Terbium remains under pressure
The latest export data from China shows how differently individual rare earths are affected by the existing export restrictions. Monthly figures, annual balances and customer structures differ significantly in some cases.
Current figures from the Chinese customs authorities show that China once again recorded significantly more Dysprosium than in the previous month. Exports totalled 4,120 kilograms, following a decline in November with only 995 kilograms. The main customer was Japan, ahead of South Korea and Malaysia.
On an annualised basis, however, the balance for 2025 is negative: Dysprosium exports were 35 per cent below the previous year's level overall. Japan was particularly hard hit, with delivery volumes falling by 95 per cent compared to 2024. South Korea, on the other hand, recorded strong growth and received more than three times as much material as in the previous year.
With Terbium the downward trend continued in December. After 4,045 kilograms in November exports fell to 2,123 kilograms. Here, too, Japan was one of the most important buyers, followed at a considerable distance by South Korea and Germany. In 2025 as a whole, the decline totals 38 per cent, which is even greater than for dysprosium.
Development of dysprosium exports over the past few months
Development of terbium exports over the past few months
Both rare earths play a central role in magnet technology. Since April they are subject to Chinese export restrictions, which have a noticeable impact on supply on the global market.
Japan could source significantly fewer rare earths and other critical raw materials from China this year, as Brian Hendrich, market analyst at commodities trader TRADIUM, explains. „At the beginning of January, Beijing significantly tightened its export controls on goods that could be used in the Japanese defence sector. This is due to the growing tensions between the two countries. At the same time, the Chinese government has deliberately remained vague about the specific details of the new measures. The actual impact will therefore only become apparent in the coming months. By 2025, Japan was already receiving only a fraction of the previous quantities of dysprosium and significantly less terbium compared to the previous year. Nevertheless, the island state was surprisingly once again the most important destination for both metals in December. This suggests that Japanese buyers may have increased their orders once again before the stricter rules came into force in order to cushion potential supply bottlenecks due to bilateral tensions.”
Stable delivery quantities for permanent magnets
A look at exports of permanent magnets made of rare earths, on the other hand, paints a positive picture: delivery volumes remained stable in 2025 as a whole despite significant fluctuations in individual months. Compared to the previous year, total exports only fell by 0.6 %. In December, 5,962 tonnes were exported from China, with Germany being the main customer country, followed by other countries with significant automotive industries such as South Korea, the United States and Vietnam.
