China's Yttrium Supply Chain: Separation Capacity, Trading Networks and the $1,100/kg Ex-China Price Shock

Highlights

• China Rare Earth Group controls virtually all of China's ionic heavy-REE mining quota and dominates yttrium separation across Jiangxi, Guangxi, Guangdong, and Fujian.
• Ex-China yttrium oxide prices exceed $1,100/kg versus roughly $8–9/kg inside China, a gap driven by export licensing, separation capacity, and limited availability—not geology.
• China placed yttrium oxide, metal, and compounds under export licensing in April 2025, making international supply dependent on government approvals.
• Myanmar and Laos supplied over 90% of China's imported rare-earth oxides in 2025, feeding Chinese separation plants that produce high-purity yttrium oxide.
• REEx recommends buyers dual-source qualified Y₂O₃, hold strategic inventory, and contract with emerging ex-China separators before shortages intensify.