Vietnam and Thailand replaced Denmark as top buyers of China’s rare earth permanent magnets (HS code 85051110) in 2020.
According to new reports, higher demand in Vietnam and Thailand increased Chinese export of the materials to Asia-Pacific countries in 2020 while shipments to most European countries including Denmark, decreased by double-digit figures.
Covid -19 reportedly disrupted demands in particularly Denmark and Italy but demands from Asia-Pacific remained strong with December’s export to Vietnam more than doubling on the year.
Rare earth permanent magnets have about 10 times the performance of ferrite magnets in total energy per volume and are widely used in downstream sectors. Rare earth permanent magnets are also increasingly used in new energy vehicles, wind power, and industrial robots as well as industrial motors. If maintained within their optimum working conditions permanent magnets only lose a fraction of their performance every 100 years.