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| China’s Rare Earth |
China’s Rare Earth Shipments Reach Record Levels in 2024
China’s rare earth exports soared to their highest level since 2006, driven by increased global demand. In 2024, exports rose by 6% year-on-year, reaching 55,431 metric tons, according to customs data. Despite the volume increase, the average export price dropped 39% to $8,818 per ton, marking the lowest level since 2017.
Growing Demand from Key Industries and Global Buyers
A surge in demand from the electric vehicle (EV), wind turbine, and high-tech industries fueled higher rare earth purchases. Lower prices, supported by stable ore feedstock supplies and weak domestic magnet consumption, encouraged overseas buyers to increase imports.
The top four destinations for China’s rare earth shipments in 2024 were Japan, the United States, the Netherlands, and Taiwan, collectively accounting for 76% of total exports. Meanwhile, demand surged in Vietnam, Turkey, and Canada, while shipments to Poland, Russia, and Thailand saw declines.
Neodymium, Dysprosium, and Praseodymium Shipments Decline
Despite the overall rise in exports, neodymium metal shipments plummeted 87% year-on-year due to falling demand from Japan. Exports of dysprosium oxide, praseodymium oxide, and lanthanum carbonate also declined in 2024 compared to the previous year, reflecting weaker overseas demand.
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