Chinese Rare Earth Market - December 16, 2024

At the start of the week, the domestic Chinese rare earth market remained flat, primarily due to downstream and end-user clients sticking to demand-driven procurement. Meanwhile, strong production cost support and the promising growth prospects of rare earth-dependent industries, such as robotics and new energy vehicles, kept many suppliers reluctant to reduce prices for sales.

Trade Data:

According to customs statistics: From January to November 2024, China exported 52,104.9 tons of rare earths, a year-on-year increase of 6.6%. Rare earth imports over the same period totaled 123,287.7 tons, a decrease of 22.7% year-on-year. For November 2024 alone, rare earth exports were 4,415.5 tons, and imports were 11,327.3 tons.

Industry News:

Recently, Baotou Steel Group and Huawei Technologies Co., Ltd. signed a strategic cooperation agreement. The collaboration will focus on: Developing talent in digitalization; Driving industrial digital transformation; Enhancing data governance; Establishing intelligent mining operations, and advancing smart conveyor systems.

This partnership aims to create model intelligent scenarios in the steel and mining sectors, promote high-quality development of the industrial internet, and empower the digital and intelligent transformation of Baotou Steel Group's steel and rare earth industries. Together, they aim to usher in a new era of digital intelligence.

Prices of rare earth products on December 16, 2024

Picture of erbium oxide

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