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latest rare earth quota increase to sustain low prices","chinas-latest-rare-earth-quota-increase-to-sustain-low-prices","article/chinas-latest-rare-earth-quota-increase-to-sustain-low-prices",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":689,"featured":51,"reporter":690,"_editable":694,"component":695,"seo_title":553,"categories":696,"visibility":705,"author_company":49,"featured_image":706,"seo_description":689,"author_full_name":49,"author_job_title":49,"formattedDate":711,"formattedArticleDate":712},"5eb44ad4-cc1a-4270-ada5-a01b9721ed5e","2024-02-16 00:00",[560],{"slug":561,"name":562},"china","China",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":574,"content":575},"doc",[576,583,588,603,612,617,622,627,632,639,644,649,654,659,664,669,674,679,684],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"China has raised its mined rare earth quota for the second half of 2023 in a move that should sustain high supply and low prices for praseodymium-neodymium (PrND).","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"“China keeps increasing their quotas to ensure it remains the primary global supplier,” said Benchmark rare earths analyst Neha Mukherjee.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591,593,601],{"text":592,"type":582},"China is to produce 70% of global mined PrNd supply in 2024, according to ",{"text":594,"type":582,"marks":595},"Benchmark’s Rare Earths Forecast",[596],{"type":597,"attrs":598},"link",{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/forecasts/rare-earths/reports/","url",{"text":602,"type":582},". The largest end use for rare earths are rare earth permanent magnets (REPMs), found inside wind turbines and EV motors. ",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"type":607,"attrs":608},"image",{"id":49,"alt":609,"src":610,"title":49,"source":49,"copyright":49,"meta_data":611},"","https://a.storyblok.com/f/287943243085208/1539930e5d/bm-screenshot-2024-02-15-163738.png",{},{"type":577,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":582},"The latest quota, released in early February, raised the total mined rare earths quota for the second half of 2023 to 135,000 tonnes. This is 12.5% more compared to the quota for the first half of the year. ",{"type":577,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":582},"This increase was driven entirely by output quota from hard clay, with the quota for soft clay falling by 7.3% from the previous half-year period. Soft clay holds higher concentrations of heavy rare earths like terbium and dysprosium while hard rock mainly yields light rare earths like praseodymium and neodymium.",{"type":577,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":582},"For refined rare earths output, the quota rose by 10% compared to the first half of 2023 to 127,000 tonnes.",{"type":577,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":582},"The Chinese government’s twice-yearly rare earth quotas set ceilings on mined and processed output from four major domestic producers: China Northern Rare Earth, China Rare Earth Group, Xiamen Tungsten, and Guangdong Rare Earth.",{"type":633,"attrs":634,"content":636},"heading",{"level":635,"textAlign":49},4,[637],{"text":638,"type":582},"Year-on-year slowdown won’t stem oversupply",{"type":577,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":582},"February’s new release means that China’s full 2023 mined rare earths output will grow 21% year-on-year, down from 25% for 2022. ",{"type":577,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":582},"The slowdown will not be significant enough to tighten the rare earths market, however.",{"type":577,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":582},"“China’s year-on-year rare earth quota growth has dipped because previous quota growth rates have been very, very high,” said Benchmark project manager Daan de Jonge. “The market is currently very well supplied meaning that any growth in its quota will still sustain low prices.”",{"type":577,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":582},"The latest figures are a sign that China is continuing with its rare earths industrial strategy of raising output despite slowed downstream demand growth from early 2023.",{"type":577,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":582},"China’s continual quota increases since the first half of 2021 have lowered PrNd prices to levels that benefit actors across China’s domestic rare earths value chain while making it harder for companies elsewhere to build capacity. ",{"type":577,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":582},"“Low prices make it difficult for diversification of Western supply, especially for assets with a lower economic feasibility,” said Mukherjee. ",{"type":633,"attrs":670,"content":671},{"level":635,"textAlign":49},[672],{"text":673,"type":582},"China focuses on hard rock",{"type":577,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":582},"China has historically mined more hard rock than soft clay, with much lower growth rates for soft clay output.",{"type":577,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":582},"The country’s latest quota continues this trend as 2023 will see a 10% year-on-year increase in mined output from soft clay compared to 23% for mined output from hard rock. ",{"type":577,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":582},"Heavy rare earths quotas have risen 33% between 2017 and 2023 compared to 162% for light rare earths.","China has raised its mined rare earth quota for the second half of 2023 in a move that should sustain high supply and low prices for praseodymium-neodymium (PrND). “China keeps increasing their quotas to ensure it remains the primary global supplier,” said Benchmark rare earths analyst Neha Mukherjee. China is to produce 70% of global […]",[691],{"slug":565,"name":566,"content":692},{"job_title":568,"image":693,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5eb44ad4-cc1a-4270-ada5-a01b9721ed5e\", \"id\": \"\"}-->","article",[697,700,703],{"slug":698,"name":699},"critical-minerals","Critical Minerals",{"slug":701,"name":702},"new-energy","New Energy",{"slug":704,"name":420},"rare-earths","private",{"id":49,"alt":707,"name":609,"focus":609,"title":707,"source":609,"filename":708,"copyright":609,"fieldtype":709,"meta_data":710,"is_external_url":51},"China office of the Ministry of Industry and Information Technology of the State Council","https://a.storyblok.com/f/287943243085208/b9703f8cdd/bm-china-office-of-the-ministry-of-industry-and-information-technology-of-the-state-council.jpg","asset",{"alt":707,"title":707,"source":609,"copyright":609},"Feb 16, 2024","16th February 2024",[],[],1792773904982]