China Exports More Permanent Magnets

30. May 2022 | Economy, Market

Demand increases, prices for rare earth magnets rise.

As reported by the industry portal Shanghai Metals Market (SMM), China exported 4,601 metric tons of rare earth permanent magnets in April, almost eight percent more than in March. Compared to the same month last year, an increase of 18 percent was recorded. The year-on-year increase in export prices was even more pronounced, at over 47 percent.

The demand for the components needed for e-cars, among other things, increased worldwide in April, SMM added. Exports to South Korea and Japan in particular rose significantly. Exports to Europe, on the other hand, remained stable.

SMM also reported that China imported 8,695 metric tons of rare earths in April, down 33 percent from March. This was due to maintenance work at California’s Mountain Pass mine, from which China imports light rare earths, it said. This group includes neodymium and praseodymium.

iStock/Sybille Reuter

California MP_Materials