China's Rare Metal Exports Surge Sharply as Supply Disruption Fears Drive Purchases in Myanmar

According to customs data, China's rare metal mineral exports in October increased by 13.7% compared to September, supported by concerns that prices will rise due to supply disruptions in Myanmar. The General Administration of Customs reported that the world's largest rare metal producer shipped 4,753 tons of 17 minerals used in the production of various products ranging from magnets in electric vehicles to consumer electronics last month. Exports were 4,181 tons in September and 4,291 tons in October 2023. An armed group fighting against the ruling military in Myanmar stated that it has taken control of a mining center that is a significant supplier of rare metal oxides to China, which could disrupt shipments. Analysts noted that shipments of rare metal raw materials from Myanmar to China have temporarily halted due to domestic unrest arising from the conflicts. According to customs data, exports in the first ten months of 2024 increased by 6.8% year-on-year, reaching 47,689 tons. China's rare metal element imports fell by 12.5% year-on-year to 9,471 tons last month, while total imports between January and October fell by 22.9% year-on-year to 111,960 tons.