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The effect of national macroeconomic regulation and adjustment of industrial policies shows that rare earth products export prices have been reduced
Since the beginning of this year, China's rare earth exports have experienced a decline in volume but an increase in value. According to the latest data, China exported 50.04 million tons of rare earth products in the first nine months, representing a 3.6% drop compared to the same period last year. However, the export value reached $233 million, rising by 14.1% year-on-year. This mixed trend reflects a complex shift in the market dynamics.
Experts attribute the drop in export volume to stricter macroeconomic controls and industrial policies implemented by the government. Starting from May 19th, rare earth ores and related products were banned from processing trade, which significantly impacted the flow of raw materials for export. This policy shift has forced companies to adjust their strategies, leading to reduced output.
Despite the lower volume, prices have seen a slight upward trend. The main factors driving this include the removal of export tax rebates, increased environmental compliance costs, and reduced production due to shutdowns. Since May 1st, the elimination of tax rebates has directly affected profit margins, pushing up production costs and, consequently, export prices.
Additionally, rising environmental protection investments have added to the cost burden. Companies along the Yellow River in Inner Mongolia have faced temporary production halts due to stricter water pollution regulations. These measures have led to higher capital expenditures on pollution control, further increasing the cost of raw materials like mixed rare earth carbonates.
The reduction in supply, especially from major producers in Baotou, has also contributed to price increases. With two key rare earth producers accounting for nearly half of China’s exports being shut down, the imbalance between supply and demand has driven prices higher.
In Baotou, the price of light rare earths has surged. By the end of September, antimony oxide reached 12,000 to 13,000 yuan per ton, while praseodymium neodymium oxide hit as high as 66,000 yuan. Prices for other rare earth oxides also saw significant increases, with some products rising by 2,000 to 3,000 yuan. The trend continued into October, with rare earth carbonate prices climbing to 5,800–6,000 yuan per ton.
In terms of trade, most exports are conducted through general trade, with Jiangsu, Beijing, and Inner Mongolia being the main exporting regions. Jiangsu accounted for 18.3% of total exports in value, while Beijing contributed 18.4%. Inner Mongolia's share was slightly lower at 12.7%. Japan, the EU, and the U.S. remain the primary destinations, with Japan taking 36% of total exports, followed by the EU at 24.8% and the U.S. at 24.1%.
Major customs areas like Tianjin and Shanghai handle over 82.4% of the country’s rare earth exports. State-owned enterprises dominate the sector, contributing 54.4% of the export volume and 58.4% of the total value. Foreign-invested enterprises account for 23.7% of the value, while private enterprises contribute 15.9% of the volume and 15% of the value.