BEIJING/HANOI (Reuters) -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 mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011.
Rare earth is a prized group of 17 minerals used in consumer electronics and military equipment.
Myanmar accounted for 38% of rare earth imports into China in January-July, Chinese trade data showed, while the Southeast Asian country was the fourth biggest source of rare earth mining in 2022, data by the U.S. Geological Survey showed.
($1 = 7.3275 Chinese yuan renminbi)
Persons:
Stringer, Eikon, SMM, “, ”, Yang Jiawen, David Merriman, Merriman, ” Merriman, SMM’s Yang
Organizations:
REUTERS, Shanghai Metals, Mines, U.S . Geological Survey, Reuters
Locations:
BEIJING, HANOI, Myanmar, Bayan, Inner Mongolia, China, Myanmar’s Pangwa, Kachin State, Chipwi, Pangwa, Kachin, Southern China, Laos, Jiangxi province