Rare earth bourse busy
Print Edition
CHINA’S first rare earth exchange has traded more than 35,000 tons of products in its first year, according to its chief.
The trading value of the Baotou Rare Earth Products Exchange, launched in March last year in the Inner Mongolia Autonomous Region, reached 5.6 billion yuan (US$893 million) at the end of last year, said Gu Ming, general manager of the exchange.
Ninety-five rare earth firms and traders in about half of China’s provinces have opened accounts with the exchange, an electronic platform to help regulate the domestic rare earth industry and improve transparency, Gu said.
Located in Baotou City, the exchange was initiated by China North Rare Earth Group Co, the country’s leading rare earth producer, and 12 firms and institutions with a registered capital of 120 million yuan.
China is the world’s largest rare earth producer and exporter, taking up over 90 percent of the world’s supply.
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