In August 2024, the import volume of unlisted rare earth oxides continued to shrink significantly MoM [SMM Analysis]

Recently, the General Administration of Customs released import and export data for August 2024. According to customs data, in August 2024, China's import volume of rare earth metal ores was 6,864 mt, up 7% YoY and up 99% MoM. From January to August 2024, the cumulative import volume was 38,582 mt, down 20% YoY.

According to the SMM survey, the import volume of rare earth metal ores in August saw a significant rebound, and the production of rare earth oxides in Sichuan did not show a significant reduction in August.

From January to August 2024, China's cumulative import volume of unlisted rare earth oxides was 35,651.5 mt, up 16% YoY. Among them, the import volume in August was 3,189 mt, down 17% YoY and down 25% MoM.

In August, 63% of China's imported unlisted rare earth oxides came from Myanmar. According to some mining companies, rare earth mines in Myanmar are expected to gradually resume production by the end of September. It is expected that the import volume of unlisted rare earth oxides in September will be relatively stable compared to August, with a significant increase starting in October.

In August, China's import volume of mixed rare earth carbonate was 42 mt, down 95% YoY and up 100% MoM. From January to August 2024, the cumulative import volume was 3,176 mt, down 69% YoY.