China plans index for rare earth metals
Source: Xinhua |
August 10, 2012, Friday
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Print Edition
Print Edition
CHINA, the world's top rare earth producer, plans to establish a global authoritative pricing index for rare earth metals in an effort to enhance its pricing power over the resources, a leading domestic producer said yesterday.
The country's newly launched rare earth trading exchange will team up with futures and financial information institutions to compose the pricing index, Zhang Zhong, general manager of Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co, China's largest rare earth producer, said at a major annual industry conference.
Zhang did not reveal when trading on the index would begin as some preparatory work needs to be finished.
The company launched the trading platform in Baotou on Wednesday, along with nine other domestic rare earth firms and institutions, with a total investment of 100 million yuan (US$15.87 million).
The 10 companies and institutions produce about 88 percent of the country's annual rare earth output.
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