Rare earth exchange trial starts in October
Print Edition
The Baotou Rare Earth Products Exchange, China’s first national trading platform of its kind, is expected to go into use on a trial basis in October.
Trading systems are currently undergoing internal testing, Gu Ming, general manager of the exchange, said yesterday at the ongoing 5th Baotou China Rare Earth Industry Forum.
It will begin recruiting members this month, Gu said.
“There are many institutions and enterprises interested in our exchange, and some have already contacted us,” Gu said.
The exchange will handle spot trading for rare earth products and will not engage in any business related to futures at present, he said.
“We will do it step by step and build a firm foundation,” Gu said.
The exchange is also expected to introduce a rare earth product price index in the future, Gu said.
The exchange was initiated by Baotou Steel Rare Earth (Group) Hi-Tech Co, China’s top rare earth producer, and another 11 firms with capital of 120 million yuan (US$19.5 million).
It is located in Baotou City in north China’s Inner Mongolia Autonomous Region, home to more than half of the world’s light rare earth output.
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