China's rare earth mining and smelting are dominant in the world. Last year, the world's rare earth mineral output was 170,000 tons, while China's output was 120,000 tons, accounting for 71%. Because of China's leading smelting separation technology and low cost in the world, even if there are rare earth resources abroad, the rare earth ores mined need to be treated by China before further processing. According to the report, this is also one of the reasons why foreign rare earth mines are still delayed in mining.
On the supply side, the closure of Tengchong Customs in Yunnan prohibited the import of rare earth ores from Myanmar, which resulted in the shrinkage of domestic supply of heavy rare earth. Due to the uncertain situation of customs clearance and the slow progress of domestic capacity recovery, the prices of heavy and rare earth products will continue to rise.
On the demand side, the foreign market is highly dependent on China's rare earth magnets. In the short term, the demand will not be greatly reduced due to the impact of external trade environment. At the same time, the market demand for new energy vehicles, wind power generation, rail transit and other downstream rare earth application products has increased significantly, and the price of rare earth is expected to continue to rise in the second half of the year. Affected by the mid-year industrial boom, enterprises expect orders to increase in the second half of the year, demand areas will expand, and the rare earth market is warming up, the report said.
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