Recently, the General Administration of Customs released import and export data for October 2024. According to customs data, in October 2024, China's imports of rare earth metal ore reached 4,343 mt, up 32% YoY, but down 7% MoM. From January to October 2024, cumulative imports totaled 47,586 mt, down 15% YoY.
From January to October 2024, China's cumulative imports of unlisted rare earth oxides amounted to 44,562.5 mt, up 23% YoY. Among them, the import volume in October was 3,549 mt, up 23% YoY, but down 34% MoM.
It is understood that although Myanmar ore supply resumed at the end of September, the situation did not last long. In mid-October, war broke out in Myanmar, causing most miners to withdraw back to China. Consequently, China also blocked the import ports for Myanmar ore, leading to a reduction in Myanmar ore imports MoM in October. Some miners reported that Myanmar ore still cannot be imported normally, and the specific recovery time is uncertain. It is expected that the import volume of unlisted rare earth oxides will continue to decrease in November.
In October 2024, China's imports of mixed rare earth carbonate were 81 mt, down 87% YoY. From January to October 2024, cumulative imports were 3,257 mt, down 74% YoY.
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