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China opens first rare earth bourse
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CHINA’S first rare earth products exchange opened yesterday in the Inner Mongolia Autonomous Region after a three-month trial.
The Baotou Rare Earth Products Exchange is expected to regulate the country’s rare earth market, improve the way prices are formed and promote development of the industry, said Jia Yinsong, a Ministry of Industry and Information Technology official.
The exchange will introduce three spot transaction modes, namely price bidding, listed trading and real-time trading online, with more than 10 trading items including cerium oxide, praseodymium-neodymium oxide and europium oxide.
Located in Baotou City, the exchange was initiated by Baotou Steel Rare Earth (Group) Hi-Tech Co, China’s leading rare earth producer, and another 11 firms and institutions with a registered capital of 120 million yuan (US$19.32 million).
China is the world’s largest rare earth producer and exporter, accounting for more than 90 percent of the world’s supply. But it lacks pricing power in the global market.
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