China announces Rare Earth quotas for 2012
- Publishing Date
- 30 Dec 2011 2:48pm GMT
- Author
- Mining Journal
The Chinese Ministry of Commerce has announced rare earth metals export figures for 2012, after it reportedly exported only 49% of the state’s 2011 quota.
Preliminary calculations indicate that the full-year quota for 2012 will be approximately 31,130t, an increase of 946t from 2011. The small addition may be significant, as it represents the first increase since quotas dropped from 50,145t in 2009 to 30,258t in 2010.
Prices for rare earths fell over the second half of 2011 as manufacturers sought to reduce their use of the materials. The first round of quota figures, announced on December 27, includes allocations for China Minmetals Corp and Sinosteel Corp.
China’s largest rare earths producer, the Baotou Iron & Steel Group, is required to demonstrate compliance with state environment protection standards before receiving an allocation.
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