According to Bloomberg, the export figures offer an incomplete picture of the impact of China’s curbs as they only apply to global sales of seven of the elements.
Those curbs were imposed on April 4 in retaliation for high tariffs levied on Chinese goods by Donald Trump. China accounts for almost 70% of the world’s production of rare earths.
May data for rare earth products is due to be released on June 18. The breakdown of export destinations should be available June 20, as reported by Bloomberg.
Decline in rare earths product sales
Customs data showed that rare earth and product sales to the US in April dropped 37% from a month earlier to about 1,700 tons. Within that, rare earth magnet sales fell more steeply by 58% to 246 tons. Magnet sales to the whole world were 51% lower at around 2,600 tons.
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