Demand is growing – also in China itself.
China has significantly increased the annual production quota for rare earths. A quota of 210,000 metric tons has been set for the full year, an increase of 25 percent over the previous year, according to Reuters news agency. Production quotas are usually set twice a year, most recently at the end of January. The increase was made due to high global demand for critical raw materials, the report added. It is unclear, however, how much of it will ultimately end up in exports, as demand for rare earths is also growing strongly in China due to the expansion of wind power and electric mobility. The country also wants to earn more from downstream stages of the value chain, i.e. from finished products.
Photo: iStock/Alfio Manciagli