Hong Kong SAR, China: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in Hong Kong SAR, China

In 2021, the Hong Kong rare earth metal market decreased by -3% to $X for the first time since 2014, thus ending a six-year rising trend. Overall, consumption, however, enjoyed a noticeable increase. Rare earth metal consumption peaked at $X in 2020, and then declined modestly in the following year.

Rare Earth Metal Production in Hong Kong SAR, China

In value terms, rare earth metal production declined modestly to $X in 2021 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 1.9%. Over the period under review, production reached the peak level at $X in 2020, and then dropped slightly in the following year.

Rare Earth Metal Exports

Exports from Hong Kong SAR, China

Rare earth metal exports from Hong Kong SAR soared to X tons in 2021, jumping by 1,164% on the previous year. In general, exports, however, faced a precipitous contraction. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, rare earth metal exports surged to $X in 2021. Over the period under review, exports, however, saw a significant contraction. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Belgium (X tons), Argentina (X tons) and Italy (X tons) were the main destinations of rare earth metal exports from Hong Kong SAR, with a combined 58% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +18.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rare earth metal exported from Hong Kong SAR were South Korea ($X), Belgium ($X) and Slovenia ($X), with a combined 65% share of total exports. Italy, Argentina, Thailand, the Netherlands, Brazil, India, Japan and Austria lagged somewhat behind, together comprising a further 16%.

Italy, with a CAGR of +20.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average rare earth metal export price stood at $X per ton in 2021, increasing by 23% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 37%. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+30.2%), while the prices for the other major destinations experienced more modest paces of growth.

Rare Earth Metal Imports

Imports into Hong Kong SAR, China

In 2021, the amount of rare earth metals imported into Hong Kong SAR skyrocketed to X tons, picking up by 19% against the year before. In general, imports, however, recorded a sharp reduction. The most prominent rate of growth was recorded in 2015 when imports increased by 46%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, rare earth metal imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a dramatic downturn. The growth pace was the most rapid in 2015 with an increase of 66%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of rare earth metal to Hong Kong SAR, accounting for a 81% share of total imports. Moreover, rare earth metal imports from China exceeded the figures recorded by the second-largest supplier, Japan (X kg), sevenfold. Germany (X kg) ranked third in terms of total imports with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -34.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-39.8% per year) and Germany (+10.2% per year).

In value terms, China ($X) constituted the largest supplier of rare earth metals to Hong Kong SAR, comprising 43% of total imports. The second position in the ranking was taken by Germany ($X), with a 20% share of total imports. It was followed by Japan, with a 16% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -34.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+11.0% per year) and Japan (-35.7% per year).

Import Prices by Country

In 2021, the average rare earth metal import price amounted to $X per ton, with an increase of 18% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 62% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+64.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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