China's REE Consumption Expanding Fast
The Chinese government announced on Feb. 16 that the Chinese price index of 21 rare-earth element (REE) oxides and products is an all-time high of 426.75 this week. The figure was about 213 a year ago and 340 on Feb. 4.
According to market sources, the average spot price of neodymium praseodymium oxides reached 1.1 million yuan per ton on Feb. 16. The price of the oxide for use in electric vehicle batteries and so on surged 135 percent in just one year.
These days, China’s use of REEs is increasing rapidly, led by wind turbine suppliers and new energy vehicle manufacturers. In December last year alone, more than 530,000 electric vehicles were sold in China.
China is the largest REE supplier in the world. According to the United States Geological Survey, China produced 140,000 tons of REEs in 2020 to account or 60 percent of the global annual output.