Chinese regulators have announced the export quota for the country’s rare earth metal production today. For the first half of 2013, the Ministry of Commerce said that it will allow just over 15,500 tonnes to leave the country. That’s just a little more than half of the amount exported this year. The quota will be split between 24 Ministry of Commerce approved domestic producers.
After a drop in prices because of sluggish global demand, the country’s largest rare earths producer, Baotou Steel Rare-Earth, announced on Tuesday it would temporarily stop part of its production.
China produces more than 95% of the world’s total output of rare earth elements. These are the 17 elements often used to make electronics.
China’s trading partners have objected to it using quotas to restrict the export of rare-earth elements. In July, the World Trade Organization agreed to investigate whether these measures breached global trade rules.
Source:
http://www.steelguru.com/metals_news/China_sets_rare_announced_earths_export_quota_for_Q1/296825.html
