China’s plan for rare earths goes back almost 30 years ago which helps the republic brush aside the United States as the world’s leading producer.
China’s rare earth plan is not a new one, it has been for almost 30 years.
With China now accounting for 70% of global production, and only one US mine in operation, American industries outside of defense have “ no immediate avenues” to break their reliance on China for supply of rare earth elements, according to Citigroup. They were granted mining quotas totaling 120,000 tons of rare earths oxide in 2018 compared with 105,000 tons in 2017.
The country’s outbound shipments of rare earths rose 3.6% to about 53,000 tons in 2018, according to Chinese customs data.Exports of rare earths and its products, including permanent magnets, rose 5.4% to 95,586 tons last year, with 18,852 tons, or 20%, to the US. It relies on China for 80% of its purchases of rare earths.
China was estimated to have produced 180,000 tons last year, compared with an official quota of 120,000 tons, according to a US Geological Survey report that cited Chinese government data.Permanent magnet materials account for 44% of China’s consumption, with polishing making up 10%, oil and petrochemicals 9% and the rest used in metallurgical machinery, glasses, catalysts and lighting, according to SMM.
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