China's Imports and Exports of Rare Earth Both Declined in November 2022

SHANGHAI, Dec 26 (SMM) - The imports of rare earth were severely hindered due to repeated blockades by the customs.

The import volume of rare earth metal ore in November 2022 was 3,803 mt, a year-on-year decrease of 71% and a month-on-month decline of 55%. Imports from January to November 2022 totalled 72,000 mt, a year-on-year increase of 1%.

China imported 1,303 mt of unspecified rare earth oxide in November, down 12% year on year and 50% month on month. YTD imports through November stood at 11,000 mt, a year-on-year decrease of 41%. Exports of unspecified rare earth oxide in November 2022 stood at 292 mt, down 60% year on year and 32% month on month. Total exported from January to November 2022 stood at 3,741 mt, a year-on-year decrease of 37%.

In November, more than 80% of China’s unspecified rare earth oxides imports came from Myanmar. Exports to Japan accounted for the lion’s share and stood at 182 mt in November, a rise of 24 mt from October.
China imported 42 mt of mixed rare earth carbonates in November, and the cumulative imports from January to November 2022 were 1,517 mt, a year-on-year decrease of 65%.

China’s total exports of rare earth from January to November totalled 44,000 mt, a year-on-year decrease of 0.9%. However, the export value increased by 72.7% year on year.

At present, rare earth prices have strengthened as the supply can hardly grow and as the demand remains strong. As an important, non-renewable strategic resource, the development of the rare earth industry will continue to improve.