profits are unlikely to recover in the short term.