Xinhuanet reported that according to a report from China's Ministry of Information and Technology, in 2013, the country's rare earth industry suffered a 28.1-percent drop in profits.
Articles Tagged "China"
A recent rare earth discovery in North Korea shows that the country potentially hosts more rare earths than China.
MetalMiner reported that Lynas Corporation Ltd. (ASX:LYC) believes that demand for lanthanum will rise by 4 percent annually until 2020. That optimism has led the company to sign several contracts that will see buyers pay higher prices for Lynas' material than for Chinese material.
Despite a two-year campaign to stamp out illegal rare earth mining in China, smuggling is still widespread in the country, which has a monopoly on the rare metals.
China is consolidating its rare earths industry, and with more centralization could come better control over export quotas and smuggling, potentially leading to tighter supply and higher prices.
Reuters reported on Friday that Inner Mongolia Baotou Steel Rare Earth Group (SHA:600111) — China's biggest producer of rare earths — has acquired nine regional mining companies as part of a government plan to consolidate the sector.
Jiaozuo Wanfang Aluminium Manufacturing Co. plans to pay 389.3 million yuan ($63.6 million) to buy a 20 percent interest in China Rare Metals and Rare Earth Co., part of Aluminum Corporation of China (CHINALCO), Shanghai Metals Market reported.
2014 should be a better year for rare earth prices, as demand picks up and supplies tighten.
Chinese rare earth miners are being forced to phase out excessive production capacity as rising overseas suppliers chip away at their dominance in the global market, Xinhua reported via Global Times.
The Wall Street Journal reported that China's first batch of rare-earth export quotas for 2014 is set at 15,110 tonnes — a 2.5 percent decline from last year's first batch.