ZGXT(SZ:000831) Guan Cha Zhe Wang·2025-11-21 07:23Core Insights - China's rare earth magnet exports in October decreased by 5.2% month-on-month, marking the second consecutive month of decline, but exports to the U.S. surged to the highest level in nine months [1] - The total export volume of rare earth magnets from China reached 5,473 tons in October, down from 5,774 tons in September, but up 15.8% compared to 4,725 tons in the same month last year [1] - Exports to the U.S. saw a significant month-on-month increase of 56.1%, reaching 656 tons, the highest since January of this year [2] Export Data Summary - The cumulative export volume of rare earth magnets from China for the year reached 45,290 tons, reflecting a year-on-year decline of 5.2% [1] - The largest export destinations for China's rare earth magnets in October were Germany, the U.S., South Korea, Vietnam, and India [1] - Exports to Germany increased by 55.9% year-on-year, totaling 1,118 tons, while exports to South Korea reached 569 tons, up 31.3% year-on-year [2] Market Dynamics - Amidst stalled negotiations between China and the U.S., China's rare earth magnet exports to the U.S. dropped to 46 tons in May but rebounded to 619 tons in July before declining again in August and September [2] - Exports to Japan in October increased by 30.2% year-on-year, reaching 226 tons, although when including semi-finished products, the total saw an 18.3% year-on-year decline to 538 tons [2][3] - Experts noted that the export of heavy rare earths to the U.S. and Japan remains limited despite China's dominant position in global rare earth production [4]