Rare Earth Exports from Tianjin Port Climb Jan.-Sept., But Price Falls 28.6%

BEIJING (SMM): Rare earths exported from China’s Port of Tianjin grew 18.7% year-on-year in the first three quarters this year, to 9,759 tonnes, but the average export prices posted a 28.6% decline, China Customs Statistics Information reported.

As China raised 2014 mining quota for rare earth oxide to 105,000 tonnes, higher output prompted rare earth producers to step up exports, pushing up outbound shipments through the port.

However, export prices tumbled 28.6% from a year ago to an average of 62,000 yuan per tonne, as exporters eager to sell down existing stocks cut prices against heightened competition.

Technology innovation was another factor behind the lower rare earth prices. Some foreign mines have developed materials in substitute of some rare earth materials, cutting rare earth demand.

Courtesy: www.metal.com