South Korea's rare earth import from China grows

Last Updated: Thu, Oct 18, 2012 08:10 hrs

Seoul, Oct 18 (IANS) 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 tonnes of rare earth material from China in September, up 19.1 percent from a month earlier, according to the Korea Customs Service (KCS). It was a rebound from a 60.6 percent plunge tallied in the previous month, reported Xinhua.

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.

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

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

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