SMM, November 21: Recently, the General Administration of Customs released the import and export data for December 2024. According to customs data, China's rare earth metal ore imports in December 2024 were 3,022.5 mt, down 46% YoY and 41% MoM. For the full year of 2024, cumulative imports totaled 66,416 mt, down 16% YoY.
For the full year of 2024, China's cumulative imports of unlisted rare earth oxides reached 43,855 mt, up 11% YoY. Among them, December imports were 2,307 mt, down 44% YoY and up 15% MoM.
It is understood that although border crossings in Myanmar resumed normal operations in December, the local requirement to impose an additional 20% resource tax significantly increased costs for miners, which they found unacceptable. As a result, rare earth ore imports from Myanmar had not recovered as expected by the end of December. The timeline for the recovery of ion-adsorption ore imports remains uncertain, and SMM will continue to monitor the situation regarding ion-adsorption ore imports from Myanmar.
In December 2024, China's imports of mixed rare earth carbonate were 2,808.5 mt, up 645% YoY and down 17% MoM. For the full year of 2024, cumulative imports totaled 15,110 mt, down 38% YoY.
In December, imports of mixed rare earth carbonate remained relatively high, with Malaysia continuing to be the main source of growth. However, from a full-year perspective, the earlier shortfall in mixed rare earth carbonate imports led to a significant YoY decline in total annual imports.
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