S. Korea rare earth import from China grows 19%

SEOUL -- South Korea's rare earth import from China grew 19.1 percent last month due to a fall in import prices, customs data showed Thursday.

South Korea purchased a total of 72 tons of rare earth material from China in September, up 19.1 percent from a month earlier, according to the Korea Customs Service. It was a rebound from a 60.6 percent plunge tallied in the previous month.

The rebound was attributable to a decline in import prices, which fell 8.6 percent last month. Import from China increased, but inbound shipments from Japan contracted last month.

Related reading:  China announces second rare earth export quota for 2012

Rare earth import from Japan tumbled 36.2 percent on-month to 41 tons in September, but those from France soared 38.8 percent to 64 tons.

In terms of value, rare earth import from China expanded 26.9 percent on-month $3.11 million in September. Those from France increased 12.8 percent to $1.93 million, but inbound shipments from Japan plunged 44.8 percent to $1.06 million.

Rare earth materials, including scandium and yttrium, are key components for modern-day technologies such as hybrid electric vehicles, liquid crystal display and other high-tech products.

Meanwhile, magnesium import from China increased 11.9 percent on-month to 736 tons, with those of tungsten surging 107.7 percent to 39 tons.

Cobalt import from China retreated 2.6 percent to 382 tons over the same period, but molybdenum import jumped 43.1 percent to 438 tons last month.