South Africa: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in South Africa

The South African rare earth metal market soared to $X in 2021, increasing by 32% against the previous year. In general, consumption, however, recorded a noticeable descent. Rare earth metal consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Rare Earth Metal Production in South Africa

In value terms, rare earth metal production contracted to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 7.8%. Rare earth metal production peaked at $X in 2020, and then contracted in the following year.

Rare Earth Metal Exports

Exports from South Africa

In 2021, the amount of rare earth metals exported from South Africa declined dramatically to X kg, which is down by -65.6% against 2020. In general, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 1,643% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, rare earth metal exports contracted sharply to $X in 2021. Overall, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2020 when exports increased by 3,329% against the previous year. As a result, the exports attained the peak of $X, and then declined remarkably in the following year.

Exports by Country

South Korea (X kg) was the main destination for rare earth metal exports from South Africa, accounting for a 82% share of total exports. Moreover, rare earth metal exports to South Korea exceeded the volume sent to the second major destination, Zambia (X kg), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea stood at -14.8%.

In value terms, South Korea ($X) remains the key foreign market for rare earth metals exports from South Africa, comprising 80% of total exports. The second position in the ranking was held by Zambia ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual growth rate of value to South Korea totaled -59.9%.

Export Prices by Country

The average rare earth metal export price stood at $X per ton in 2021, falling by -88% against the previous year. Over the period under review, the export price showed a sharp slump. The most prominent rate of growth was recorded in 2020 an increase of 600%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Zambia ($X per ton), while the average price for exports to South Korea amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Democratic Republic of the Congo (+48.3%), while the prices for the other major destinations experienced a decline.

Rare Earth Metal Imports

Imports into South Africa

In 2021, approx. X tons of rare earth metals were imported into South Africa; picking up by 165% on the previous year. In general, imports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2016 when imports increased by 1,251% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, rare earth metal imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a noticeable descent. The growth pace was the most rapid in 2016 with an increase of 544%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

India (X tons), China (X tons) and Austria (X kg) were the main suppliers of rare earth metal imports to South Africa, together accounting for 98% of total imports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +111.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of rare earth metals to South Africa, comprising 57% of total imports. The second position in the ranking was held by China ($X), with a 14% share of total imports. It was followed by Austria, with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India totaled +149.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-20.7% per year) and Austria (+10.0% per year).

Import Prices by Country

In 2021, the average rare earth metal import price amounted to $X per ton, reducing by -17.4% against the previous year. In general, the import price, however, enjoyed noticeable growth. The most prominent rate of growth was recorded in 2015 an increase of 121%. As a result, import price reached the peak level of $X per ton. From 2016 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 India ($X per ton), while the price for Democratic Republic of the Congo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+18.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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