Rare earth exports to S Korea surge in June

SEOUL -- China's rare earth exports to South Korea surged last month due to a fall in export prices, Korean customs data showed Tuesday.

South Korea purchased a total of 126 metric tons of rare earth material from China in June, up 36.3 percent from a month earlier, according to the Korea Customs Service.

In terms of value, rare earth export to South Korea edged down 0.4 percent on-month to $3.8 million?in June, indicating that falling export prices contributed mainly to the June surge.

Rare earth materials, including scandium and yttrium, are key components for modern-day technologies such as hybrid electric vehicles, liquid crystal display and other high-tech products.

Meanwhile, magnesium exports to South Korea soared 73.3 percent on-month to 903 tons in June, but tungsten exports declined 24.8 percent to 36 tons. Cobalt exports to the country expanded 39.2 percent to 436 tons over the cited period.