After a strong August, China's exports of heavy rare earths are developing differently in September: dysprosium continues to grow, terbium is weakening. The market remains highly concentrated, and the first shifts in the purchasing countries are becoming apparent.
China's exports of the two heavy rare earth elements dysprosium and terbium showed a mixed picture in September. While exports of dysprosium continued to rise after an already significant increase in August, terbium exports fell month-on-month. Irrespective of the export volumes, it is striking that the number of recipient countries remains low.
A total of 18,043 kilograms of dysprosium were exported in September, the largest monthly volume since February. South Korea accounted for over 17,000 kilograms of this, with smaller quantities going to Estonia, Portugal and Thailand.
Terbium exports fell to 4,450 kilograms, down from 5,500 kilograms in August. Almost all of the material, around 4,000 kilograms, went to Japan; small quantities were delivered to South Korea and Estonia.
Dysprosium and terbium are key raw materials for high-performance permanent magnets that are used in electric motors, wind turbines and other modern technologies. Such magnets are also found in vehicles with combustion engines, for example in window regulators or air conditioning systems. While dysprosium increases the heat resistance of the magnets, terbium strengthens their magnetic stability.
Both metals have been subject to the Chinese export licence system, which requires official export licences.
Exports of finished rare earth magnets down slightly in September
According to data from the Chinese customs authorities, China exported 5,774 tonnes of rare earth magnets in September. Germany was the largest buyer with 1,288 tonnes, followed by South Korea (854 tonnes) and Vietnam (457 tonnes) - all important locations for automotive production.
Jan Giese, Senior Manager Minor Metals and Rare Earths, assesses the situation as follows:
"The latest export figures for September show a mixed picture. Although we are seeing slight declines in terbium on a monthly basis, the quarter as a whole is much more dynamic than in previous quarters. The narrow focus of exports remains striking: Japan clearly dominates as a buyer. Dysprosium is also signalling a certain recovery. However, the raw material flows are even more concentrated than for terbium: South Korea is currently absorbing all of the raw material and has already received twice as much in the first nine months of 2025 alone as in the entire previous year. Japan shows the opposite picture with significant declines, while Germany has only achieved marginal quantities. There are signs of normalisation for SEE magnets. Exports are trending upwards here. It currently appears to be easier to obtain finished magnets than raw materials. Overall, it remains to be seen what effects the new export restrictions will have on supply flows in the medium term."
It was only at the beginning of October that China Regulations for the export of the raw material group of rare earths and associated technologies. From 8 November, an export licence will be required for five additional elements. The regulations on process technology and chemicals for further processing are already in force or will gradually come into force by December.
