China's Thorium and Rare Earth Imports Surge, Market Shows "Hot Outside, Cold Inside" Phenomenon

Recently, the General Administration of Customs released import and export data for January-April 2026. According to the latest data, China's imports of thorium ore and concentrates from January to April 2026 totaled 21,443 mt, nearly flat YoY. Of this, imports in April were 4,081 mt, up 22% MoM but up 32% YoY. From January to April 2026, China's imports of unlisted rare earth oxides were approximately 26,123 mt, surging 103% YoY.

Currently, the operating rate of ex-China rare earth mines remains relatively high, keeping actual supply in the international market at ample levels. Demand side, in China, affected by tightening environmental protection policies and declining orders from downstream magnetic material enterprises, the overall operating rate of rare earth separation plants has remained low for an extended period, resulting in persistently weak capacity to absorb imported ore. This supply-demand mismatch has led to a distinctive "hot outside, cold inside" phenomenon in China's rare earth market: on one hand, both import volumes and prices are rising; on the other hand, social inventory continues to accumulate. If downstream demand fails to recover in a timely manner, this divergence of "rising imports and growing inventory" may persist over the long term, which could in turn force some mines to adjust their production plans.