Chinese miners and raw material providers benefiting from higher commodity prices at the expense of manufacturers.

China will overtake the U.S. in 2030, two years later than forecast a year ago.

Bank of America expects demand to hold firm next year and only sees a surplus in 2023.

Ao Hong, a director at state-run metals group Chinalco, has been appointed chairman of a new rare earths company combining three major producers of the minerals.

The price fell on Wednesday as concerns over covid-19 curbs and the approaching off-season for construction activity in China soured sentiment.

The volatility is set to persist into 2022 as a rebound in steel production this month falters early next year.

Investors weighing up the impact of the omicron coronavirus variant on economic growth turned a little more bullish after two days of selling.