The 16th International Rare Earth Summit, organized by Asian Metal and sponsored by Sichuan Wonaixi New Materials Technology Co., Ltd., was successfully convened in Ningbo, Zhejiang Province, China, on May 15-16, 2025. More than 200 delegates from 17 countries, including China, Australia, Malaysia, the United States, Japan, South Korea, Austria, Luxembourg, France, Slovenia, the Netherlands, the United Kingdom, Russia, India, Saudi Arabia, and Turkey, gathered in Ningbo to share insights and explore potential cooperation opportunities in the rare earth industry.
At the summit, Mr. Liu Qunyi, Director of the Basic Mineral Strategy Research Office at the Global Mineral Resources Strategy Research Center of the Chinese Academy of Geological Sciences, delivered a presentation analyzing the supply and demand dynamics of China’s rare earth market in 2024 and providing an outlook for 2025. Following this, Mr. Pang Zaisheng, Deputy General Manager of Ganzhou Fortune Electronic Co., Ltd., presented a report on the current state and future prospects of China’s rare earth permanent magnet industry. According to Mr. Pang, the downstream application distribution of neodymium-iron-boron magnetic materials in China is as follows: new energy vehicles (27.0%), wind power generation (18.0%), variable frequency air conditioners (12.0%), energy-saving elevators (12.0%), consumer electronics (13.0%), industrial robots (15.0%), and others (3.0%). Subsequently, Mr. Yang Xinge, Deputy General Manager of Sichuan Wonaixi New Materials Technology Co., Ltd., provided a detailed analysis of the export market for lanthanum and cerium products. Mr. Yang noted that in 2024, China exported a total of 55,431 tons of various rare earth products, representing a year-on-year increase of 6.0%. However, the export value decreased by 34.9% year-on-year to in 2024, mainly due to a decline in rare earth prices. Rare earth oxides and their compounds are the largest share of export products.，The total export volume for 2024 is 46,500 tons.
After the tea break, Mr. Ales Leben, General Manager of the Asia Region for Slovenian Dalmir Electromechanical Co., Ltd., delivered a presentation forecasting the demand for rare earth permanent magnets in Europe. According to Mr. Leben, the global market for permanent magnets is projected to reach 59.88 billion USD in 2024 and is expected to grow to 67.35 billion USD by 2025. Subsequently, Mr. Melvin Hill, Vice President of G.E.CHAPLIN,INC in the United States, presented an analysis of the heavy rare earth supply chain in the North American market. Following this, Mr. James Lee, Chief Executive Officer of Green Resources Company, provided insights into the current supply and demand dynamics of the Korean rare earth market. He also outlined the status of major Korean electric vehicle manufacturers, as well as enterprises involved in rare earth metals and oxides. Next, Ms. Oznur Cakır, Deputy General Manager of the Research and Development Department at the Rare Element Institute of Turkey’s Energy, Nuclear Energy, and Mineral Resources Research Institute, discussed the supply and demand situation of rare earth resources in Turkey and Europe. She highlighted that Turkey possesses abundant rare earth resources, particularly in the Belikova area of Eskisehir, with an estimated resource volume of 694 million tons, ranking first globally. Then, Mr. Wayne Park, Marketing General Manager of Lynas Rare Earth Company, shared insights on the supply and demand trends of praseodymium and neodymium products and updated the audience on the company’s production figures. Finally, representatives from Chengdu Galaxy, Dongfang Scandium Industry, and Ningbo Permanent Magnet delivered presentations on topics including the current state of the bonded neodymium iron boron magnet industry, challenges facing the scandium industry, and an analysis of the samarium cobalt magnetic material market.
Through this summit, Wonaixi showcased our company’s advanced technology and high-quality products to colleagues from all over the world. We also exchanged ideas, reached consensus, and explored business opportunities.
Post time: Jun-06-2025
