SHANGHAI, APR 28 (SMM) - China export of rare earth permanent magnets totalled 4,273 mt in March, up 24.8% YoY. China's rare earth permanent magnet exports rose 16.55% from February. China’s rare earth permanent magnets mainly export to Europe, US, Japan, Korea and others. As of the export structure in March, the exports to Europe, US and Korea and Japan came in at 978 mt, 575 mt, 448mt and 120 mt respectively, taking up 22.9%, 12%, 10.5% and 2.8% of China’s total exports. 

The downstream demand for rare earths from sectors such as overseas new energy vehicles and wind turbines continued growing with the easing of overseas pandemic policy, and it is expected that China's rare earth permanent magnet exports will draw an upside trend in 2022. 

Affected by the rising price of domestic rare earth products, the export unit price of China's rare earth permanent magnet also increased from $66.600/mt in February 2022 to $74,300/mt in March 2022, up 10.4% MoM, and 27.46% YoY compared with $54,000/mt in March 2021. Although rare earths account for a relatively large proportion of the cost of wind turbines, there are currently no low-cost substitutes for NdFeB magnetic materials such as samarium cobalt permanent magnets for overseas wind turbine orders. It is expected that China's rare earth permanent magnet exports will continue to grow in April.

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