China may become net importer of rare earths
China holds a near-monopolistic share of 60% on mining and processing of the rare earth metals, but it may become a net importer of REEs in the future. This is due to the emergence of new technologies and critical applications which can be very profitable in the future. The dependence on rare earth elements for much of the world’s future growth, especially for alternative energy development, cannot be undermined.
The rare earth metals market is driven by factors such as high demand in the current and emerging applications, increasing demand of clean energy, initiatives taken by governments and associations, and increasing economy and population trends. The factors affecting the growth of this market are be the fluctuating costs of the rare earth materials, dominance of China in the rare earth metals market and illegal mining in rare earth mineral ores.
