Where Yong River’s tides rise, great minds converge to shape the rare earth dream; Through innovation we forge the future, through unity we weave the world’s shared destiny. On May 15–16, 2025, the 16th Rare Earth Summit, organized by Asian Metal and sponsored by Sichuan Wonaixi New Materials Technology Co., Ltd., was grandly held in Ningbo, Zhejiang Province, China. This summit covered a wide range of topics, including the analysis of rare earth supply and demand in the Chinese market in 2024 and the outlook for 2025; the current status and prospects of the NdFeB magnet industry; an analysis of lanthanum and cerium export markets; a demand forecast for rare earth permanent magnet motors in Europe; an overview of the heavy rare earth supply chain in North America; an analysis of supply and demand in the South Korean rare earth market; the supply-demand pattern and resources of rare earths in Turkey and Europe; an update on NdPr demand and supply and Lynas’ production progress; the status of the bonded NdFeB magnet industry; a report on India’s rare earth market; the current situation and challenges in the scandium industry; an in-depth review of the SmCo magnet market; and more. Over 200 participants from 17 countries—including China, Australia, Malaysia, the USA, Japan, South Korea, Austria, Luxembourg, France, Slovenia, the Netherlands, the UK, Russia, India, Saudi Arabia, and Turkey—gathered in Ningbo to exchange ideas and explore opportunities.

The summit commenced at 9:00 AM on May 16th. Mr. Jiawei Jiang from Asian Metal chaired the meeting. Mr. Xinge Yang, Deputy General Manager of Sichuan Wonaixi New Materials Technology Co., Ltd., delivered the opening speech. Mr. Yang warmly welcomed all the industry elites, experts, and scholars in attendance and extended his heartfelt congratulations on the successful convening of the summit. He reflected on the challenges of 2024, marked by slow global economic recovery, rising geopolitical tensions, increasing trade barriers, and escalating financial risks—all of which significantly impacted the global rare earth market. However, he noted that the global renewable energy sector had gained momentum, providing support to the rare earth industry. Looking ahead to 2025, Mr. Yang acknowledged ongoing uncertainties and challenges, and reaffirmed Sichuan Wonaixi’s commitment to innovation, cooperation, and win-win development. He expressed hope for enhanced communication and collaboration to overcome technical barriers, explore new markets, and contribute to the future development of the rare earth industry.

Following the opening, the summit moved into the report session. Mr. Qunyi Liu, Director of the Basic Mineral Strategy Research Office at the Research Center for Strategy of Global Mineral Resources, CAGS, delivered a comprehensive analysis of China’s rare earth supply and demand pattern in 2024 and its outlook for 2025. Mr. Liu pointed out that two major global supply chains have formed—one centered on China, the other on the U.S., Australia, and Japan. He detailed China’s position as the world’s leading rare earth resource holder with 44 million tons of reserves, accounting for 35.1% of the global total.

Then, Mr. Zaisheng Pang, Deputy General Manager of Ganzhou Fortune Electronics Co., Ltd., presented a report on the status and outlook of China’s rare earth permanent magnet industry. He highlighted the application distribution of NdFeB magnets, with wind power, air conditioners, and elevators being major sectors. China accounted for 87% of global NdFeB output in 2024, with significant contributions from Zhejiang, Jiangxi, Inner Mongolia, Shanxi, and other provinces.

After that, Mr. Xinge Yang returned to deliver a report on the export market for lanthanum and cerium-related products. He noted that although China’s rare earth export volume grew by 6.0% YoY to 55,431.0 tons in 2024, the total export value dropped by 34.9% due to falling prices. Lanthanum and cerium continued to dominate exports, making up 88.3% of total volumes, with major destinations including Japan, the U.S., and South Korea. Then the tea break came.

After the tea break, Mr. Ales Leben, Managing Director for Asia Business at Domel d.o.o., forecasted the demand for permanent magnet motors in the European market. He projected a global market growth from USD 59.88 billion in 2024 to over USD 193.78 billion by 2034, despite temporary volatility driven by political and economic changes in Europe and North America.

Subsequently, Mr. Melvin Hill, Vice President of GE Chaplin Inc., provided an in-depth analysis of the North American heavy rare earth supply chain. He shared that while imports exceeded 1,300 tons in 2024, local production remains minimal but is expected to rise significantly by 2028.

Finally, Mr. James Lee, CEO of Green Resource Co., Ltd., gave an overview of the South Korean rare earth market, revealing its heavy reliance on Chinese imports, which accounted for 91% of rare earth compound imports from 2020 to 2024.

In the afternoon, the first speaker, Ms. Öznur Çakır, Deputy GM of R&D at the Turkish Energy, Nuclear and Mineral Research Agency – Rare Earth Elements Research Institute, outlined Turkey and Europe’s rare earth resources. She emphasized Turkey’s vast reserves in the Beylikova district and the EU’s efforts to reduce import dependency through domestic development projects.

Then, Mr. Wayne Park, GM of Sales & Marketing at Lynas Rare Earths, presented an update on PrNd demand and Lynas' production. He reported a 22% YoY increase in PrNd output for H1 FY25 and discussed Lynas' milestones in dysprosium and terbium oxide production.

Subsequently, Mr. Zhijian Wu, General Manager of Chengdu Galaxy Magnets Co., Ltd., elaborated on the bonded NdFeB magnet industry, revealing China's dominant role with a rapidly expanding production base and a strong focus on light rare earth materials.

After the afternoon tea break, Mr. Sanjay Arya, General Manager of DK Metal World Limited, analyzed India’s rare earth market. He highlighted India’s vast reserves and its growing demand driven by the EV, electronics, and aerospace sectors, alongside the government's push for domestic development and international collaboration.

After that, Mr. Weijie Shang, Deputy General Manager of Hunan Oriental Scandium Co., Ltd., discussed the current situation and challenges of the scandium industry. He highlighted the concentration of scandium reserves in China and the limited global supply, noting key issues such as supply-demand mismatch and lack of market transparency.

The final speaker, Ms. Yan Guo, Deputy General Manager of NingBo NingGang Permanent Magnetic Materials Co., Ltd., discussed the status of the SmCo magnet industry. While production capacity has reached 6,000 tons, current demand is around 3,500 tons, posing a challenge of oversupply. Nevertheless, she expressed optimism that SmCo magnets, as key materials for next-generation technologies, will find new growth opportunities.

The summit concluded with a joyful banquet held at 6:00 PM on May 16th. Laughter and camaraderie filled the evening as the 16th Rare Earth Summit came to a successful close. This summit brought together upstream and downstream stakeholders from across the globe, offering a valuable platform for in-depth communication between suppliers and end-users. Delegates shared insights, built connections, and explored new business prospects. Over the years, Asian Metal has received strong support from industry participants in organizing this summit. We extend our sincere thanks to all attendees. Asian Metal will continue to uphold its professional spirit and remain committed to delivering authoritative and accurate market information and high-value summits. We look forward to reuniting with you at the 17th Rare Earth Summit!