China’s exports of rare earths in 2023 has risen 7.3 per cent from the prior year, as per the customs data.
The factors driving its boost include competitive prices and growing overseas demand from electric vehicle makers and other high-tech sectors.
As per reports, China has shipped 52,307 metric tons of the minerals abroad last year, the highest since 2018, as per the data from the General Administration of Customs.
Further, demand for rare earths is driven by the rapid development of new energy vehicles, wind power and inverter air conditioners, as per the analysts.
It may be noted that last year, China introduced restrictions on exports of germanium, gallium and some graphite products due to its battle over control of critical minerals. These are used in semiconductors and electric vehicle batteries.
As per reports, China has set its 2023 rare earth mining quota at 255,000 metric tons and the annual smelting and separation quota at 243,850 tons, both up more than 20 per cent from the year before.
China’s imports of rare earths last month were up 45 per cent on the year at 16,381 tons, while the 2023 total climbed 44.8 per cent from a year earlier to 175,853 tons, as per reports.
