As international spot prices for rare earth metals have risen, China is working to stockpile critical materials for high-tech consumer electronics and hybrid vehicles.
Niobium for high-performance magnets, currently priced at about 56 US dollars / kg, up 10% over the previous month, the highest level since July 2015. The price of hafnium also rose by 3% from the previous month to US$265/kg, while that of fluorescent materials also rose by nearly 11% to around US$570/kg.
China, which accounts for 80% of the world's rare earth metal production, is currently carrying out a large strategic reserve of rare earths. Since April, the country’s six major suppliers have begun to establish a rare earth commercial reserve and deposit it in Beijing. Such business storage activities have greatly improved the supply and demand of China's rare earth market. This year, a total of about 5,000 tons of rare earth metals, including 9 varieties, will be collected and stored in three batches.
In addition, Beijing plans to establish a separate national reserve by purchasing from six major suppliers. The initial size of the State Reserve is estimated at 15,000 tons. Taking into account the annual output of rare earths in China is about 100,000 tons, the reserve of 20,000 tons is obviously not a small number.
China's increased crackdown on illegal rare earth mining and smuggling is another factor supporting the rise in rare earth prices. This spring, a large number of illegal rare earth mines in Guangdong were strongly banned.
The previous round of rare earth price surges occurred in the fall of 2010 after a diplomatic dispute between the Chinese and Japanese ships on the Diaoyu Islands. Since then, on the one hand, Japan has substantially reduced its purchase of rare earths, and on the other hand, it has actively carried out technological innovations to reduce the use of rare earths. Compared with the historical high set in July 2011, despite the recent price rebound, the price still fell by nearly 90% from the current price.
However, the related demand for magnetic materials is still rising, and the demand for antimony will continue to increase. It is mainly used in high-performance electric vehicles, hybrid vehicles and industrial robots.
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