June Imports of Various Rare Earth Products Declined Sharply MoM

According to customs data, in June 2024, China imported 3,861 mt of rare earth metal ores (down 46% YoY and 35% MoM), 4,308 mt of unlisted rare earth oxides (up 10% YoY but down 21% MoM), and 311.4 mt of mixed rare earth carbonate (down 90% YoY but up 74% MoM).

Some miners reported that the risk of landslides in Myanmar's mining areas significantly increased due to weather conditions. To ensure the safety of miners, several local mines have ceased operations. As a result, the imports of unlisted rare earth oxides from Myanmar decreased by 27% MoM in June.

It is reported that the production halt in Myanmar continues and production is expected to resume in September. During this period, the imports of rare earths from Southeast Asia will significantly decrease. Currently, suppliers show a low willingness to sell, leaving separation plants facing significant difficulties in raw material procurement, which may affect the normal operations of some separation plants. It is expected that the prices of rare earth oxides are likely to rise in the future.