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Rare-earth parks bloom everywhere and overcapacity
In recent years, the rapid development of rare earth industrial parks has led to a significant overcapacity problem in the sector. According to Ma Rongzheng, secretary-general of the Rare Earth Association, many regions have launched planning and construction of these parks since 2010, resulting in approximately 18 such facilities across the country. These parks often follow similar development models, focusing on resource-based industries and extending along the industrial chain—covering areas like rare earth separation, smelting, permanent magnets, light functions, hydrogen storage, polishing powders, and catalysts. However, this expansion has worsened the issue of overproduction.
The situation reflects a broader challenge within the rare earth industry, where uncontrolled growth has strained an already fragile supply chain. The Economic Information Daily reported that the Rare Earth Association has conducted special investigations into the sector, revealing that there are currently 55 waste recycling companies nationwide. These include 39 in Jiangxi, 4 in Jiangsu, 3 in Hunan, and others spread across several provinces. Since 2011, 90% of these companies have received approval, with total processing capacity reaching 190,600 tons annually. Despite this, actual demand remains far below capacity, with only 30% of neodymium-iron-boron scrap being processed each year.
Industry experts warn that China’s rare earth sector is suffering from severe overcapacity, with many companies operating at less than 30% efficiency. Illegal operations further intensify competition, leading to declining prices and deteriorating business conditions. With over 120 enterprises in the sector and an annual production capacity of 320,000 tons of rare earth oxides, the market is flooded, far exceeding global demand of around 120,000 tons per year. This imbalance, combined with weak domestic and international demand, has pushed prices down significantly.
Moreover, rising rare earth prices and stricter domestic regulations have prompted foreign countries to accelerate their own rare earth exploration efforts. This increased global competition poses a serious threat to China's dominance in the sector. Industry leaders, including Zhang Zhong, chairman of Baotou Iron & Steel Co., Ltd., have expressed concerns about the impact on domestic prices and the worsening overcapacity problem.
Globally, more than 200 rare earth projects are under development in over 40 countries. In the U.S., Australia, Brazil, Canada, and Kyrgyzstan, for instance, numerous projects are progressing rapidly. The U.S. Molybdenum Company is expected to reach a production capacity of 40,000 tons by 2013, while Australia’s Yarenas plant in Malaysia is set to produce 22,000 tons annually, meeting about one-third of global demand. By 2015, the U.S. and Australia alone may be able to meet global demand outside of China.
To address these challenges, Ma Rongzheng suggests taking decisive action against illegal activities, introducing clear regulations, and establishing long-term mechanisms to control the industry. He also recommends cleaning up and regulating rare earth recycling projects, setting up regional recycling centers, and promoting the use of surplus rare earth elements such as antimony and bismuth in environmental and structural applications. Encouraging the application of rare earth alloys like magnesium, copper, and aluminum can help absorb excess supply and boost the industry’s sustainability.