ID :
190818
Fri, 06/24/2011 - 09:13
Auther :
Shortlink :
https://oananews.org//node/190818
The shortlink copeid
China's rare-earth exports dip 8.8 pct
HONG KONG, June 24 (Yonhap) -- China's rare-earth exports fell 8.8 percent in the first five months of this year, a customs report said Friday, pointing to Beijing's control over trade in the strategic metals.
Statistics released by the General Administration of Customs showed that Chinese exports of rare earth elements stood at 23,742 tons from January to May, down from 26,033 tons in the same period last year.
In May, the volume of exports was down 11 percent on-year to 5,130 tons worth $452.3 million.
In terms of value, exports came to US$1.6 billion in the five-month period, up 200 percent from a year earlier.
The average price per ton was $88,167.6 last month, compared to $65,655.7 in the January-April period. The 34-percent spike in prices was attributed to the unmet demand as China puts a squeeze on the rare earth supply.
Rare-earth elements are crucial for the production of components used in consumer electronics. Some types of rare earth materials can be used in more advanced technology areas, including missiles.
China supplies 97 percent of the world's rare earth elements and has gained its market dominance by cutting prices of the elements. The country has about 30 percent of the world's rare earth reserves.
Last month, China's State Council issued national guidelines that aim to strengthen the management of the country's rare earth sector.
The guidelines said the country will strictly regulate industrial access, improve management over output plans and beef up export regulations. The government will also expedite the creation and revision of relevant laws and regulations pertaining to the sector's management.
As part of its move to limit rare earth production in the country, the Chinese government this month shut down 205 non-coal mines in resource-rich Inner Mongolia and suspended operations of 136 other mines there.
ygkim@yna.co.kr
Statistics released by the General Administration of Customs showed that Chinese exports of rare earth elements stood at 23,742 tons from January to May, down from 26,033 tons in the same period last year.
In May, the volume of exports was down 11 percent on-year to 5,130 tons worth $452.3 million.
In terms of value, exports came to US$1.6 billion in the five-month period, up 200 percent from a year earlier.
The average price per ton was $88,167.6 last month, compared to $65,655.7 in the January-April period. The 34-percent spike in prices was attributed to the unmet demand as China puts a squeeze on the rare earth supply.
Rare-earth elements are crucial for the production of components used in consumer electronics. Some types of rare earth materials can be used in more advanced technology areas, including missiles.
China supplies 97 percent of the world's rare earth elements and has gained its market dominance by cutting prices of the elements. The country has about 30 percent of the world's rare earth reserves.
Last month, China's State Council issued national guidelines that aim to strengthen the management of the country's rare earth sector.
The guidelines said the country will strictly regulate industrial access, improve management over output plans and beef up export regulations. The government will also expedite the creation and revision of relevant laws and regulations pertaining to the sector's management.
As part of its move to limit rare earth production in the country, the Chinese government this month shut down 205 non-coal mines in resource-rich Inner Mongolia and suspended operations of 136 other mines there.
ygkim@yna.co.kr
