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Rare earth body's birth likely
By Richard Fu |
December 29, 2010, Wednesday
|
Print Edition
Print Edition
CHINA is expected to launch a rare earth industry group next May to guide the domestic industry and lead price negotiations with foreign buyers, an industry official said yesterday.
Meanwhile, China cut its first batch of rare earth export quotas for next year by 11 percent.
The proposed China Rare Earth Industry will play a similar role as the China Iron and Steel Association, which represent steel mills in talks with miners on iron ore prices, Wang Caifeng said at a conference in Beijing.
The association will include major domestic producers as members and the set-up needs approval from the State Council, China's Cabinet, Wang, a former Ministry of Industry and Information Technology official, said.
China supplies more than 90 percent of the world's rare earths - a group of 17 chemically similar metallic elements that are vital in the manufacture of a wide range of products from cell phones, hybrid cars to wind turbines and missiles.
China, meanwhile, has set the first round of 2011 export quotas at 14,446 tons, the Ministry of Commerce said yesterday, down 11 percent from the same period this year. The ministry allotted the quotas to 31 companies including Sinosteel Corp and China Minmetals Non-ferrous Metals Co.
China issues two rounds of permits every year. This year's total quota is 40 percent less that of 2009.
China is curbing exports by cutting the quota and raising tariffs as years of reckless exploitation have led to wastage in resources and cause pollution. This has led to a surge in rare earth prices. The United States last week said it may file a World Trade Organization complaint against China over the supply curbs.
Meanwhile, China cut its first batch of rare earth export quotas for next year by 11 percent.
The proposed China Rare Earth Industry will play a similar role as the China Iron and Steel Association, which represent steel mills in talks with miners on iron ore prices, Wang Caifeng said at a conference in Beijing.
The association will include major domestic producers as members and the set-up needs approval from the State Council, China's Cabinet, Wang, a former Ministry of Industry and Information Technology official, said.
China supplies more than 90 percent of the world's rare earths - a group of 17 chemically similar metallic elements that are vital in the manufacture of a wide range of products from cell phones, hybrid cars to wind turbines and missiles.
China, meanwhile, has set the first round of 2011 export quotas at 14,446 tons, the Ministry of Commerce said yesterday, down 11 percent from the same period this year. The ministry allotted the quotas to 31 companies including Sinosteel Corp and China Minmetals Non-ferrous Metals Co.
China issues two rounds of permits every year. This year's total quota is 40 percent less that of 2009.
China is curbing exports by cutting the quota and raising tariffs as years of reckless exploitation have led to wastage in resources and cause pollution. This has led to a surge in rare earth prices. The United States last week said it may file a World Trade Organization complaint against China over the supply curbs.
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