Who consumes REEs?
The major consumers of rare earths are Southeast Asia (Japan, Korea, Thailand, China) and the USA. The USA used to be the world’s largest single consumer of rare earths, at approximately 27% of the world’s total. However, during the past few years, China has become the world’s largest consumer, surpassing even US consumption. The USA currently imports nearly 100% of its RE requirement, and the value of rare earth products consumed in the USA is estimated to be in excess of US$1 billion per year.
