May's exports fell to 3,640 tonnes from 4,329 tonnes in April, but were not far off the 4,264-tonne monthly average since January 2018.

While Australia-based Lynas cannot match China's rare earth processing capability, it is hoping that its role as the largest rare earth miner and the largest processor outside of China will help it forge new relationships and fuel expansion projects.

With construction of nuclear power plants at a 10-year low, uranium demand remains weak.

China's iron ore dipped on Thursday and marked its weakest weekly performance in nearly two months.

The international group says sales of polished diamonds below 0.50 carats are slow due to excess supply, weak Chinese demand and tight Indian liquidity.

The find potentially curbs the nation's reliance on imports of the material used in electric vehicle batteries.

The Commerce Department on Tuesday released a report requested by President Donald Trump in December 2017, when he asked officials to look into U.S. access to so-called rare earths.

China’s state planner is closely studying proposals to establish rare-earth export controls.