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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":706,"relatedVideos":707},112469815891493,"bf2d299a-72fe-4291-954b-21efb4ce8ce1","POSCO’s rare earth magnet orders advance ex-China value chain ","poscos-rare-earth-magnet-orders-advance-ex-china-value-chain","article/poscos-rare-earth-magnet-orders-advance-ex-china-value-chain",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":682,"featured":51,"reporter":683,"_editable":687,"component":688,"seo_title":543,"categories":689,"visibility":698,"author_company":49,"featured_image":699,"seo_description":682,"author_full_name":49,"author_job_title":49,"formattedDate":704,"formattedArticleDate":705},"c3b38ded-b636-4339-a35f-4eecc7f29d0a","2024-03-27 00:00",[550,553,556],{"slug":551,"name":552},"europe","Europe",{"slug":554,"name":555},"south-korea","South Korea",{"slug":557,"name":558},"usa","USA",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"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":570,"content":571},"doc",[572,579,584,589,594,599,604,619,624,631,636,641,646,651,656,661,666,677],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"POSCO International has agreed to sell non-Chinese rare earth permanent magnets (REPMs) to Western automakers, advancing the ex-China REPMs value chain.","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"China produces most of the world’s REPMs, high performance magnets used in EV motors and wind turbines, as well as the rare earths ores and chemicals used to make them. ",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587],{"text":588,"type":578},"The US and EU now want to reduce their rare earths import dependence on China as they grow their energy transition industries.",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":578},"“The POSCO deals connect to a wider drive in the EU and US markets to diversify away from a single source of goods,” said Daan de Jonge, product director at Benchmark.",{"type":573,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":578},"South Korean manufacturer POSCO will now play a role in this through a KRW 900 billion ($680 million) deal for its US subsidiary to supply an unnamed North American automaker with non-Chinese REPMs between 2026 and 2031. ",{"type":573,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":578},"Under a separate deal, POSCO’s German subsidiary will supply an unnamed  European automaker with non-Chinese REPMs between 2025 and 2034 for KRW 260 billion ($196 million). ",{"type":573,"attrs":605,"content":606},{"textAlign":49},[607,609,617],{"text":608,"type":578},"Instead of rare earths from China, POSCO will source ores and chemicals from Vietnam, the US, and Australia, together forecast to produce 19% of global mined supply in praseodymium-neodymium (PrNd) in 2024, according to ",{"text":610,"type":578,"marks":611},"Benchmark’s Rare Earths Forecast",[612],{"type":613,"attrs":614},"link",{"href":615,"uuid":49,"anchor":49,"target":49,"linktype":616},"https://www.benchmarkminerals.com/forecasts/rare-earths/reports/","url",{"text":618,"type":578},". ",{"type":573,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":578},"The magnets will be manufactured by Star Group, a South Korean REPM specialist. ",{"type":625,"attrs":626,"content":628},"heading",{"level":627,"textAlign":49},4,[629],{"text":630,"type":578},"Voluntary de-risking ",{"type":573,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":578},"Automaker orders for ex-China REPMs are still rare. This is because there are no legislative incentives for them to purchase, or magnet manufacturers to produce, domestic and trade partner-sourced REPMs.",{"type":573,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":578},"Even so, some companies along the REPM value chain are voluntarily moving away from Chinese sources. ",{"type":573,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":578},"“There’s several reasons why they would try to source ex-China REPM in favour of that from China,” de Jonge said. “It could be the need for ESG metrics aligning with requirements, expectations of future policy support, and broader, long-run view to protect against geo-political insecurity.”",{"type":625,"attrs":647,"content":648},{"level":627,"textAlign":49},[649],{"text":650,"type":578},"Finding ex-China inputs will be the challenge",{"type":573,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":578},"Because China mines and processes most of the world’s rare earths, finding enough ex-Chinese raw materials will be one of the biggest challenges in building alternative mine-to-magnet value chains.",{"type":573,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":578},"POSCO has addressed the supply concern through a strategic choice of suppliers in Vietnam, Australia, and the US. ",{"type":573,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":578},"Together, Vietnam, Australia and the US are forecast to produce a large and growing share of ex-China rare earths. This year, they will contribute most of the world’s non-Chinese mined PrNd supply. Between 2024 and 2034, their yearly mined PrNd output will increase 101%, lifting their global share of supply to 29% in 2034.",{"type":573,"attrs":667,"content":668},{"textAlign":49},[669,671,675],{"text":670,"type":578},"Despite forecast output growth in other regions, China will remain the globally dominant producer in mined and processed rare earths. It will produce 71% of the world’s mined PrNd in 2024, according to ",{"text":610,"type":578,"marks":672},[673],{"type":613,"attrs":674},{"href":615,"uuid":49,"anchor":49,"target":49,"linktype":616},{"text":676,"type":578},", dropping to 62% in 2034.",{"type":573,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":578},"Sourcing ex-China processed dysprosium, another REPM input, will be even harder. China is forecast to produce 97% of supply in 2028. The US will be POSCO’s only supplier with dysprosium processing capacity in 2028 and will contribute just 0.34% of global supply.","POSCO International has agreed to sell non-Chinese rare earth permanent magnets (REPMs) to Western automakers, advancing the ex-China REPMs value chain. China produces most of the world’s REPMs, high performance magnets used in EV motors and wind turbines, as well as the rare earths ores and chemicals used to make them. The US and EU […]",[684],{"slug":561,"name":562,"content":685},{"job_title":564,"image":686,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c3b38ded-b636-4339-a35f-4eecc7f29d0a\", \"id\": \"\"}-->","article",[690,693,696],{"slug":691,"name":692},"critical-minerals","Critical Minerals",{"slug":694,"name":695},"new-energy","New Energy",{"slug":697,"name":414},"rare-earths","private",{"id":49,"alt":700,"name":700,"focus":700,"title":700,"source":700,"filename":701,"copyright":700,"fieldtype":702,"meta_data":703,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/6475644629/bm-rare-earth-permanent-magnets.jpg","asset",{"alt":700,"title":700,"source":700,"copyright":700},"Mar 27, 2024","27th March 2024",[],[],1784633809342]