|
China
may
slightly reduce the export quotas for rare earth minerals next year due to
slowing global economic growth and the unused rare earth quotas in 2011,
reports China Securities Journal, citing Jin Baisong, vice director of the
Chinese
Academy
of International Trade and Economic Cooperation's foreign trade
department.
The
Ministry of Commerce recently released the first batch of 11 qualified
enterprises for rare earth exports in 2012. Inner Mongolia Baotou Steel
Rare-Earth (Group) Hi-Tech was excluded from the list.
Inner
Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech had obtained rare earth
export quotas of 2,965 tons and 3,220 tons over two batches in 2011.
The
total quota of rare earth exports granted by the Ministry of Commerce to
31 enterprises in 2011 was 30,184 tons.
During
the first three quarters of 2011, rare earth exports totaled only 12,000
tons, down 65 percent year-on-year.
Insiders
estimate the unused quota of rare earth exports for 2011 to be 10,000
tons.
According
to the report, Baotou Steel Rare-Earth was selling neodymium oxide for
about 80 yuan per ton on December 16. During the first half of the year,
neodymium oxide prices had risen from 23 yuan per ton to about 150 yuan
per ton.
Shares
of Baotou Steel Rare-Earth fell 5.03 percent to close the morning session
at 36.25 yuan per share.
Link:
China
Cutting Rare Earth Production to 70% by 2015
Chinamining |
