Korea’s dependency on China’s rare earths rises

Despite South Korea’s efforts to cut its dependency on Chinese supplies of rare earths used in hybrid cars and wind turbines, imports of those materials from China rose last year.

According to Korea Customs Service (KCS), Korea imported 282 tons of rare earths from China, last year, about 78 percent of 360 tons in total. This marks a 13 percent rise from a year ago.

The international price of rare earths was quoted $17.93 per kilogram in 2010 but it soared to $56.6 per kilogram in 2011 due to escalating demand from many countries and this caused Korea to source more from China’s rare earths, which are relatively cheaper ($51.69). The nation’s dependency on Chinese supplies of Magnesium also rose to 99.2 percent from 98.9 percent.

For full article see Maeil Business.