Highlights

• China's top rare earth exporter expands global market footprint with 19.7% year-over-year export growth
• Strategic focus on value-added materials and downstream product development in light, medium, and heavy rare earth segments
• Geopolitically significant expansion into new markets like Russia, Vietnam, and European countries amid global supply chain tensions

---

Baogang Group’s Northern Rare Earth (opens in a new tab) (China’s top REE exporter) reported record-breaking exports in 2024, marking an aggressive push into global markets and a strategic shift toward value-added materials amid intensifying supply chain competition.

By the Numbers

• Rare earth raw material exports rose 19.7% YoY, accounting for 24.5% of China’s total rare earth exports.
• Expanded sales footprint to Vietnam, South Korea, Russia, Turkey, Italy, the UK, and France.
• 60% of export growth came from new customers, signaling fresh commercial inroads.
• Rare earth functional and end-use product exports grew 3% YoY, with continued strength in Japan, South Korea, the U.S., Europe, and Southeast Asia.

Product Trends

• Light REEs (e.g., cerium, lanthanum) remained dominant, while medium and heavy REE exports hit a “historic breakthrough.”
• Subsidiary Beijing Sanjili gained traction in Europe’s magnet powder segment, offering customized bonded NdFeB magnetic powders.
• Polishing materials (notably cerium oxide) saw expanded applications in high-density data storage, with five new SKUs added for export.

Strategic Context

The messaging signals China’s continued dominance in the global rare earth supply chain. Notably:

·        Expansion into Russia comes as Western nations try to “de-risk” from Chinese REEs.

·        The U.S. is conspicuously omitted from partnership narratives despite being a major customer.

• The phrase “稀土制造” (“Rare Earth Manufacturing”) positions China’s REE sector as a national brand, reinforcing state-backed industrial leverage.

What’s Real vs. Rhetoric

• Real: Tangible gains in new markets, broader product range, and strategic downstream investment.
• Rhetoric: Glowing PR language ("new breakthroughs", "flag-raising") without revenue, market share, or partner specifics.
• Missing: No discussion of price volatility, overcapacity risks, or geopolitical constraints—critical for investor due diligence.

Rare Earth Exchanges Take

Northern Rare Earth remains a formidable player, with credible export gains and clear vertical integration momentum. But investors and policymakers should read between the lines: this release is as much a signal of industrial power as it is a sales report.