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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 start of this year, China's rare earth exports have experienced a decline in volume but an increase in value. According to recent statistics, China exported 50.04 million tons of rare earth products in the first nine months of the year, representing a 3.6% drop compared to the same period last year. However, the export value reached $233 million, marking a 14.1% increase year-on-year.
Experts attribute the drop in export volume to macroeconomic controls and industrial policy adjustments. Starting from May 19th, rare earth ores and related products were placed on the list of prohibited items for processing trade, significantly impacting export volumes.
Despite the decrease in quantity, export prices have seen a slight upward trend. This is due to three main factors: First, the abolition of the export tax rebate policy for rare earths. This policy had been a key component of export profits, and its removal has increased production costs, leading to higher prices. Second, rising environmental protection investments by companies. In Inner Mongolia, stricter water pollution control measures led to temporary plant shutdowns, forcing firms to invest in better environmental equipment, which further raised production costs. Third, reduced production levels due to factory closures and pollution control measures, especially in Baotou, where two major producers account for half of China’s rare earth exports. This supply-demand imbalance has driven up prices.
In Baotou, the largest source of rare earth raw materials in China, several major producers were shut down due to enhanced environmental regulations. As a result, the price of light rare earths in the area has risen sharply. By the end of September, antimony oxide reached 12,000–13,000 yuan per ton, while praseodymium neodymium oxide climbed to 66,000 yuan. Prices continued to rise into October, with rare earth carbonates reaching 5,800–6,000 yuan per ton. Cerium oxide remained around 2,000 yuan per kg.
China's rare earth exports are mainly conducted through general trade, with Jiangsu, Beijing, and the Inner Mongolia Autonomous Region being the top exporting regions. Jiangsu-based companies accounted for 18.3% and 25% of total export value, while Beijing-based firms contributed 18.4% and 24.7%. Inner Mongolia’s share was 12.7% and 8.7%. The primary destinations are Japan (36%), the EU (24.8%), and the U.S. (24.1%). Major customs areas include Tianjin and Shanghai, handling 82.4% of total exports. State-owned enterprises dominate the market, accounting for 54.4% of export volume and 58.4% of export value, followed by foreign-invested enterprises (23.7% and 22.2%) and private companies (15.9% and 15%).