Weak demand for rare earths combined with ample supplies are weighing on prices of the group of 17 minerals used in technologies from lasers to electric vehicles, with little near-term catalyst in sight, industry participants said.
Exports of rare earths from China, the dominant producer, climbed 7.5% year-on-year in the first seven months of 2024, but prices still fell during that period and are hovering near their lowest in more than three years.
"We have recently received a lot of offers, asking us whether we need cargoes, which makes me feel it's not easy for them to find buyers now," said a London-based buyer of rare earths, declining to be named as they were not authorized to speak with the media.
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