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China May unusual earth exports jump 36% y/y on restocking

China's exports of uncommon earths in May climbed up 35.9% from a year earlier, customs information showed on Friday, buoyed by a wave of restocking from overseas purchasers.

The world's biggest manufacturer shipped out a record high of 6,217 metric tons of the group of 17 minerals last month, information from the General Administration of Customs revealed.

That compares to 4,566 lots delivered in April and 4,576 lots in May 2023.

Rare earths are utilized in a wide variety of products including lasers, military equipment, electric vehicles, wind turbines and customer electronic devices.

The dive in exports last month is primarily since that overseas purchasers restocked in advance volumes needed to maintain production during the upcoming summertime lull from July, stated Liu Hao, an analyst at consultancy Shanghai Metals Market (SMM).

Likewise, domestic rates had actually generally been on the increase from March to May, which to some degree moved international purchasers to location orders for worry of higher prices ahead. However we expect exports in June to fall following high volumes in May.

Prices of praseodymium-neodymium alloy << SMM-REM-PNA > in China leapt by nearly 4% from late March to 454,000 yuan a load by the end of May, SMM data revealed.

China accounts for 70% of unusual earths mining internationally and 90% of refined output, according to the United States Geological Study.

In the first 5 months of 2024, China's rare earths exports amounted to 24,266.5 heaps, up 14.3% year-on-year, customs data revealed.

IMPORTS

China's rare earths imports in May increased 2.7% year-on-year to 13,747 tons, while total imports for the January-May period dropped 14.3% on year to 62,589.2 lots, the custom-mades information revealed.