China rare earth exports jump as fears of Myanmar supply disruption spark more buying
October exports up 13.69% m/m, up 10.78% y/y
Exports over January-October up 6.8% y/y
October imports down 12.45% y/y, down 12.33% m/m
Jan-Oct imports down 22.9% y/y
Adds details, background, bullets
By Amy Lv and Mei Mei Chu
BEIJING, Nov 7 (Reuters) -China's exports of rare earth minerals in October rose 13.7% from September, customs data showed on Thursday, underpinned by greater demand from abroad as concerns mount that prices would be driven higher due to supply disruptions in Myanmar.
The world's largest producer of rare earths last month shipped 4,753 metric tons of the 17 minerals used to make products ranging from magnets in electric vehicles to consumer electronics, data from the General Administration of Customs showed.
That compared with 4,181 tons in September and 4,291 tons in October 2023.
An armed group fighting Myanmar's ruling military said it had taken control of a mining hub that is a major supplier of rare earth oxides to China, likely disrupting shipments.
Analysts at consultancy Shanghai Metals Market said in a note on Oct. 28 that shipments of rare earth raw materials from Myanmar to China were temporarily suspended due to domestic unrest from the conflict.
Exports in the first 10 months of 2024 rose 6.8% from the same period a year before to 47,689 tons, the customs data showed.
China's rare earths imports last month fell 12.5% from the year before to 9,471 tons, bringing the total from January to October to 111,960 tons, a year-on-year drop of 22.9%.
Reporting by Amy Lv and Mei Mei Chu; Editing by Jamie Freed and Shri Navaratnam
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