Customs data showed that in May, China imported 5,958 mt of rare earth metal ores. The imports in January-May totalled 24,405 mt, down 20% YoY.
In January-May, China imported 23,884 mt of unlisted rare earth oxides, up 32% YoY. The imports of mixed rare earth carbonate totalled 2,802 mt, down 22% YoY. Among them, the imports of unlisted rare earth oxides in May was 5,438 mt, up 42% YoY but down 14% MoM. The imports of mixed rare earth carbonate in May were 179 mt, down 74% YoY and 57% MoM.
In January-May, China exported 24,000 mt of rare earth, up 14.3% YoY, with May exports at 6,217 mt, up 36.2% MoM and 35.9% YoY. The significant increase in exports was mainly due to two factors: First, after the Spring Festival, overseas buyers made inventory replenishment, leading to a noticeable increase in overseas demand. The market orders performed well in March-April. Second, domestic rare earth prices showed signs of bottoming out, which significantly reduced the wait-and-see sentiment of downstream customers and drove an increase in market procurement.
