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| Ferro-Titanium |
Global Demand Fuels Record Shipments Amid Market Shifts
China’s rare earth exports surged to their highest level since 2006, reaching 55,431 metric tons in 2024, marking a 6% year-on-year increase, according to customs data. The growth was fueled by rising global demand from industries such as electric vehicles (EVs), wind turbines, and high-tech manufacturing. However, the average export price dropped 39% to $8,818 per ton, hitting its lowest level since 2017.
The largest buyers of China’s rare earths in 2024 were Japan, the United States, the Netherlands, and Taiwan, which together accounted for 76% of total exports. Additionally, demand surged in Vietnam, Turkey, and Canada, while shipments to Poland, Russia, and Thailand declined, reflecting shifting global supply chain dynamics.
Declining Shipments of Key Rare Earth Elements and Market Outlook
Despite the overall rise in exports, shipments of specific rare earth elements saw declines. Neodymium metal exports plummeted 87% year-on-year, primarily due to weaker demand from Japan. Dysprosium oxide, praseodymium oxide, and lanthanum carbonate shipments also fell, indicating reduced overseas demand for certain critical materials.
Lower prices have encouraged increased overseas purchases, supported by stable ore supply and weak domestic magnet consumption. However, uncertainties remain due to China’s export restrictions on rare earth technologies and ongoing global efforts to diversify rare earth supply chains. As the industry evolves, China’s dominance in the rare earth market will continue to shape pricing and availability worldwide.
