Lee Jeong-hwan, President of the Korea Institute of Materials Science, shared his expertise on preemptive response measures to the global rare earth industry crisis.

The Korea Institute of Materials Science announced that on the 19th, President Lee Jeong-hwan gave a lecture at a seminar of the public-private joint supply chain monitoring council in China, held online via Zoom.

The topic of this lecture was 'Rare Metals Value Chain and Market Trends,' and he introduced the types of rare metals and value chain analysis, their utilization and supply and demand status, as well as China's policy direction and response strategies for major issues.

The lecture was conducted for officials from Korean government agencies and local investment companies in Chengdu and Chongqing, which are among the major mineral production (processing) hubs in China.

The purpose was to invite experts from the Korea Institute of Materials Science to provide an opportunity to learn about institutional trends, the rare metals value chain, and market trends online.

Rare metals refer to metallic elements that are present in small quantities within the Earth's crust or are difficult to produce or extract, and which currently have industrial demand and are expected to see increased demand in the future.

Although there are no globally unified standards, approximately 30 types are classified internally based on the industrial characteristics of each country, and Korea is currently selecting and managing 35 types and 56 rare metals.

We are currently in a time when the hegemonic rivalry between the United States and China is intensifying, and both countries are reorganizing supply chains for strategically important national security items.

In particular, as rare metals and key materials are being utilized as strategic weapons in international disputes, such as Japan's export restrictions and China's embargo on Japanese rare earths, the threat of weaponizing rare earth resources is steadily increasing.

During the lecture, Lee Jung-hwan, President of the Korea Institute of Materials Science, emphasized, “China is exerting immense influence on the global rare earth industry based on political objectives and industrial policy goals,” adding, “Korea also needs to actively respond to this and prepare solutions in political, industrial, and economic aspects.”