BEIJING/HANOI –
Weak demand for rare earths combined with high supply is weighing on prices of the group of 17 minerals used in technologies ranging from lasers to electric vehicles, industry participants say, with little visibility of a near-term catalyst.
Exports of rare earths from China, the largest producer, rose 7.5% year-on-year in the first seven months of 2024. However, prices have continued to fall during that period and are now near their lowest level in more than three years.
“We’ve had a lot of offers recently, asking if we need cargo. I feel like it’s not easy for them to find buyers,” said a London-based rare earth buyer, who declined to be named because he was not authorized to speak to the media.
