China exported more rare earth permanent magnetic materials (HS code 85051110) in 2020 on higher demand from Asia-Pacific.
Germany, the US and South Korea remained the top three buyers of China’s rare earth permanent magnets last year, followed by Vietnam and Thailand, which replaced Denmark and Italy.
China exported more materials to Asia-Pacific countries in 2020, on higher demand in Vietnam and Thailand. Shipments to most European countries fell by double-digit figures on the year as Covid-19 disrupted demand.
China’s shipments of rare earth permanent magnets to the US rose by 62.8pc year on year in December, despite the country’s new export control law that took effect on 1 December 2020. Higher export to the US showed that the law’s implementation had not yet affect products such as rare earth permanent magnets.
Demand from Asia-Pacific remained strong and European customers stepped up their magnet purchases, with December’s exports to Vietnam and Russia more than doubling on the year.
|China’s RE magnets exports||t|
|Dec’20||± %||Average price ($/t)||2020||± %|
|Source: China customs|