Chinese rare earth prices jumped to their highest in 20 months, as mining suspension in major producer Myanmar sparked stockpiling ahead of the peak consumption season, analysts said on Thursday. Prices of dysprosium oxide SMM-REO-DXO leapt to 2 610 yuan ($356) per kilogramme on Wednesday, the highest since May 2022, latest data provided by Shanghai Metals Market (SMM) on LSEG Eikon showed.
BEIJING/HANOI - Chinese rare earth prices jumped to their highest in 20 months, as mining suspension in major producer Myanmar sparked stockpiling ahead of the peak consumption season, analysts said on Thursday.
"A local miner said they have not resumed production and are waiting for a notice on the next step from the inspection team," saidRare earth is a prized group of 17 minerals used in consumer electronics and military equipment. A local resident in the town of Chipwi told Reuters she saw workers from nearby Pangwa coming to her town as mining activities have been paused.
"Any extended shutdown of mining in Kachin could be quite damaging for Chinese refineries in Southern China which are reliant upon feedstock from Myanmar, though the increase in imports from Laos could relieve this somewhat," Merriman added.
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