According to the latest figures from the Chinese customs authority, exports of the two heavy rare earths fell significantly in November.
The current data once again show how strongly the Export restrictions in force since April for selected rare earths influence trade flows. At the same time, it becomes clear how differently the exports of raw materials and processed products are developing.
Dysprosium: Exports fall to one of the lowest levels of the year
The decline in dysprosium, an important raw material for high-performance magnets, is particularly marked. In November, China exported just 995 kilograms - a drop of around three quarters (72 per cent) compared to the previous month. This meant that exports fell to one of the lowest levels of the current year. The most important customer was Vietnam, which received the majority of deliveries. Other smaller quantities went to Malaysia, South Korea and Russia.
Terbium: Significant downward correction after a strong October
There was also a sharp drop in export quantities of terbium in November: exports fell by almost 67 per cent compared to October to 4,045 kilograms. China almost exclusively supplied Japan, with small quantities going to Russia and South Korea.
Development of Chinese dysprosium exports from November 2024 to November 2025.
Development of Chinese terbium exports from November 2024 to November 2025.
Rare earth magnets: Recovery continues
A different picture emerges for exports of permanent magnets made from rare earths. Following the massive declines between April and June, exports have continued to recover. In November, China exported almost 6,150 tonnes of rare earth magnets - an increase of more than twelve per cent compared to October. The level roughly corresponds to that of August 2025 and is only below the record figure from January. As in October, Germany, South Korea and the USA remained the most important sales markets.
The sharp declines in magnet exports in some cases were a consequence of the export controls introduced in April for certain rare earth elements and products made from them. As many types of magnets contain dysprosium or terbium, but the customs codes do not allow any conclusions to be drawn about the exact material composition, there were delays in the authorisation procedures. The current figures indicate that these processes are becoming increasingly harmonised, even if exports of raw materials are still severely restricted.
