China's rare earth exports fell 17.6 per cent in September from the previous month as suppliers increased sales in the country to meet strong demand, customs data released on Friday showed.
China, the world's largest exporter of rare earths, exported 3,935 tonnes in September, down 9 percent from a year earlier, the data showed.
Rare earths are used in a range of products, including lasers, military equipment, electric cars, wind turbines and consumer electronics.
According to the source:Â "The downward trend in September from a year earlier is not surprising."
The source said:- "Domestic demand improved last month due to a wave of replenishment of stocks." This was driven by purchases ahead of a week-long holiday in October and concerns about reduced supply from Myanmar, he added.
On 4 September, a rare earth mine in one of Myanmar's main production areas was ordered to cease operations ahead of inspections. Myanmar is one of the world's largest producers of rare earths.
China's praseodymium alloy spot price rose 4% from a year earlier to 637,500 yuan per tonne as of 28 September, market data showed.
Higher domestic prices encourage exporters to sell more goods in the domestic market, the sources stated.
In the first nine months of 2023, exports of 17 minerals stood at 40,371.8 tonnes, up 6.6% year-on-year.
Meanwhile, China's rare earth imports jumped 19% to 15,898 tonnes last month from a year earlier, as tighter environmental regulations on mines continued to limit growth in domestic supply.
China's rare-earth mining quotas have increased less this year than last, which has also limited supply growth.
China's gold imports rose 49.2% year-on-year to 134,334 tonnes in January-September this year.
[Source - Yangtze River Non-Ferrous Website]
