Analysis of China’s rare earth import and export in March 2024 [SMM Analysis]

According to customs data, China's rare earth metal ore imports in March 2024 were 5905.7 tons, a year-on-year increase of 55% and a month-on-month increase of 68%. The cumulative imports from January to March 2024 were 13,511 tons, a year-on-year decrease of 19%. From January to March 2024, China's unspecified rare earth oxide imports totaled 12,135 tons, a year-on-year increase of 21%. The import volume in March was 5169.3 tons, a year-on-year increase of 34% and a month-on-month increase of 65%.

The import volume of rare earth ore in March was still large, but due to severe cost pressure, the quotations of sellers were firm and it was difficult to find low-priced goods in the market. In addition, Southeast Asia entered the rainy season starting from the second half of April, and it is expected that the import volume of unspecified rare earth oxides in the second quarter will decrease on a month-on-month basis.

In March, China imported 543.8 tons of mixed rare earth carbonates, a year-on-year increase of 2,490% and a month-on-month decrease of 31%; from January to March 2024, the cumulative import volume was 2,202.3 tons, a year-on-year increase of 59%.

In March 2024, China’s export volume of rare earth permanent magnets was 4,196 tons, a year-on-year decrease of 15%; from January to March 2024, the cumulative export volume was 12,783 tons, a year-on-year decrease of 2%. In March, China exported 4,709.6 tons of rare earth commodities, a month-on-month increase of approximately 62%, and a year-on-year increase of only 0.1%; from January to March 2024, China exported a total of 13,483.5 tons of rare earth commodities, a year-on-year increase of 13.9%.