Exports from China up 30 percent year-on-year; fears of export controls give a boost.
Export restrictions on gallium and germanium introduced by China are apparently also affecting demand for rare earths. As Reuters writes, citing analysts, there are fears in the market that the export restrictions could be extended. As a result, over the year, exports of rare earths increased by 30 percent. Compared to the previous month, there was a decrease from 5,426 tons to 4,775 tons. In July, however, exports nearly reached the record level of March 2020. Demand was also boosted by the weaker yuan against the dollar.
In China, meanwhile, there are initial signs that the economy is stabilizing again. Both exports and imports declined less than feared, Bloomberg (Paywall) reports. In recent weeks, the government has announced a series of measures to stabilize domestic demand, including purchase incentives for electric cars.