China’s exports of two critical minerals used in weapons, telecommunications, and solar cells have significantly dropped over the last three months due to a crackdown on smuggling involving China’s top spy agency. According to customs data published on Sunday, in June, exports of antimony and germanium were down by 88% and 95%, respectively, compared to January. China, being the major miner and refiner of both elements, witnessed a sharp decline in export volumes of germanium and antimony. Rare earth exports faced a similar dip, prompting a collaboration between Washington and Beijing that led to a recovery in their export volumes. However, the export levels of germanium and antimony hit record lows last month. This decline aligns with a crackdown on critical mineral export control evasion, uncovering attempts to bypass controls through transshipment. Notably, a significant reduction in antimony exports to Thailand and no exports to Mexico have been recorded. Since China imposed export restrictions in July 2023, spot market prices for high-purity germanium have more than doubled, and antimony prices have almost quadrupled from the previous year’s levels.
Chinese Mineral Exports Plummet While Rare Earths Make a Comeback
