#RareEarth #RareEarth #China #IEA #RareEarthMagnet #Energy #ElectricVehicle #Technology #ElectricVehicleBattery #StrategyMinerals #OilGasTechnology
If one day China stops exporting rare earth magnets for 30 days, which industry do you think will collapse first, electric cars, defense or smartphones?
A new report from the International Energy Agency shows a reality that worries many countries. China currently accounts for about 60% of global rare earth mining output, but what is more scary lies in the refining and production of high-performance magnets when the control rate has exceeded the global 90% mark.
This means that the US, Europe, Japan, Korea and the entire global electric vehicle industry are still heavily dependent on the supply chain from China.
The role of rare earth magnets today
⚡ Tesla, BYD, Hyundai, Toyota all use electric cars
⚡ Offshore wind turbines require extremely large quantities
⚡ Smartphones, drones, military radars all depend
⚡ Missiles, F-35, nuclear submarines are also needed
Global rare earth supply chain dashboard 2024
Stage China Rest of the world
Mining About 60% About 40%
Refined More than 90% Less than 10%
Magnet production Nearly 95% Very low
Competitors are trying to escape dependence on China
Nation Action
America Sponsored hundreds of millions of dollars to build a magnet factory
Japan Increases storage and diversifies import sources
India Pumps Over 7,280 Crore Rupees In Land Magnet Developmentrare
EU Strategic Minerals Act but progress is slow
What is worth noting is that although the US has MP Materials, Australia has Lynas Rare Earths or Japan has Hitachi Metals, up to now no country is able to compete directly with China's magnet refining and manufacturing ecosystem.
Why is China almost "invincible"
They control from the mine to the magnet factory
There is a huge domestic supply chain
Production prices are lower than in the West
Government support for decades
Refining technology is ahead of many competitors
Many experts believe that "rare earth mines" are no longer the biggest deciding factor. What creates real power is the technology of refining and manufacturing premium generation NdFeB magnets.
Europe is clearly out of breath
GKN in Europe even canceled plans to build a rare earth magnet factory because it was difficult to compete with prices from China.
Does Vietnam have a chance?
Vietnam is mentioned by the IEA in the group participating in the rare earth mining supply chain. However, the biggest gap today is still deep refining technology, magnetic material production and supporting industry chain.
If we don't move quickly, Vietnam may just stop at the role of selling raw resources instead of becoming a strategic materials industrial center.
The true value of rare earths does not lie in the ore
1 ton of raw ore can be only a few tens of millions of VND
But when turned into high-performance magnets for electric vehicles or national defense, the value can increase dozens of times
The world is entering a new and times resource warThis “oil of the electrochemical age” may be rare earths.
#China #Minerals #Tesla #BYD #Toyota #Lynas #MPMaterials #ElectricVehicles #FutureTechnology #EnergySecurity #Geopolitics #GlobalEconomy #OilTechnology
