Singapore: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in Singapore

In 2022, the Singaporean rare earth metal market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, saw buoyant growth. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Rare Earth Metal Production in Singapore

In value terms, rare earth metal production expanded sharply to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a deep slump. The pace of growth appeared the most rapid in 2020 with an increase of X%. Rare earth metal production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Rare Earth Metal Exports

Exports from Singapore

After three years of decline, shipments abroad of rare earth metals increased by X% to X kg in 2022. In general, exports, however, recorded a sharp curtailment. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, rare earth metal exports soared to $X in 2022. Over the period under review, exports, however, faced a dramatic decrease. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

South Korea (X kg) was the main destination for rare earth metal exports from Singapore, with a X% share of total exports. Moreover, rare earth metal exports to South Korea exceeded the volume sent to the second major destination, Indonesia (X kg), sixfold.

From 2012 to 2022, the average annual growth rate of volume to South Korea totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (X% per year) and Vietnam (X% per year).

In value terms, South Korea ($X), Indonesia ($X) and Vietnam ($X) constituted the largest markets for rare earth metal exported from Singapore worldwide.

Indonesia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average rare earth metal export price stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the export price continues to indicate a deep setback. The pace of growth appeared the most rapid in 2013 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Rare Earth Metal Imports

Imports into Singapore

In 2022, rare earth metal imports into Singapore dropped markedly to X kg, reducing by X% on 2021. Over the period under review, imports faced a precipitous contraction. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, rare earth metal imports fell dramatically to $X in 2022. In general, imports saw a sharp decrease. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United States (X kg) constituted the largest rare earth metal supplier to Singapore, with a X% share of total imports. Moreover, rare earth metal imports from the United States exceeded the figures recorded by the second-largest supplier, China (X kg), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Poland (X% per year).

In value terms, the United States ($X) constituted the largest supplier of rare earth metals to Singapore, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Poland (X% per year).

Import Prices by Country

In 2022, the average rare earth metal import price amounted to $X per ton, growing by X% against the previous year. Overall, the import price, however, showed a noticeable curtailment. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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