Compared with last year, the export of permanent magnets increased by 18 percent.
In the first two months of this year, China exported a total of 8,506 tons of rare earth permanent magnets, an increase of 18 percent compared with the same period last year. January accounted for 4,940 tons, an increase of nine percent compared to December. In contrast, February had already seen a decline of 28 percent, with only 3,566 tons exported in that month. This is reported by the information service Shanghai Metal Markets (SMM).
The People’s Republic exports a large part of its rare earth permanent magnets to Europe (18 percent of total exports in January and February), the USA (seven percent) and Japan (five percent). The growing overseas demand for rare earths, he said, is coming primarily from industries such as electric mobility and wind energy. Rare earth permanent magnets are important components in both electric motors and wind turbines. SMM therefore expects an upward trend for China’s exports in this sector in 2022.
Photo: iStock/Michael Ien Cohen