Wednesday, Jul. 22, 2020
Does China control 95% of the world’s market for rare earth metals?
Increased production in Australia and the U.S. has reduced the world's dependence on China for rare earth metals, which are used extensively in electronics and in oil refining. As recently as 2011, China supplied 95% of the world's demand. The U.S. relied on China for 80% of imports from 2015 to 2018.
China holds about 37% of the world's reserves of exploitable rare earth elements, with Australia, India, Russia, Vietnam and Brazil also holding large deposits.
This fact brief is responsive to conversations such as this one.
Sources
- Reuters: US dependence on China's rare earth
- US Geological Survey: Rare earths summary 2020
- National Bureau of Asian Research: China's control of rare earth metals
- Geology.com: Rare earth elements and their uses
- American Geosciences Institute: What are rare earth elements, and why are they important?
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Fact briefs are bite-sized, well-sourced explanations that offer clear "yes" or "no" answers to questions, confusions, and unsupported claims circulating online. They rely on publicly available data and documents, often from the original source. Fact briefs are written and published by Gigafact contributor publications.
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